Pi Securities wrote in its analysis that MK Restaurant Group Public Company Limited (SET: M) is set to enhance synergy across its three core brands. The company plans to launch a new membership card application in August 2026, integrating the benefits of its three key brands—MK Suki, Yayoi, and Laem Charoen Seafood—into a single platform.
This strategic move is expected to facilitate customer sharing between brands and increase the frequency with which customers dine at establishments within the group. Currently, MK Suki has a customer base in the millions, Yayoi serves several hundred thousand customers, and Laem Charoen Seafood has tens of thousands. There is further potential for the integration of additional brands within the group in the future.
Regarding its operational outlook, Pi Securities noted that same-store sales growth (SSSG) is likely to show a short-term slowdown in the third quarter of 2026. From April to May 2026, SSSG was reported at +3% overall (MK +4%, Yayoi -2%, LCS -4%); however, figures are forecasted to turn negative in June 2026 due to a high sales base established last year when the MK buffet at THB 299 per person was introduced, as well as the impact of the government’s ‘Thai Chuay Thai’ scheme.
These factors are expected to continue putting pressure on SSSG in Q3. Nevertheless, it is anticipated that both net profit and SSSG will recover year-over-year in the fourth quarter of 2026.
For 2Q26, net profit is expected to rebound quarter-on-quarter. Sales are estimated at THB 4.2 billion, representing a 10% year-over-year increase and marking the highest level in twelve quarters, driven primarily by the performance of Bonus Suki buffets. However, SSSG for the period is forecast at -5% (MK -5%, Yayoi -3%, LCS -6%).
During Q2, the group saw a net reduction of four branches, with the opening of eight Bonus Suki locations and one Hikiniku To Come branch, alongside the closure of five MK branches, five Yayoi branches, and three Laem Charoen Seafood branches.
As of the end of 2Q26, the group operated a total of 697 branches (+2% YoY), comprising 424 MK Suki (including MK, MK Premium Buffet, MK Gold/MK Paradise, and MK Live), 180 Yayoi branches, 39 Laem Charoen Seafood outlets, 35 Bonus Suki locations, and 19 outlets of other restaurants.
Profitability for 2Q26 is expected to decline year-over-year, with net profit margin at 4.4%, compared to 7.3% in 2Q25. This decrease is mainly attributed to a reduction in gross profit margin, which declined 370 basis points year-over-year to 61.5%, largely due to buffet promotional campaigns and an increase in Bonus Suki branches. On the other hand, the selling and administrative expenses to sales ratio decreased by 60 basis points year-over-year to 57.7%.
As a result, Pi Securities has issued a ‘Buy’ recommendation for M, supported by an expected dividend yield of 4-5% and anticipation of further developments in the Bonus Suki segment. The target price is set at THB 24.00 per share, based on an estimated 2027 PE multiple of 20x, close to the sector average. This valuation reflects expected profit growth once the current investment phase concludes.
