Analysts at Krungsri Securities forecast that MK Restaurant Group, or M, will post a net profit of just 160 million baht in the second quarter of 2026, down 42 percent from the same period last year and down 2 percent from the previous quarter. The gross margin is expected to decline to 60.9 percent, due to a higher revenue share from the buffet business and elevated SG&A expenses from aggressive branch expansion, pushing the net margin down to an estimated 3.8 percent. Although total revenue grew 10 percent year-on-year, most of the growth came from the Bonus Suki brand, which had 35 branches at quarter-end and accounted for about 14 percent of revenue. Meanwhile, legacy core brands such as MK, Yayoi, and LCS saw same-store sales drop by an average of 3.5 percent, weighed down by weaker purchasing power, the impact of the Thai Chuay Thai Plus scheme in June, and a net closure of 12 branches. For the third quarter of 2026, net profit is expected to decline further due to seasonal factors and persistently negative same-store sales. The full-year 2026 net profit estimate is likely to be cut by 17 percent to 706 million baht, down 16 percent from the previous year, and the target price is likely to be trimmed by 9 percent to 21 baht, with a NEUTRAL rating maintained, as earnings visibility remains uncertain amid intense competition in the suki-shabu market.
MK Restaurant Group Public Company LimitedQ2 profit forecast to plunge 42%, full-year estimate cut 17%, target price trimmed 9%