Pluk Phak Praw Rak Mae Public Company Limited sells food and beverages in Thailand. Its offerings include health-focused items such as salads, steaks, soups, spaghetti, single-dish meals, desserts, vegetable and fruit juices, bakery goods, snacks, sandwiches, wraps, and ready-to-eat meals. The company also cultivates organic vegetables and fruits and operates full-service restaurants, delivery and kiosk services, Café Amazon outlets, supermarkets, quick-service restaurants, and a healthy vegetable and fruit juice business. Its products and services are sold under the Oh Ka Jhu, Ohkajhu Wrap & Roll, Oh! Juice, and Oh-Kad brands. The company was incorporated in 2014 and is based in Chiang Mai, Thailand.
Globlex says OKJ has passed its lowest point, eyes break-even event in Q4 2026
Suwat Sinsadok, Managing Director of Globlex Securities, analysed that the business and share price of Plook Phak Pro Rak Mae Public Company Limited, or OKJ, have begun to recover from their lowest point, reflecting positive signals from a major strategic overhaul after the company posted losses for three consecutive quarters. The key factor is the launch of a new business model, Grill & Ground, which marks a pivotal turning point in addressing the company's cost structure problems and core pain points. This strategy helps turn weaknesses into strengths by using more vegetables from its farms in the restaurants, transforming farm costs that were once a burden into part of the menu. It also involves renovating existing loss-making Ohkajhu branches into Grill & Ground outlets instead of investing in new openings, helping to reduce capital expenditure, or CAPEX, and generating revenue to cover existing rent obligations that were already a burden, while also using the same set of employees. On the investment outlook, Suwat expects OKJ's operating results to have already passed their lowest point after a loss of as much as 25 million baht in the second quarter of 2026, and sees a high chance that performance will turn around to reach break-even as early as the fourth quarter of 2026. The recommendation and target price are in the process of being revised, and it remains to be seen whether the company can achieve break-even in the fourth quarter as planned. Meanwhile, analysts view that OKJ should expand by about two new branches per quarter to maintain momentum and popularity, while coping with the risk of imitation by competitors and the problem of product sameness.
OKJ.BK · Capital · Positive Analyst sees OKJ's losses having bottomed and a high chance of break-even by Q4 2026 after the Grill & Ground overhaul.
OKJ.BK · Pricing · Positive New Grill & Ground model uses own-farm vegetables to turn farm costs into menu items and renovates loss-making branches instead of new capex, easing cost/margin pressure.
GBX.BK · Capital · Neutral Globlex's MD provides the analyst view and is revising the recommendation/target price on OKJ, but no direct financial event for Globlex itself is reported.
SET imposes trading controls on OKJ with Cash Balance restriction from 6-26 October 2026 after shares surge 18%
The Stock Exchange of Thailand has placed shares of Pluk Phak Praw Rak Mae Public Company Limited, or OKJ, under Level 1 trading supervision measures, prohibiting the calculation of trading credit limits and requiring Cash Balance from 6 to 26 October 2026, after the share price surged 18%. Under these measures, members must require customers to purchase the securities using a Cash Balance account only, with the full amount of cash deposited in advance before purchase. Securities may not be used as collateral in calculating trading credit limits in any type of account, and the purchase price may not be offset against the sale price of the same securities on the same day. The SET stated that the factors considered included turnover rate, trading value, and trading prices that are inconsistent with fundamentals, such as the P/E ratio. OKJ clarified that the company has no undisclosed developments or material information under consideration, and is unaware of the cause of the change in price and trading volume this time. OKJ's share price on 5 October 2026 rose sharply from an opening price of 3.48 baht, reaching a high of 4.12 baht during the day, or 18.39%.
OKJ.BK · Regulation · Neutral SET placed OKJ under Level 1 trading supervision with Cash Balance restriction after an 18% price surge, a regulatory trading control on the stock.
OKJ Soars 15.88% on Big Revamp Cutting Sizes and Prices; SET Orders Cash Balance from 6-26 October 2026
Shares of OKJ, the operator of the restaurant chain "Plook Phak Phro Rak Mae," jumped 15.88% to close at 3.94 baht, with trading value exceeding 167.31 million baht, compared with some days when turnover was less than 1 million baht. The surge followed the company's announcement of its most significant business transformation in 13 years, revamping its menu structure, portion sizes, prices, and in-store experience, to be rolled out simultaneously across all branches nationwide starting 5 October 2026. Chief Executive Officer Chalakorn Ekachaiyapattanakul said the overhaul is a response to changing consumer behavior, with prices set on an all-inclusive basis that includes VAT and no service charge, along with the addition of smaller size options and new menu items. Meanwhile, the Stock Exchange of Thailand announced that OKJ has been placed under Level 1 trading supervision measures, prohibiting the calculation of trading credit limits and requiring cash balance, from 6 October 2026 to 26 October 2026, after sharp changes in price and trading volume. The company stated that there have been no material developments or undisclosed information and that it does not know the cause of the change in price and trading volume.
OKJ.BK · Pricing · Neutral OKJ revamps menu structure, portion sizes and prices (all-inclusive, no service charge, smaller size options) across all branches from 5 Oct 2026.
OKJ.BK · Regulation · Negative SET placed OKJ under Level 1 trading supervision with cash balance required from 6-26 Oct 2026 after sharp price/volume changes.
OKJ Launches Biggest Revamp in 13 Years, Overhauling Menus, Pricing, and Membership Across 5 Brands
Pluk Phak Praw Rak Mae Public Company Limited, known as OKJ, the owner of the healthy restaurant brand Ohkajhu, has announced a major business transformation, or Big Revamp, restructuring its menus, portion sizes, pricing, and in-store experience on the largest scale in 13 years, since opening its first branch in Chiang Mai province in 2013. Consumers will experience the new format simultaneously at every branch nationwide starting October 5. The overhaul covers four areas: adding new menu items and smaller size options along with more Side Dish and Add-on choices; upgrading service and the Customer Journey; moving to All-Inclusive pricing that includes VAT with no service charge; and maintaining the quality of ingredients from organic farms in Chiang Mai province under the Farm-to-Table concept. Chief Executive Officer Chalakorn Ekachaiyapattanakul said the changes reflect that customer voices truly matter to the company, amid a Thai restaurant market valued at more than 572 billion baht in 2025 and growing 4.8% from the previous year, according to data from the Department of Business Development, Ministry of Commerce. Meanwhile, OKJ Group has also launched the OKJ TOGETHER membership system linking five brands under the group: Ohkajhu, Oh Juice, Jo Wings, Ohkajhu Wrap & Roll, and Grill & Ground, which together have more than 85 branches nationwide as of September 2026, and are expected to exceed 90 branches across all brands by the end of this year. OKJ currently has more than 452,000 members in total and has revised its points accumulation terms to be six times more rewarding and faster, requiring spending of just 80 baht to immediately receive 1 point and 1 star, down from the previous requirement of 500 baht per 1 point.
OKJ.BK · Demand · Positive New menu items, smaller size options, more sides/add-ons, and a revamped OKJ TOGETHER membership with faster rewards aim to drive customer visits and spending.
OKJ.BK · Pricing · Positive OKJ moves to All-Inclusive pricing (VAT included, no service charge) and revamps portion sizes and menu pricing across all brands.
KGI Securities notes that the Thai restaurant market continues to grow, but same-store sales growth (SSSG) in July remained mostly negative, reflecting weak purchasing power and intense competition. MAGURO is the only leader in growth with both revenue and profit rising simultaneously, while AU and M are still awaiting recovery. OKJ faces weak demand and declining profits. The research department expects total net profit for 2026F to be 1.19 billion baht, down 9% YoY, before recovering 18% in 2027F. It selects MAGURO as the top pick with a target price of 25 baht, while M has a target price of 26 baht and AU a target price of 4.42 baht.
Kasikorn Securities reported that combined normalized profit of five listed restaurant companies in the second quarter of 2026 was 281 million baht, down 29.0% from a year earlier, pressured by negative same-store sales growth and lower gross margin, but up 18.7% from the previous quarter. M and ZEN posted combined normalized profit of 230 million baht, down 19.6% year-on-year but up 28.7% quarter-on-quarter. OKJ recorded a normalized loss of 25 million baht as same-store sales growth fell 29.6%. MAGURO delivered the strongest profit growth at 23.4%. Kasikorn Securities maintained a negative view on the restaurant group amid weak demand and price competition, and prefers M over ZEN because of clearer earnings recovery prospects. M trades at a 2026 price-to-earnings ratio of 20.6 times and offers a dividend yield of 4.9%.
Thailand