Bualuang Securities said the earnings outlook for M in the third quarter of 2026 is not yet the start of a full recovery, with same-store sales in July and August at -1% year on year, split between MK at -1%, Yayoi at -3%, and Laem Charoen Seafood flat. September also looks set to remain negative compared with a year earlier, especially MK Suki, given its high base last year. Although total revenue is supported by the expansion of Bonus Suki, gross margin is likely to slip slightly from the previous quarter because of the higher share of revenue from Bonus, and SG&A as a proportion of sales is not expected to fall clearly. The fourth quarter of 2026 looks more interesting thanks to seasonality and the fact that some Bonus Suki branches have started making a profit, with the number of branches rising from 35 at the end of the second quarter of 2026 to 44 at the end of the third quarter of 2026, while the company is still looking for the right store format for wider expansion. Growth in 2027 has other drivers beyond Bonus Suki, including the rebranding of Laem Charoen Seafood, the expansion of Hikiniku To Come from its current four branches, and a new membership system that will link customer bases across brands, helping reduce reliance on MK Suki alone. Earnings have a chance to recover from the fourth quarter of 2026 and continue into 2027, but the current share price, at a 2026 PER of about 23x, already reflects expectations for narrowing losses at Bonus Suki to a fair degree, leaving limited upside from earnings estimate upgrades and requiring clearer evidence of a recovery in sales and margins.
MK Restaurant Group Public Company LimitedBualuang notes the share price at ~23x 2026 PER already reflects expectations, leaving limited upside from earnings estimate upgrades.
