MK's buffet push lifts sales but core diners stay away
New monthly buffet subscription and 299-baht buffet drive traffic MK launched its first monthly buffet subscription (1,495–2,990 baht) and kept the popular 299-baht buffet, pushing Q2 revenue up 10.6% to 4.196 billion baht. These deals bring more customers through the door and support sales, though they earn less per diner.
This is the main new growth engine lifting MK's revenue and visits.
Core restaurants keep losing customers as stimulus fades Same-store sales at MK, Yayoi and Laem Charoen fell about 3.8% in Q2 and stayed negative (-1% in July–August, September still weak). Government co-payment schemes have failed to lift restaurant sales, so the older, higher-margin brands keep shrinking.
Weak core demand is the main drag on profit and the reason analysts stay cautious.
Buffet growth cuts profit margins even as revenue rises Q2 net profit fell 20% to 221 million baht because the buffet business has lower margins and branch expansion raised costs. Analysts still cut full-year profit forecasts and target prices, though the result beat expectations and MK kept a 0.40-baht dividend (about 4–5% yield).
It shows the trade-off: more sales but thinner profit, which pressures the shares.
New brands and travel coupons offer a path to recovery Bonus Suki grew to 44 branches and is starting to make money, Laem Charoen is being rebranded, and MK is a top beneficiary of the new Thailand Travel Plus coupon (1 million slots). Analysts see earnings recovering from late 2026 into 2027, but say the share price already reflects much of this.
It is the main new upside driver, balanced by the warning that it is already priced in.