Reported Earnings • May 16
First quarter 2026 earnings released: EPS: ฿0.18 (vs ฿0.26 in 1Q 2025) First quarter 2026 results: EPS: ฿0.18 (down from ฿0.26 in 1Q 2025). Revenue: ฿4.10b (up 13% from 1Q 2025). Net income: ฿163.3m (down 30% from 1Q 2025). Profit margin: 4.0% (down from 6.4% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Hospitality industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • May 05
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 11 May 2026. Payment date: 26 May 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.3%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (3.3%). New Risk • Mar 28
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.4% Last year net profit margin: 9.1% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (125% payout ratio). Share price has been volatile over the past 3 months (7.4% average weekly change). Profit margins are more than 30% lower than last year (5.4% net profit margin). Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ฿19.10, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Hospitality industry in Thailand. Total loss to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿12.20 per share. Declared Dividend • Mar 01
Final dividend reduced to ฿0.50 Dividend of ฿0.50 is 50% lower than last year. Ex-date: 11th May 2026 Payment date: 26th May 2026 Dividend yield will be 4.5%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not covered by earnings (125% earnings payout ratio). However, it is covered by cash flows (76% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 38% to bring the payout ratio under control. EPS is expected to grow by 54% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿24.30, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the Hospitality industry in Thailand. Total loss to shareholders of 49% over the past three years. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.25 (vs ฿0.37 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.25 (down from ฿0.37 in 3Q 2024). Revenue: ฿3.96b (up 4.6% from 3Q 2024). Net income: ฿226.2m (down 34% from 3Q 2024). Profit margin: 5.7% (down from 9.0% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Hospitality industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ฿24.40, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 14x in the Hospitality industry in Thailand. Total loss to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿26.00, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the Hospitality industry in Thailand. Total loss to shareholders of 49% over the past three years. Major Estimate Revision • Sep 05
Consensus EPS estimates increase by 39% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿13.7b to ฿14.9b. EPS estimate increased from ฿0.87 to ฿1.21 per share. Net income forecast to grow 6.1% next year vs 7.5% growth forecast for Hospitality industry in Thailand. Consensus price target up from ฿17.25 to ฿28.50. Share price rose 15% to ฿24.80 over the past week. Declared Dividend • Aug 15
First half dividend of ฿0.50 announced Dividend of ฿0.50 is the same as last year. Ex-date: 26th August 2025 Payment date: 11th September 2025 Dividend yield will be 6.3%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not covered by earnings (113% earnings payout ratio) nor is it covered by cash flows (195% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 26% to bring the payout ratio under control. EPS is expected to grow by 6.9% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 103% Cash payout ratio: 186% Earnings are forecast to decline by an average of 3.0% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (7.1% average weekly change). Price Target Changed • Aug 05
Price target decreased by 35% to ฿17.25 Down from ฿26.67, the current price target is an average from 2 analysts. New target price is 32% below last closing price of ฿25.25. Stock is down 1.0% over the past year. The company is forecast to post earnings per share of ฿1.05 for next year compared to ฿1.57 last year. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ฿20.80, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 16x in the Hospitality industry in Thailand. Total loss to shareholders of 53% over the past three years. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ฿17.60, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 15x in the Hospitality industry in Thailand. Total loss to shareholders of 61% over the past three years. Major Estimate Revision • Jun 26
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿14.6b to ฿13.8b. EPS estimate also fell from ฿1.23 per share to ฿1.05 per share. Net income forecast to shrink 19% next year vs 9.3% growth forecast for Hospitality industry in Thailand . Consensus price target down from ฿26.67 to ฿24.83. Share price was steady at ฿14.90 over the past week. Price Target Changed • Jun 25
Price target decreased by 11% to ฿24.83 Down from ฿28.00, the current price target is an average from 3 analysts. New target price is 67% above last closing price of ฿14.90. Stock is down 52% over the past year. The company is forecast to post earnings per share of ฿1.05 for next year compared to ฿1.57 last year. Major Estimate Revision • Jun 12
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿15.3b to ฿14.6b. EPS estimate also fell from ฿1.45 per share to ฿1.23 per share. Net income forecast to shrink 9.2% next year vs 10.0% growth forecast for Hospitality industry in Thailand . Consensus price target down from ฿28.00 to ฿26.67. Share price rose 2.1% to ฿14.70 over the past week. Price Target Changed • Jun 11
Price target decreased by 8.0% to ฿26.67 Down from ฿29.00, the current price target is an average from 3 analysts. New target price is 80% above last closing price of ฿14.80. Stock is down 52% over the past year. The company is forecast to post earnings per share of ฿1.23 for next year compared to ฿1.57 last year. New Risk • Jun 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 103% Cash payout ratio: 186% Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Reported Earnings • May 14
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: EPS: ฿0.26 (down from ฿0.38 in 1Q 2024). Revenue: ฿3.63b (down 10.0% from 1Q 2024). Net income: ฿233.6m (down 33% from 1Q 2024). Profit margin: 6.4% (down from 8.6% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Hospitality industry in Thailand. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 30
Upcoming dividend of ฿1.00 per share Eligible shareholders must have bought the stock before 07 May 2025. Payment date: 22 May 2025. Payout ratio is on the higher end at 95%, and the cash payout ratio is above 100%. Trailing yield: 7.9%. Within top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (3.0%). Duyuru • Apr 25
MK Restaurant Group Public Company Limited Approves Dividend, Payable May 22, 2025 MK Restaurant Group Public Company Limited at its AGM held on April 24, 2025, approved the allocation of profit and the dividend payment at the rate of THB 1.50 per share or THB 1,361.34 million in total. As an interim dividend of THB 0.50 per share totaling THB 457.71 million was paid by the Company on September 10, 2024, the final dividend of THB 1.00 per share totaling THB 903.63 million will be paid by the Company on May 22, 2025. In this regard, the Company sets the date for determining the names of shareholders who shall be entitled to receive the dividend (Record Date) on May 8, 2025. Major Estimate Revision • Mar 05
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿17.0b to ฿15.7b. EPS estimate also fell from ฿1.80 per share to ฿1.56 per share. Net income forecast to shrink 0.5% next year vs 26% growth forecast for Hospitality industry in Thailand . Consensus price target down from ฿30.75 to ฿29.00. Share price was steady at ฿19.70 over the past week. New Risk • Mar 03
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 95% Cash payout ratio: 201% Dividend yield: 7.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Declared Dividend • Feb 28
Final dividend of ฿1.00 announced Dividend of ฿1.00 is the same as last year. Ex-date: 7th May 2025 Payment date: 22nd May 2025 Dividend yield will be 7.8%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (86% earnings payout ratio) but not covered by cash flows (201% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Feb 27
MK Restaurant Group Public Company Limited Proposes Cash Dividend Payment for the Operating Period from 01 January 2024 to 31 December 2024, Payable on May 22, 2025 MK Restaurant Group Public Company Limited at its Annual General Meeting to be held on April 24, 2025 proposed a cash dividend payment for the Operating period from 01 January 2024 to 31 December 2024. The total dividend is THB 1.50 per share, amounting to THB 1,361.34 million. An interim dividend of THB 0.50 per share was already paid on September 10, 2024. The final dividend of THB 1.00 per share, totaling THB 903.63 million, is subject to shareholder approval and will be paid on May 22, 2025. Ex-dividend date is 07 May 2025. Date of Board resolution is February 26, 2025. In this regard, the Company sets the date for determining the names of shareholders who shall be entitled to receive the dividend (Record Date) on May 10, 2024. Reported Earnings • Feb 27
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ฿1.57 (down from ฿1.83 in FY 2023). Revenue: ฿15.8b (down 6.9% from FY 2023). Net income: ฿1.44b (down 14% from FY 2023). Profit margin: 9.1% (in line with FY 2023). Revenue missed analyst estimates by 6.1%. Earnings per share (EPS) also missed analyst estimates by 3.3%. Revenue is forecast to grow 3.7% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Hospitality industry in Thailand. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Duyuru • Feb 27
MK Restaurant Group Public Company Limited, Annual General Meeting, Apr 24, 2025 MK Restaurant Group Public Company Limited, Annual General Meeting, Apr 24, 2025, at 14:00 SE Asia Standard Time. Price Target Changed • Jan 22
Price target decreased by 7.5% to ฿30.75 Down from ฿33.25, the current price target is an average from 4 analysts. New target price is 63% above last closing price of ฿18.90. Stock is down 48% over the past year. The company is forecast to post earnings per share of ฿1.62 for next year compared to ฿1.83 last year. Board Change • Jan 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 9 highly experienced directors. Additional Director Prasit Watanapa was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 21
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 26 August 2024. Payment date: 10 September 2024. Payout ratio is on the higher end at 84%, however this is supported by cash flows. Trailing yield: 6.0%. Lower than top quartile of Thai dividend payers (6.8%). Higher than average of industry peers (2.4%). Declared Dividend • Aug 15
First half dividend of ฿0.50 announced Shareholders will receive a dividend of ฿0.50. Ex-date: 26th August 2024 Payment date: 10th September 2024 Dividend yield will be 5.8%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by both earnings (89.6% earnings payout ratio) and cash flows (54% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. Earnings per share is expected to grow by 13% over the next 3 years, which should maintain adequate earnings cover for the dividend. Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: ฿0.44 (down from ฿0.50 in 2Q 2023). Revenue: ฿4.18b (down 7.5% from 2Q 2023). Net income: ฿400.6m (down 13% from 2Q 2023). Profit margin: 9.6% (in line with 2Q 2023). Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Hospitality industry in Thailand. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Price Target Changed • Jul 24
Price target decreased by 9.6% to ฿40.16 Down from ฿44.42, the current price target is an average from 6 analysts. New target price is 52% above last closing price of ฿26.50. Stock is down 41% over the past year. The company is forecast to post earnings per share of ฿1.78 for next year compared to ฿1.83 last year. Price Target Changed • Jun 20
Price target decreased by 7.7% to ฿42.57 Down from ฿46.14, the current price target is an average from 7 analysts. New target price is 38% above last closing price of ฿30.75. Stock is down 37% over the past year. The company is forecast to post earnings per share of ฿1.78 for next year compared to ฿1.83 last year. Duyuru • Jun 19
MK Restaurant Group Public Company Limited (SET:M) announces an Equity Buyback for 20,000,000 shares, representing 2.17% for THB 800 million. MK Restaurant Group Public Company Limited (SET:M) announces a share repurchase program. Under the program, the company will repurchase up to 20,000,000 shares, representing 2.17% of its issued share capital, for THB 800 million. The repurchase price must not exceed 115% of the average closing share price of 5 business days prior to each repurchase date. The purpose of the program is to ensure that the company’s excess liquidity management is conducted for the utmost benefit and to assure the investors and shareholders of the company regarding its capability to generate future income and profit as well as its strong financial position. The program is valid till December 23, 2024. As of March 8, 2024, the company had 920,878,100 shares outstanding. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.38 (vs ฿0.35 in 1Q 2023) First quarter 2024 results: EPS: ฿0.38 (up from ฿0.35 in 1Q 2023). Revenue: ฿4.03b (down 2.7% from 1Q 2023). Net income: ฿346.5m (up 6.5% from 1Q 2023). Profit margin: 8.6% (up from 7.9% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Hospitality industry in Thailand. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 02
Upcoming dividend of ฿1.00 per share Eligible shareholders must have bought the stock before 09 May 2024. Payment date: 24 May 2024. Payout ratio is on the higher end at 88%, however this is supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (1.8%). Duyuru • Apr 27
MK Restaurant Group Public Company Limited Approves Dividend Payment, Will Be Paid on May 24, 2024 MK Restaurant Group Public Company Limited at its AGM held on April 26, 2024 Approved the allocation of profit and the dividend payment at the rate of THB 1.60 per share or THB 1,473.39 million in total. As an interim dividend of THB 0.60 per share totaling THB 552.51 million was paid by the Company on September 8, 2023, the final dividend of THB 1.00 per share totaling THB 920.88 million will be paid by the Company on May 24, 2024. In this regard, the Company sets the date for determining the names of shareholders who shall be entitled to receive the dividend (Record Date) on May 10, 2024. Price Target Changed • Mar 02
Price target decreased by 9.0% to ฿49.01 Down from ฿53.86, the current price target is an average from 6 analysts. New target price is 32% above last closing price of ฿37.00. Stock is down 31% over the past year. The company is forecast to post earnings per share of ฿1.82 for next year compared to ฿1.83 last year. Declared Dividend • Feb 25
Final dividend increased to ฿1.00 Dividend of ฿1.00 is 11% higher than last year. Ex-date: 9th May 2024 Payment date: 24th May 2024 Dividend yield will be 4.3%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio). However, it is well covered by cash flows (43% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 2.9% to bring the payout ratio under control. EPS is expected to grow by 25% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Feb 24
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: ฿1.83 (up from ฿1.56 in FY 2022). Revenue: ฿17.0b (up 6.5% from FY 2022). Net income: ฿1.68b (up 17% from FY 2022). Profit margin: 9.9% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.6%. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Hospitality industry in Thailand. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Duyuru • Feb 24
MK Restaurant Group Public Company Limited, Annual General Meeting, Apr 26, 2024 MK Restaurant Group Public Company Limited, Annual General Meeting, Apr 26, 2024, at 14:00 SE Asia Standard Time. Agenda: To acknowledge the Report of the Board of Directors for the year 2023; to approve the financial statements for the year ended December 31, 2023; to approve the appropriation of profit and the dividend payment for the year 2023; to approve the connected transaction and the acquisition of assets from the purchase of lands from Global Asset Development Co., Ltd. which has common directors and shareholders; to elect directors in replacement of those who are due to retire by rotation; to approve the remunerations of directors; to appoint the auditors and fix their remunerations for the year 2024; and to consider other matters. Buying Opportunity • Nov 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be ฿51.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 14% in 2 years. Earnings is forecast to grow by 50% in the next 2 years. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: ฿0.42 (vs ฿0.44 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.42 (down from ฿0.44 in 3Q 2022). Revenue: ฿4.18b (up 1.8% from 3Q 2022). Net income: ฿388.8m (down 4.7% from 3Q 2022). Profit margin: 9.3% (in line with 3Q 2022). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality industry in Thailand. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Buying Opportunity • Oct 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.5%. The fair value is estimated to be ฿53.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 13% in 2 years. Earnings is forecast to grow by 45% in the next 2 years. Upcoming Dividend • Aug 16
Upcoming dividend of ฿0.60 per share at 3.8% yield Eligible shareholders must have bought the stock before 23 August 2023. Payment date: 08 September 2023. Payout ratio is on the higher end at 91%, however this is supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (1.3%). Duyuru • Aug 11
MK Restaurant Group Public Company Limited Announces Cash Dividend for the Operating Period from 1 January 2023 to 30 June 2023, Payable on 8 September 2023 MK Restaurant Group Public Company Limited announced cash dividend of THB 0.60 per share for the operating period from 1 January 2023 to 30 June 2023. Record date for the right to receive dividends is 24 August 2023. Ex-dividend date is 23 August 2023. Payment date is 8 September 2023. Reported Earnings • Aug 11
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: ฿0.50 (up from ฿0.48 in 2Q 2022). Revenue: ฿4.52b (up 11% from 2Q 2022). Net income: ฿458.9m (up 4.5% from 2Q 2022). Profit margin: 10% (in line with 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.5%. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Hospitality industry in Thailand. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: ฿0.35 (vs ฿0.29 in 1Q 2022) First quarter 2023 results: EPS: ฿0.35. Revenue: ฿4.14m (down 100% from 1Q 2022). Net income: ฿325.3k (down 100% from 1Q 2022). Profit margin: 7.9% (up from 7.6% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Hospitality industry in Thailand. Upcoming Dividend • May 02
Upcoming dividend of ฿0.90 per share at 3.7% yield Eligible shareholders must have bought the stock before 09 May 2023. Payment date: 24 May 2023. Payout ratio is on the higher end at 90%, however this is supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Thai dividend payers (6.2%). Higher than average of industry peers (1.3%). Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. No experienced directors. 9 highly experienced directors. Executive VP & Director Yupin Thirakomen was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: ฿0.44 (up from ฿0.28 loss in 3Q 2021). Revenue: ฿4.11b (up 103% from 3Q 2021). Net income: ฿408.1m (up ฿665.5m from 3Q 2021). Profit margin: 9.9% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 6.4%. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Hospitality industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 16
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 23 August 2022. Payment date: 08 September 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.8%. Lower than top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (0.8%). Reported Earnings • Aug 14
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: ฿0.48 (up from ฿0.11 loss in 2Q 2021). Revenue: ฿4.06b (up 58% from 2Q 2021). Net income: ฿439.3m (up ฿538.8m from 2Q 2021). Profit margin: 11% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Over the next year, revenue is forecast to grow 24%, compared to a 58% growth forecast for the industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Reported Earnings • May 16
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: ฿0.29 (up from ฿0.10 in 1Q 2021). Revenue: ฿3.55b (up 13% from 1Q 2021). Net income: ฿270.8m (up 205% from 1Q 2021). Profit margin: 7.6% (up from 2.8% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Over the next year, revenue is forecast to grow 31%, compared to a 65% growth forecast for the industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Upcoming Dividend • May 03
Upcoming dividend of ฿0.80 per share Eligible shareholders must have bought the stock before 10 May 2022. Payment date: 25 May 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.5%. Lower than top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (0.8%). Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. No experienced directors. 9 highly experienced directors. Executive VP & Director Yupin Thirakomen was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 27
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: ฿0.14 (down from ฿0.99 in FY 2020). Revenue: ฿11.4b (down 17% from FY 2020). Net income: ฿131.0m (down 86% from FY 2020). Profit margin: 1.2% (down from 6.7% in FY 2020). The decrease in margin was driven by lower revenue. Total stores: 479 (down by 20 from FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) exceeded analyst estimates. Over the next year, revenue is forecast to grow 30%, compared to a 60% growth forecast for the restaurants industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Feb 03
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from ฿0.02 to ฿0.01 per share. Revenue forecast steady at ฿11.1b. Net income forecast to grow 1,275% next year vs 31% growth forecast for Hospitality industry in Thailand. Consensus price target broadly unchanged at ฿59.60. Share price rose 2.4% to ฿52.75 over the past week. Price Target Changed • Dec 12
Price target increased to ฿59.50 Up from ฿55.36, the current price target is an average from 6 analysts. New target price is 13% above last closing price of ฿52.75. Stock is down 6.2% over the past year. The company is forecast to post earnings per share of ฿0.067 for next year compared to ฿0.99 last year. Reported Earnings • Nov 12
Third quarter 2021 earnings released: ฿0.27 loss per share (vs ฿0.50 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ฿2.02b (down 48% from 3Q 2020). Net loss: ฿257.4m (down 155% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 11
Second quarter 2021 earnings released: ฿0.035 loss per share (vs ฿0.27 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: ฿2.57b (up 17% from 2Q 2020). Net loss: ฿108.7m (loss narrowed 56% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.10 (vs ฿0.37 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿3.16b (down 19% from 1Q 2020). Net income: ฿88.8m (down 74% from 1Q 2020). Profit margin: 2.8% (down from 8.8% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Price Target Changed • May 14
Price target decreased to ฿58.42 Down from ฿63.04, the current price target is an average from 6 analysts. New target price is 15% above last closing price of ฿51.00. Stock is down 1.4% over the past year. Upcoming Dividend • May 03
Upcoming dividend of ฿1.00 per share Eligible shareholders must have bought the stock before 10 May 2021. Payment date: 25 May 2021. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (4.8%). In line with average of industry peers (2.7%). Major Estimate Revision • May 02
Consensus EPS estimates fall to ฿1.75 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from ฿15.5b to ฿15.0b. EPS estimate also fell from ฿2.00 to ฿1.75. Net income forecast to grow 78% next year vs 81% growth forecast for Hospitality industry in Thailand. Consensus price target down from ฿63.04 to ฿61.54. Share price was steady at ฿51.00 over the past week. Is New 90 Day High Low • Mar 09
New 90-day high: ฿58.00 The company is up 3.0% from its price of ฿56.25 on 09 December 2020. The Thai market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿18.57 per share. Reported Earnings • Feb 25
Full year 2020 earnings released: EPS ฿0.99 (vs ฿2.83 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿13.6b (down 23% from FY 2019). Net income: ฿907.4m (down 65% from FY 2019). Profit margin: 6.7% (down from 15% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 25
Revenue behind estimates Revenue missed analyst estimates by 0.7%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 12%, compared to a 18% growth forecast for the Hospitality industry in Thailand. Major Estimate Revision • Nov 19
Analysts increase EPS estimates to ฿1.08 The 2020 consensus revenue estimate increased from ฿13.5b to ฿13.8b. The earnings per share estimate also received an upgrade from ฿0.89 to ฿1.08 for the same period. Net income is expected to grow by 44% next year compared to 41% growth forecast for the Hospitality industry in Thailand. The consensus price target increased from ฿57.92 to ฿62.00. Share price is up 10% to ฿56.25 over the past week. Is New 90 Day High Low • Nov 16
New 90-day high: ฿54.00 The company is up 4.0% from its price of ฿51.75 on 18 August 2020. The Thai market is up 2.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Hospitality industry, which is also up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿30.37 per share. Price Target Changed • Nov 15
Price target raised to ฿62.00 Up from ฿57.92, the current price target is an average from 6 analysts. The new target price is 17% above the current share price of ฿53.00. As of last close, the stock is down 27% over the past year. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 5.4%. Earnings per share (EPS) also surpassed analyst estimates by 43%. Over the next year, revenue is forecast to grow 6.4%, compared to a 17% growth forecast for the Hospitality industry in Thailand. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.50 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿3.86b (down 8.0% from 3Q 2019). Net income: ฿465.0m (down 15% from 3Q 2019). Profit margin: 12% (down from 13% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 14% per year. Is New 90 Day High Low • Oct 19
New 90-day low: ฿44.00 The company is down 16% from its price of ฿52.25 on 21 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿30.02 per share. Is New 90 Day High Low • Sep 22
New 90-day low: ฿48.25 The company is down 17% from its price of ฿58.00 on 23 June 2020. The Thai market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿30.00 per share.