Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<div><div><div><div><ul><li>2Q23E earnings are expected to have fallen 2% YoY but increased 33% QoQ: KTX expects M to report a 2Q23E net profit of Bt432mn (-2% YoY, +33% QoQ) due to the continued recovery in the number of dine-in customers in all of M's restaurant chains.</li><li>Economic activities and higher tourist arrivals, along with the series of public holidays in April, likely contributed to the rise in customer visits.</li><li>Compared to 2Q22, the SSSG for 2Q23E is expected to have increased further at 11%, 6% and 14% for MKR, Yayoi and LCS, respectively. </li></ul></div></div></div></div>

2Q23E earnings are expected to have fallen 2% YoY but increased 33% QoQ: KTX expects M to report a 2Q23E net profit of Bt432mn (-2% YoY, +33% QoQ) due to the continued recovery in the number of dine-in customers in all of M's restaurant chains.Economic activities and higher tourist arrivals, along with the series of public holidays in April, likely contributed to the rise in customer visits.Compared to 2Q22, the SSSG for 2Q23E is expected to have increased further at 11%, 6% and 14% for MKR, Yayoi and LCS, respectively. 

MK Restaurant Group Plc (M) - 2Q23E Earnings Expected to Have Fallen 2% YoY but Increased 33% QoQ

<ul><li>2Q23E earnings are expected to have fallen 2% YoY but increased 33% QoQ: KTX expects M to report a 2Q23E net profit of Bt432mn (-2% YoY, +33% QoQ) due to the continued recovery in the number of dine-in customers in all of M's restaurant chains.</li><li>2023E earnings forecast maintained: Assuming the 2Q23E earnings meet expectations, the net profit for 1H23E will reach Bt758mn, marking a 7% YoY increase.</li><li>Maintain an Outperform rating: M is an attractive food stock thanks to the robust growth in tourist arrivals and the strong branding of its restaurant chains, with two-year earnings growth to achieve a 25% CAGR.</li></ul>

2Q23E earnings are expected to have fallen 2% YoY but increased 33% QoQ: KTX expects M to report a 2Q23E net profit of Bt432mn (-2% YoY, +33% QoQ) due to the continued recovery in the number of dine-in customers in all of M's restaurant chains.2023E earnings forecast maintained: Assuming the 2Q23E earnings meet expectations, the net profit for 1H23E will reach Bt758mn, marking a 7% YoY increase.Maintain an Outperform rating: M is an attractive food stock thanks to the robust growth in tourist arrivals and the strong branding of its restaurant chains, with two-year earnings growth to achieve a 25% CAGR.

Mk Restaurant Group Plc. (M): 2Q23E Earnings Expected to Have Fallen 2% YoY But Increased 33% QoQ

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oishi-group-pcl" target="_blank" data-smartkarma-citation="entities:17370:1" rel="noopener">Oishi Group PCL (OISHI TB)</a>’s shareholders overwhelmingly approved <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a>’s delisting tender offer of THB59.00 per share. The approval was expected as ThaiBev was allowed to vote.</li>
<li>The offer is attractive compared to historical share prices, multiples and the IFA’s fair value of THB53.48-56.42 per share. </li>
<li>The delisting now requires SET approval. At the last close and for an end of July completion, the gross and annualised spread is 2.2% and 9.4%, respectively.</li>
</ul>



Oishi Group PCL (OISHI TB)’s shareholders overwhelmingly approved Thai Beverage (THBEV SP)’s delisting tender offer of THB59.00 per share. The approval was expected as ThaiBev was allowed to vote.
The offer is attractive compared to historical share prices, multiples and the IFA’s fair value of THB53.48-56.42 per share. 
The delisting now requires SET approval. At the last close and for an end of July completion, the gross and annualised spread is 2.2% and 9.4%, respectively.


Oishi Group (OISHI TB): Shareholders Approve the THB59.00 Delisting Offer

<div><div><div><ul><li>The return of tourist arrivals alongside the strong branding of the firm’s restaurant chains makes M attractive in the food and beverage sector.</li><li>Its two-year earnings (2022-24E) are expected to achieve a 25% CAGR.</li><li>While M is likely to face higher costs, the negative impact may be partially offset by economies of scale, keeping the stock appealing.</li></ul></div></div></div>

The return of tourist arrivals alongside the strong branding of the firm’s restaurant chains makes M attractive in the food and beverage sector.Its two-year earnings (2022-24E) are expected to achieve a 25% CAGR.While M is likely to face higher costs, the negative impact may be partially offset by economies of scale, keeping the stock appealing.

Mk Restaurant Group -Two-Year Earnings to Achieve a 25% CAGR

<ul>
<li>The <a href="https://www.smartkarma.com/entities/oishi-group-pcl" target="_blank" data-smartkarma-citation="entities:17370:1" rel="noopener">Oishi Group PCL (OISHI TB)</a> IFA opines that shareholders approve <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a>’s delisting tender offer of THB59.00 per share at the EGM on 3 May.</li>
<li>The offer is conditional on Oishi shareholder approval which requires 75% approval by total outstanding shares and &lt;10% rejection by total outstanding shares.</li>
<li>The offer is attractive to the IFA’s fair value of THB53.48-56.42 per share. At last close and the end-July completion, the gross and annualised spread is 2.2% and 8.1%, respectively.</li>
</ul>


The Oishi Group PCL (OISHI TB) IFA opines that shareholders approve Thai Beverage (THBEV SP)’s delisting tender offer of THB59.00 per share at the EGM on 3 May.
The offer is conditional on Oishi shareholder approval which requires 75% approval by total outstanding shares and &lt;10% rejection by total outstanding shares.
The offer is attractive to the IFA’s fair value of THB53.48-56.42 per share. At last close and the end-July completion, the gross and annualised spread is 2.2% and 8.1%, respectively.


Oishi Group (OISHI TB): IFA Recommends the THB59.00 Delisting Offer

Thailand

MK Restaurant Group Public Company Limited engages in the sale of food and beverages through restaurants, primarily operating sukiyaki and Japanese restaurants under brands like MK, Yayoi, Miyazaki, and Hakata. The company also provides training services and manufactures and distributes food products. It was founded in 1962 and is headquartered in Bangkok, Thailand.

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MK Restaurant Group (M TB)

MK Restaurant Group Plc (M) - 2Q23E Earnings Expected to Have Fallen 2% YoY but Increased 33% QoQ

Economic activities and higher tourist arrivals, along with the series of public holidays in April, likely contributed to the rise in customer visits.

Krungthai XSpring

Mk Restaurant Group Plc. (M): 2Q23E Earnings Expected to Have Fallen 2% YoY But Increased 33% QoQ

2Q23E earnings are expected to have fallen 2% YoY but increased 33% QoQ: KTX expects M to report a 2Q23E net profit of Bt432mn (-2% YoY, +33% QoQ)...

Krungthai XSpring

Oishi Group (OISHI TB): Shareholders Approve the THB59.00 Delisting Offer

The delisting now requires SET approval. At the last close and for an end of July completion, the gross and annualised spread is 2.2% and 9.4%,...

Arun George

Mk Restaurant Group -Two-Year Earnings to Achieve a 25% CAGR

The return of tourist arrivals alongside the strong branding of the firm’s restaurant chains makes M attractive in the food and beverage sector.

Krungthai XSpring

Oishi Group (OISHI TB): IFA Recommends the THB59.00 Delisting Offer

The THB59.00 offer is attractive. The IFA’s fair value is THB53.48-56.42 per share. At the last close and the end-July completion, the annualised...

Arun George

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