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

<ul><li>We expect earnings to grow at a 25% CAGR over the next two years, driven by Bonus Suki turning profitable in 2H26E and outlets expansion to 100 by end-2027E. ROE and ROCE are expected to recover from 2026 onward.</li><li>We forecast a dividend yield of ~6% over 2026–28E (DPS Bt1.1/Bt1.2/Bt1.3). For 2H25, M declared a Bt0.5 DPS (XD on May 11), implying ~5% yield.</li><li>We downgrade our rating to “Outperform,” with 6% upside to our fair value of Bt20.70, based on a required return of 5.1%.We maintain a positive long-term growth outlook relative to peers and revise our tactical view to Limited downside (from Limited upside).</li></ul>

We expect earnings to grow at a 25% CAGR over the next two years, driven by Bonus Suki turning profitable in 2H26E and outlets expansion to 100 by end-2027E. ROE and ROCE are expected to recover from 2026 onward.We forecast a dividend yield of ~6% over 2026–28E (DPS Bt1.1/Bt1.2/Bt1.3). For 2H25, M declared a Bt0.5 DPS (XD on May 11), implying ~5% yield.We downgrade our rating to “Outperform,” with 6% upside to our fair value of Bt20.70, based on a required return of 5.1%.We maintain a positive long-term growth outlook relative to peers and revise our tactical view to Limited downside (from Limited upside).

MK Restaurant Group Plc. (M): Earnings To Grow 25% CAGR; Dividend Yield At 6%

Thematic (Sector/Industry)

<ul><li>The SET Index is expected to trade sideways today, with resistance at 1,425/1,440 points and support at 1,406/1,387 points.</li><li>US equities were volatile but eventually closed in negative territory (S&amp;P 500 -0.33%, NASDAQ -0.59%).</li><li>MSCI announced its quarterly index review. For the MSCI Global Small Cap Index, there were no additions, while one stock was removed: CPAXT.</li></ul>

The SET Index is expected to trade sideways today, with resistance at 1,425/1,440 points and support at 1,406/1,387 points.US equities were volatile but eventually closed in negative territory (S&amp;P 500 -0.33%, NASDAQ -0.59%).MSCI announced its quarterly index review. For the MSCI Global Small Cap Index, there were no additions, while one stock was removed: CPAXT.

Krungthai XSpring Zoom Eng. February 11, 2026

<ul><li>The SET Index is expected to trade in a sideways-down range today, with support at 1,330/1,320 points and resistance at 1,350/1,364 points.</li><li>Mr. Stephen Miran, a Fed Governor, has formally resigned as Chair of the US President’s Council of Economic Advisers (CEA).</li><li>Thailand’s general election will be held on February 8.</li></ul>

The SET Index is expected to trade in a sideways-down range today, with support at 1,330/1,320 points and resistance at 1,350/1,364 points.Mr. Stephen Miran, a Fed Governor, has formally resigned as Chair of the US President’s Council of Economic Advisers (CEA).Thailand’s general election will be held on February 8.

Krungthai XSpring Zoom Eng. February 4, 2026

<ul><li>KTX expects the SET Index to trade with upward volatility in early to mid-November, supported by earnings speculation for 3Q25 alongside some sell-on-fact pressure after results are released.</li><li>In mid- to late November, focus should shift to macro factors such as the G20 Summit, the Fed meeting minutes, and Thailand’s 3Q25 GDP, which could help attract foreign fund inflows.</li><li>Consensus forecasts SET-listed firms’ net profit to rise 16.1% QoQ and 25.8% YoY in 3Q25 (excluding early reporters).</li></ul>

KTX expects the SET Index to trade with upward volatility in early to mid-November, supported by earnings speculation for 3Q25 alongside some sell-on-fact pressure after results are released.In mid- to late November, focus should shift to macro factors such as the G20 Summit, the Fed meeting minutes, and Thailand’s 3Q25 GDP, which could help attract foreign fund inflows.Consensus forecasts SET-listed firms’ net profit to rise 16.1% QoQ and 25.8% YoY in 3Q25 (excluding early reporters).

Monthly Report: November 2025: Outlook: Volatile With An Upward Bias

<ul><li>The US: US equities rebounded (S&amp;P500 +0.37%, NASDAQ +0.65%) after recent profit-taking, supported by signs of easing in labor market data.</li><li>Thailand: Thailand’s headline inflation in October contracted –0.76% YoY, close to the market forecast of –0.8%, marking the seventh consecutive month of decline.</li><li>Thailand: The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) raised its 2025 export growth forecast from 2–3% to 9.5–10.5% but maintained its GDP forecast at 1.8–2.2%, citing limited spillover effects from exports to the broader economy.</li></ul>

The US: US equities rebounded (S&amp;P500 +0.37%, NASDAQ +0.65%) after recent profit-taking, supported by signs of easing in labor market data.Thailand: Thailand’s headline inflation in October contracted –0.76% YoY, close to the market forecast of –0.8%, marking the seventh consecutive month of decline.Thailand: The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) raised its 2025 export growth forecast from 2–3% to 9.5–10.5% but maintained its GDP forecast at 1.8–2.2%, citing limited spillover effects from exports to the broader economy.

Krungthai XSpring Zoom Eng. November 6, 2025

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): Earnings To Grow 25% CAGR; Dividend Yield At 6%

We forecast a dividend yield of ~6% over 2026–28E (DPS Bt1.1/Bt1.2/Bt1.3). For 2H25, M declared a Bt0.5 DPS (XD on May 11), implying ~5% yield.

Krungthai XSpring

Krungthai XSpring Zoom Eng. February 11, 2026

MSCI announced its quarterly index review. For the MSCI Global Small Cap Index, there were no additions, while one stock was removed: CPAXT.

Krungthai XSpring

Krungthai XSpring Zoom Eng. February 4, 2026

The SET Index is expected to trade in a sideways-down range today, with support at 1,330/1,320 points and resistance at 1,350/1,364 points.

Krungthai XSpring

Monthly Report: November 2025: Outlook: Volatile With An Upward Bias

KTX expects the SET Index to trade with upward volatility in early to mid-November, supported by earnings speculation for 3Q25 alongside some sell...

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 6, 2025

The US: US equities rebounded (S&P500 +0.37%, NASDAQ +0.65%) after recent profit-taking, supported by signs of easing in labor market data.

Krungthai XSpring

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