Pluk Phak Praw Rak Mae Public Company Limited

KGI Securities notes that the Thai restaurant market continues to grow, but same-store sales growth (SSSG) in July remained mostly negative, reflecting weak purchasing power and intense competition. MAGURO is the only leader in growth with both revenue and profit rising simultaneously, while AU and M are still awaiting recovery. OKJ faces weak demand and declining profits. The research department expects total net profit for 2026F to be 1.19 billion baht, down 9% YoY, before recovering 18% in 2027F. It selects MAGURO as the top pick with a target price of 25 baht, while M has a target price of 26 baht and AU a target price of 4.42 baht.

Kasikorn Securities reported that combined normalized profit of five listed restaurant companies in the second quarter of 2026 was 281 million baht, down 29.0% from a year earlier, pressured by negative same-store sales growth and lower gross margin, but up 18.7% from the previous quarter. M and ZEN posted combined normalized profit of 230 million baht, down 19.6% year-on-year but up 28.7% quarter-on-quarter. OKJ recorded a normalized loss of 25 million baht as same-store sales growth fell 29.6%. MAGURO delivered the strongest profit growth at 23.4%. Kasikorn Securities maintained a negative view on the restaurant group amid weak demand and price competition, and prefers M over ZEN because of clearer earnings recovery prospects. M trades at a 2026 price-to-earnings ratio of 20.6 times and offers a dividend yield of 4.9%.