M: Expect Strong Earnings Recovery in 1Q22

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

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<li>Maintain BUY recommendation for M with a target price of Bt64. M’s 2Q22 net profit came in at Bt439m (+62%QoQ) and recovery from a loss of Bt99m in 2Q21</li>
<li>Solid earnings amid rising food costs M reported a net profit of Bt439m in 2Q22 (+62%QoQ) and recovery from a loss of Bt99m in 2Q21.The 1H22 result accounted for 56% </li>
<li>The YoY recovery in earnings supported by top-line recovery and GPM expansion YoY from resuming dine-in services.</li>
</ul>


Maintain BUY recommendation for M with a target price of Bt64. M’s 2Q22 net profit came in at Bt439m (+62%QoQ) and recovery from a loss of Bt99m in 2Q21
Solid earnings amid rising food costs M reported a net profit of Bt439m in 2Q22 (+62%QoQ) and recovery from a loss of Bt99m in 2Q21.The 1H22 result accounted for 56% 
The YoY recovery in earnings supported by top-line recovery and GPM expansion YoY from resuming dine-in services.


MK Restaurants Group

M : Solid 2Q22 Earnings as Expected