M Balance Sheet - MK Restaurant Group PCL

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Price: 20 THB -0.5% Market Closed

Market Cap: ฿18.4B

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Cash & Cash Equivalents	322.5m	409.6m	725.2m	808.1m	509.5m	496.5m	630.4m	786.5m	670.4m	591.4m
Cash	158.6m	143.4m	179.1m	195.1m	115.4m	114.3m	116.6m	110.7m	69.9m	61.1m
Cash Equivalents	163.9m	266.2m	546.1m	613.1m	394m	382.2m	513.8m	675.7m	600.5m	530.2m
Short-Term Investments	9.3B	9.3B	9.1B	7.2B	7.2B	7.2B	7.1B	7.1B	5.8B	5.9B
Total Receivables	405.7m	64.4m	87.9m	147.3m	102.2m	160.3m	110.7m	101.1m	122.6m	100.1m
Accounts Receivables	27.6m	29.5m	33.4m	63.1m	61.8m	97.1m	52.6m	29.8m	62.8m	70.1m
Other Receivables	378.1m	34.9m	54.5m	84.2m	40.4m	63.2m	58.1m	71.3m	59.8m	30m
Inventory	323.8m	350.3m	329.1m	358.1m	418.2m	392.3m	414.2m	390.9m	367.5m	554.8m
Other Current Assets	57.6m	416.1m	350.8m	201.7m	126.4m	176.6m	121.4m	84.7m	141.9m	179.7m
Total Current Assets	10.4B	10.6B	10.6B	8.7B	8.3B	8.4B	8.4B	8.4B	7.1B	7.3B
PP&E Net	4.3B	4B	3.7B	3.8B	7.2B	6.3B	6B	5.9B	7.3B	7.1B
PP&E Gross	4.3B	4B	3.7B	3.8B	7.2B	6.3B	6B	5.9B	7.3B	7.1B
Accumulated Depreciation	(6.1B)	(6.8B)	(7.3B)	(7.6B)	(8.2B)	(8.7B)	(9.2B)	(9.4B)	(9.6B)	(9.8B)
Intangible Assets	94.9m	85.5m	89.3m	977m	919.3m	880.6m	844.9m	807.4m	782.7m	747.2m
Goodwill	—	—	—	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B
Long-Term Investments	98.1m	869.6m	2B	2.1B	1.7B	1.7B	2.4B	2.8B	1.9B	1.5B
Other Long-Term Assets	790m	738.8m	811m	856.6m	715.8m	807.6m	829.7m	834.2m	839.4m	873.3m
Other Assets	—	—	—	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B
Total Assets	15.6B	16.3B	17.2B	17.9B	20.4B	19.6B	19.9B	20.3B	19.4B	19B
Accounts Payable	410.1m	470.9m	614.7m	520.2m	415.9m	410.4m	433.9m	403.2m	346.4m	422m
Accrued Liabilities	881m	934.8m	989.6m	1.1B	708.3m	729.6m	801.8m	935.4m	740.2m	749.7m
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Current Portion of Long-Term Debt	—	—	—	12.8m	1.1B	1.1B	1.1B	1.1B	1B	985.7m
Other Current Liabilities	650.2m	703.2m	907.8m	866.8m	594.5m	514.5m	630.7m	672m	522.8m	605.8m
Deferred Revenue	50.7m	40m	44.8m	36.5m	21.1m	8.3m	20.6m	24.1m	24m	30.7m
Total Current Liabilities	1.9B	2.1B	2.5B	2.5B	2.8B	2.7B	2.9B	3.1B	2.6B	2.8B
Long-Term Debt	0	0	0	38.5m	2.6B	2.2B	2B	2B	1.8B	1.8B
Deferred Income Tax	—	—	—	171m	165.3m	159.6m	153.8m	148.7m	143.1m	136.8m
Minority Interest	—	—	—	320.2m	324.4m	314.4m	322.4m	351m	371m	370m
Other Liabilities	323.9m	345.2m	485.6m	638.8m	931m	964.5m	1B	908.9m	953.2m	1B
Total Liabilities	2.3B	2.5B	3B	3.6B	6.8B	6.4B	6.5B	6.5B	5.9B	6.1B
Common Stock	914.8m	920.9m	920.9m	920.9m	920.9m	920.9m	920.9m	920.9m	920.9m	920.9m
Retained Earnings	3.7B	4.1B	4.5B	4.6B	3.8B	3.5B	3.7B	4.1B	4.2B	3.7B
Additional Paid In Capital	8.8B	8.8B	8.8B	8.8B	8.8B	8.8B	8.8B	8.8B	8.8B	8.8B
Unrealized Security Profit/Loss	(3.7m)	(169k)	(2.1m)	2.3m	0	0	—	—	—	—
Treasury Stock	—	—	—	—	—	—	—	—	(477.6m)	(477.6m)
Other Equity	7.1m	6.7m	5.7m	4.8m	4.1m	5m	11.6m	135k	461.9k	1.1m
Total Equity	13.4B	13.8B	14.2B	14.3B	13.5B	13.2B	13.4B	13.8B	13.4B	12.9B
Total Liabilities & Equity	15.6B	16.3B	17.2B	17.9B	20.4B	19.6B	19.9B	20.3B	19.4B	19B
Common Shares Outstanding	914.8m	920.9m	920.9m	920.9m	920.9m	920.9m	920.9m	920.9m	903.6m	903.6m

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Summary

DCF Valuation

Relative Valuation

Wall St Estimates

Profitability

Solvency

Financial Statements

Discount Rate

MK Restaurant Group PCL SET:M

Store expansion drives growth while thin margins and reinvestment temper cash generation

A franchise-led restaurant platform with durable cash generation and moderate capital needs

Franchise-led earnings face rising pressure from financing costs and reinvestment

Franchise-led cash generation with modest direct reinvestment and financing sensitivity

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MK Restaurant Group PCL
SET:M