This is an English adaptation of a FoodBud historical article originally published on July 21, 2024.
MK Restaurant, usually referred to as MK, is Thailand’s largest local hot pot chain group. Beyond hot pot, the company also operates Japanese dining, Thai dining, coffee and bakery, grab-and-go, delivery, and overseas restaurant businesses.
As of the article date, MK had a market capitalization of THB 25.1 billion, about RMB 5.0 billion. In 2023, revenue was THB 17.0 billion, about RMB 3.4 billion.
By the end of March 2024, MK’s portfolio had 706 stores. Hot pot was the largest and core category, followed by Yayoi, the Japanese chain operated under agency arrangements.
The name MK comes from the initials of founder Makong King Yee. After Makong King Yee moved his family to the United States, former employee Thongkham Mekto bought the restaurant in 1962.
In 1984, MK partnered with Central Shopping Center, Thailand’s largest department-store chain operator, and opened “Green MK” inside Central Lad Prao. One year later, the restaurant formally shifted into hot pot and changed its name to MK Restaurant.
The source describes “MK” as a short, memorable name that fits Thai naming habits, because its pronunciation is similar to the common Thai nickname “แม็ค”. The logo is a bright red hot pot image with the letters “MK” in the center.
Current CEO Rit Teerakomen has said MK’s success as a top-of-mind hot pot choice in Thailand is linked to hygiene, value-for-money service, customer safety, and operational details such as switching from gas stoves to induction cookers. Rit Thirakomen studied electronic engineering at Chulalongkorn University. In 1985, he co-founded bookstore chain SE-ED and served as chairman for 13 years. SE-ED later became Thailand’s largest bookstore chain, with more than 400 branches, and listed on the Stock Exchange of Thailand. After retiring in 1987, he took over the family business, MK.
MK also emphasized customer experience. Since 2005, it has run photo activities inviting customers to take group photos after meals. In one year, MK gave customers 60,000 photos.
MK Suki Restaurant is the company’s main brand. It targets middle- to high-income families, friends, and workplace dining occasions. By the end of 2023, Thailand had 439 MK Suki stores, most of them in shopping centers and similar locations.
MK Gold Restaurant is an upgraded version of MK Suki, with premium ingredients and a gold-led design language, including gold storefronts and gold pots. By the end of 2023, there were 5 MK Gold stores. The source notes that in August 2023, the MK Gold store at Jungceylon in Patong, Phuket, was still under renovation.
MK LIVE is a newer concept intended to present a modern lifestyle format. By the end of 2023, it had 4 stores. Its menu and drinks are completely different from MK Suki.
Yayoi is a brand under Japan’s Plenus. In 2022, Plenus was acquired by SHIOI KOSAN LLC and delisted. Yayoi opened its first Thailand branch in 2006. By the end of 2023, it had 198 stores in Thailand.
Hakata Restaurant has only one store, located at Siriraj Hospital. Its net profit is donated to Siriraj Hospital.
Miyazaki Restaurant opened its first store in 2012 and serves Japanese teppanyaki and related dishes. By the end of 2023, it had 8 stores.
Laem Charoen Seafood Restaurant is a seafood-focused brand. In 2019, MK acquired a 65% stake for THB 2.06 billion, implying an overall valuation of THB 3.17 billion, about RMB 630 million. When MK announced the acquisition, Laem Charoen had 26 stores. By the end of 2023, it had 39 stores.
Na Siam Thai Restaurant is positioned in the mid- to high-end segment and had only one store.
Le Siam Thai Restaurant targets foreign customers and high-income consumers, with a luxury Thai decor style. By the end of 2023, it had 3 stores.
Bizzy Box is a one-stop boxed-meal takeaway brand covering Thai, Japanese, and Western flavors. By the end of 2023, it had 2 stores in Bangkok.
Le Petit opened its first store at Siriraj Hospital in September 2012. Net profit from the Siriraj Hospital store is donated to the hospital. By the end of 2023, Le Petit had 3 stores.
Delivery is led by MK Suki and Yayoi. Standard orders usually start from THB 150. Fresh-food orders from MK Suki start from THB 199, plus a THB 40 delivery fee. The service can also provide supporting equipment such as pots, power outlets, tables, and chairs.
Outside Thailand, MK’s restaurant brands are mainly MK Suki, Miyazaki Restaurant, and Laem Charoen Seafood Restaurant.
MK Suki had 25 stores in Japan, operated by Plenus. This mirrors the relationship in Thailand, where MK operates Plenus’s Yayoi brand. MK holds 12% of Plenus MK, a Plenus subsidiary.
MK Suki also had 5 stores in Vietnam and 3 stores in Laos, all under agency models. Laos also had one Miyazaki Restaurant under an agency model.
Malaysia had 3 Laem Charoen Seafood Restaurant stores. MK holds 50% of MT Restaurant, its Malaysian agency company. That business line began in 2023, and MT Restaurant’s full-year revenue was only THB 27.72 million.
According to MK’s 2023 annual report, full-year revenue was close to THB 17.0 billion, about RMB 3.4 billion.
By brand contribution, hot pot has stayed at around 75% of revenue over the most recent three years. Yayoi contributes around 18%. Other business lines contribute relatively little. Dine-in revenue increased from 80% of revenue in 2022 to 85% in 2023.
MK’s Q1 2024 financial report showed that nearly half of its MK hot pot stores were in Bangkok and surrounding areas. For Yayoi, 58% of stores were in Bangkok and surrounding areas.
The operating trend was under pressure. The source states that from Q1 2023, systemwide sales growth kept slowing, and by “Q4 2024” systemwide sales growth turned negative year on year, with same-store sales following the same pattern.
Thailand gradually reopened in 2022 after the pandemic. MK revenue grew 40% year on year in 2022, slowed to 6% growth in 2023, and declined year on year in Q1 2024.
For store openings, MK planned to add 9 hot pot stores for the full year, while Yayoi planned to add 6 stores. Overall, the source characterizes growth momentum as weak, with overseas operations still small in scale.
Note: market capitalization, acquisition valuation, revenue figures, IPO/listing references, and store-opening plans are historical figures from the July 21, 2024 source article.