Branching elimination using bitwise operators

Question

I have some critical branching code inside a loop that's run about 2^26 times. Branch prediction is not optimal because m is random. How would I remove the branching, possibly using bitwise operators?

bool m;
unsigned int a;
const unsigned int k = ...; // k >= 7
if(a == 0)
    a = (m ? (a+1) : (k));
else if(a == k)
    a = (m ?     0 : (a-1));
else
    a = (m ? (a+1) : (a-1));

And here is the relevant assembly generated by gcc -O3:

.cfi_startproc
movl    4(%esp), %edx
movb    8(%esp), %cl
movl    (%edx), %eax
testl   %eax, %eax
jne L15
cmpb    $1, %cl
sbbl    %eax, %eax
andl    $638, %eax
incl    %eax
movl    %eax, (%edx)
ret
L15:
cmpl    $639, %eax
je  L23
testb   %cl, %cl
jne L24
decl    %eax
movl    %eax, (%edx)
ret
L23:
cmpb    $1, %cl
sbbl    %eax, %eax
andl    $638, %eax
movl    %eax, (%edx)
ret
L24:
incl    %eax
movl    %eax, (%edx)
ret
.cfi_endproc