Minor International Public Company Limited (SET: MINT) recently announced the signing of a joint venture agreement with Sunrise Resorts & Cruises, one of Egypt’s leading hotel operators, currently managing 27 resorts and 7 Nile cruise ships, totaling over 9,000 rooms. This partnership aims to expand MINT’s business into Egypt, targeting the opening of 50 hotels within 10 years, with initial management of 7 projects.
Phillip Securities (Thailand) recommends “Buy” on MINT, setting a target price of THB 33.75 per share. The outlook on the deal is positive, as the partnership will allow MINT to expand its hotel management portfolio into high-potential emerging markets, with plans to open and manage over 50 hotels across key cities and major tourism destinations such as West Cairo, North Coast, and Ain Al Sokhna.
Initially, MINT will manage seven projects, covering existing hotels, renovation projects, and new developments. One highlight is the introduction of Anantara Hotels & Resorts, the group’s flagship brand, in various locations throughout Egypt.
Analysts further forecast MINT’s 2025 profit at THB 9.951 billion, up 15.7% from the previous year, due to continued growth in hotel revenue, especially in Europe where travel demand remains strong. The business segment is growing faster than the leisure segment.
For MINT’s hotels in the Maldives, positive momentum is expected from strong advance bookings. Thai hotels are projected to see growth in 4Q25 thanks to the completion of major hotel renovations ahead of the high season, supporting higher average daily rates (ADR), despite a potential slowdown in inbound foreign tourists.
Previously, Ririnda Tangtatswas, Vice President of Strategic Planning at MINT, discussed the company’s growth drivers for 2H25. In 3Q25, Europe will enter its high season, boosted by ongoing growth in entertainment events such as BLACKPINK concerts, furniture fairs, innovation events, and Fashion Week, taking place in various European cities, benefiting the hotel business in 3Q25.
In the Maldives, the expansion and development of the new international airport will boost flight capacity and open new opportunities for direct flights from other regions and countries, notably the Middle East and Europe, further benefiting the hotel business.
In Thailand, the government is implementing tourism promotion measures in 3Q25, which is the low season. In 4Q25, MINT will complete renovations of several flagship hotels, expected to raise room rates by about 20% compared to pre-renovation rates.
Revenue from hotel bookings in Europe in August-September 2025 is expected to grow by about 5% YoY, while in Thailand, renovations to flagship hotels may result in a shorter lead time. MINT also relies on long-stay travelers with forward booking during festive seasons such as Christmas or New Year, where growth remains positive from the previous year.
MINT maintains its 2025 growth target, expecting total revenue to post a high single-digit increase, with net operating profit growing by 15-20%. This growth will be driven by expansion under an asset-light business model, focusing on hotel management contracts rather than heavy investment in fixed assets, and maintaining a return on invested capital (ROIC) above 12%.
