Minor International Public Company Limited (SET: MINT) remains a key focus in the tourism segment for the Thai stock market, with its 3Q5 financial results attracting considerable analyst attention. Despite facing some seasonal and market challenges, the company delivered solid profits and maintained strong operational momentum across its key hospitality and food businesses.
Leading securities firms continue to recommend “Buy,” forecasting growth in major tourism destinations and highlighting positive drivers for MINT’s performance in the upcoming quarters.
Krungsri Securities
MINT’s core profit in 3Q25 stood at 2,770 million baht, up 5% year-on-year, but down 19% quarter-on-quarter – in line with expectations. This was driven by lower interest expenses, while overall performance remained steady due to a high base in Europe. The nine-month core profit accounted for 69% of the full-year estimate of 9,070 million baht. 4Q25 profit is expected to grow both year-on-year and quarter-on-quarter, supported by stronger advance bookings in key markets: Europe, the Maldives, and Thailand. The recommendation is “Buy” with a target price of 30.50 baht.
Trinity Securities
Hotel group revenue continued to grow despite a high base. 4Q25 is anticipated to see higher revenue per available room (RevPar) than 3Q25. Profits for 2025–2026 are estimated at 8.9 billion and 9.9 billion baht, respectively. MINT is highlighted as the top pick in the tourism sector. The recommendation is “Buy” with a target price of 35.20 baht.
KGI Securities
3Q25 results were in line with forecasts, accounting for 30.9% of the full-year estimate. Nine-month normalised profit stood at 6,220 million baht, or 69.5% of the annual estimate. For 4Q25, MINT’s business outlook is seen as positive—Thai hotel operations are expected to gain momentum after renovations are completed in November 2025. The recommendation is “Buy” with a target price of 33.50 baht.
TISCO Securities
Excluding non-core items related to foreign exchange loss, core profit was in line with TISCO’s estimates. Global travel remains robust, and hotel operations are expected to improve across all business groups, especially in Thailand, the European Union, Latin America, and the Maldives, due to seasonally strong demand. The recommendation is “Buy” with a target price of 31.00 baht.
