Ririnda Tangtatswas, Vice President of Strategic Planning at Minor International Public Company Limited (SET: MINT), revealed that the company is currently studying potential strategic value creation initiatives.
The focus is on two key areas: 1) the establishment of a Hospitality REIT (Real Estate Investment Trust) to invest in hotels and related hospitality businesses within the hotel group, and 2) the study of spinning off Minor Food to raise funds through an initial public offering (IPO) and listing the shares on the Stock Exchange of Thailand.
The main objective of these two studies is to unlock the company’s underlying value, allowing the market to better recognize the value of each business segment, while strengthening each segment and the company’s balance sheet. Proceeds from these initiatives are planned to be used for debt repayment and to enhance shareholder value, for example, through share buy-backs or dividend payments. In summary, both initiatives undertaken by MINT aim to increase financial flexibility and improve returns for shareholders.
Ririnda added that the Q4/2025 operating outlook for the hotel business points to low to mid-single-digit growth in RevPAR (Revenue Per Available Room) for hotels in Europe compared to the same period last year. Thai hotels’ RevPAR is expected to achieve mid to high single-digit growth, supported by recent hotel renovations, while hotels in the Maldives are expected to post double-digit RevPAR growth.
Looking ahead to 2026, tourist spending across various market groups remains on a positive trend. In Europe, industry forecasts project mid-single-digit growth, while Asia-Pacific is expected to see higher growth, in the high single-digit range. MINT will especially benefit if there are domestic tourism stimulus measures, as Thai customers rank among the top four customer segments for MINT’s Thailand hotels.
For the restaurant business, sentiment and consumer spending have yet to show a clear recovery. However, MINT continues to drive its strategy by developing new menus and launching offerings under the “Value of Offering” concept to create market differentiation. Same-store sales growth (SSSG) remained slightly positive throughout the first ten months of 2025, with the last two months’ performance still to be observed.
MINT aims for sustained growth, targeting high single-digit total revenue growth and an average 15–20% per annum increase in operating net profit over the next three years (2025–2027). This growth will stem primarily from business expansion under an asset-light model, focusing on managing hotels for hotel owners. The company intends to maintain a return on invested capital (ROIC) of over 12%.
Kasikorn Securities maintains a “Buy” recommendation on MINT shares, setting a target price at 33.88 baht per share. Their view remains neutral following the post-earnings management meeting, highlighting that MINT is maintaining its high single-digit CAGR (Compound Annual Growth Rate) for revenue and 15–20% for normal profit during 2026–2028.
MINT will continue to expand under the asset-light model, increasing hotel management fee revenues and expects to reduce financial costs via accelerated debt repayment and greater working capital efficiency through asset and trust rotations. Management anticipates the company’s Net IBD/E Ratio (Net Interest-Bearing Debt to Equity Ratio) to fall from 0.9 in Q3/2025 to about 0.8 by year-end 2025.
MINT also plans to list its food business via IPO in 2026 to unlock the intrinsic value of the holding company and boost overall valuation. Proceeds from the IPOs of both the hotel REIT and food business are expected to be used to repay debt. In addition, MINT is considering a share buy-back program and special dividends to maximize shareholder returns.
For hotel expansion under the asset-light model, MINT targets increasing its total hotels from approximately 630 in 2025 to 850 in 2028, with a focus on expanding in Asia and Middle East–Africa. Hotel proportions in these regions are expected to rise from 15% and 10% in 2025 to 22% and 16% in 2028, respectively. Most new properties will follow the asset-light investment approach, particularly in the luxury and premium segments. MINT prioritizes asset-light expansion over the next three years, as it requires far lower CAPEX (Capital Expenditure) than asset-heavy expansion and offers higher margins.
