JPMorgan has reiterated its Overweight rating on Minor International Public Company Limited (SET: MINT), citing expectations of robust fourth-quarter 2025 earnings, buoyed by accelerating hotel Revenue Per Available Room (RevPar) across the group’s core geographies in Europe and Thailand. Despite MINT underperforming the SET by 9% year-to-date, analysts anticipate positive momentum for the company in the coming quarters.
Performance in Europe is set to receive a boost from the upcoming Winter Olympics in Italy, which is expected to sustain RevPar into the first quarter of 2026. Meanwhile, Thailand operations continue to benefit from the ongoing recovery in tourism, alongside an uplift in Average Daily Rate (ADR) following significant room renovations completed during the second and third quarters of 2025.
While currency volatility remains a risk, MINT’s fundamentals appear solid, offering potential for further upside. Moreover, with less than 10% of its maximum share repurchase programme completed so far, JPMorgan highlights additional downside protection should buybacks resume after the fiscal year 2025 blackout period. The analyst sets a target price of Bt33 for MINT.
