Today, as of 11:43 A.M. (GMT+7), the share price of Minor International Public Company Limited (SET: MINT) was trading at THB 23.50 per share, up THB 0.60 or 2.62%, with a trading value of THB 393.93 million. This came after brokers projected MINT’s 4Q25 profit to reach THB 3.15 billion.
Daol Securities (Thailand) assessed MINT’s 4Q25 financial outlook as positive, expecting normalised profit of around THB 3.15 billion, slightly above the initial forecast of THB 3.0 billion, up 10% year-on-year (YoY) and 14% quarter-on-quarter (QoQ).
The main supporting factor was the hotel business, with revenue per available room (RevPAR) overall increasing 9% YoY and remaining flat QoQ. Although the hotel business in Europe began entering the low season, RevPAR increased 10% YoY but decreased 3% QoQ. Meanwhile, hotels in Thailand saw robust growth at 15% YoY, and the Maldives increased 6% YoY.
The food business’ same-store sales growth (SSSG) declined by 2.6% YoY, compared to a decline of 0.5% YoY in 4Q24 and a drop of 0.8% in 3Q25. This was mainly due to a 2.6% YoY contraction in the Thai market, while the China market returned to 5.8% YoY growth and Australia increased by 0.7% YoY.
Cost control was evident as the selling and administrative expenses-to-sales (SG&A) ratio stood at 31%, down from 33% in 4Q24, reflecting efficient expense management. At the same time, interest expenses fell 9% YoY and 3% QoQ, in line with the declining interest rate trend.
The company is in the process of establishing a real estate investment trust (REIT) and planning a food business spin-off, both expected to occur during 2026–2027.
For 2026, Daol maintained its normalised profit forecast at THB 9.9 billion, up 7% YoY. 1Q26 performance is expected to grow YoY as the hotel business in Thailand and the Maldives enters the high season but is expected to decrease QoQ as European hotels enter the low season.
Forward bookings for 1Q26 showed YoY growth, with Thailand up by 8–9%, Europe by 4%, and the Maldives experiencing double digits growth.
Daol gave a 2026 target price of THB 28.00 per share, valued by the discounted cash flow (DCF) method, using a Weighted Average Cost of Capital (WACC) of 7% and a terminal growth rate of 1.5%. In terms of valuation, MINT shares were trading at about 13x PER, the lowest among peers such as Central Plaza Hotel PCL (SET: CENTEL) and the Erawan Group PCL (SET: ERW).
However, risks that need monitoring include European energy costs that may rise above expectations, despite the company having 100% hedging coverage for 2026, as well as risks of new pandemics that could affect tourism and inflationary pressures that might impact consumer purchasing power.
