Mr. Chaiyapat Paitoon, Chief Financial Officer of Minor International Public Company Limited (SET: MINT), disclosed to ‘Kaohoon’ that the company is seeing positive signals for its third-quarter 2026 operational outlook, supported by both the hotel and restaurant businesses despite some remaining cost pressures.
The hotel business continues to benefit from strong travel demand during the European summer, as well as the organization of events in various cities. Revenue per available room in the region is expected to grow by approximately 5–6% year-on-year, driven by increases in both room rates and occupancy.
In Thailand, RevPAR is forecast to rise by around 15%, reflecting continued growth in average daily rates following renovations last year, alongside stable occupancy rates, even though the number of international tourist arrivals is still subdued. In the Maldives, RevPAR is anticipated to increase by more than 30% due to a rebound in occupancy rates.
For the restaurant business, third quarter performance is expected to remain strong despite some headwinds from government measures such as the ‘Thai Helps Thai Plus’ program. Same-store sales growth continues to show good prospects across individual brands, supported by menu development and new product launches that help to continuously stimulate customer traffic and sales.
However, cost pressures persist, particularly from high global energy and oil prices, which are contributing to inflation and putting upward pressure on labor and operating costs—especially affecting the hotel segment in Europe.
Looking ahead, advance bookings for 4Q26 continue to indicate positive trends in key markets, especially Europe, where RevPAR is expected to grow at a low-to-mid single-digit rate, while Thailand anticipates mid-single-digit growth, bolstered by the high season and key events that stimulate travel demand. The company’s recent investments in upgrading its flagship hotels continue to support growth in average room rates, even as tourist numbers have yet to fully recover.
In the Maldives, the company continues to closely monitor booking trends, noting a tendency for travelers to book closer to their travel dates, which means advance bookings may not yet accurately reflect actual quarterly performance, providing scope for further last-minute bookings.
In the restaurant segment for 4Q26, the company will continue focusing on developing new menus and products to increase visit frequency and expand its customer base, alongside marketing initiatives tailored to consumer behavior in each market.
Mr. Thunyachate Ekvetchavit, Chief Development Officer at Minor Food, a MINT subsidiary, stated that the company is moving forward with its growth strategy through continuous franchise expansion both domestically and internationally, as it announced a strategy to become the ‘Global Franchisor of Choice,’ targeting over 4,500 food and beverage outlets worldwide by 2029 through an asset-light business model.
Minor Food currently operates more than 3,000 restaurants in 27 countries, covering nearly 40 brands, with franchise outlets accounting for about 50% of the portfolio. This marks a significant increase from approximately 2,278 outlets following the acquisition of the Bonchon brand in August 2026. To achieve its number one franchise goal, Minor Food has outlined three main strategic directions:
- Global brand expansion, elevating Bonchon as the flagship brand for international markets (excluding the Americas) and positioning it as an ambassador of K-culture in casual dining. Bonchon now operates over 500 branches worldwide, with major markets in Thailand, the Philippines, and Vietnam. The brand recently entered Malaysia and is preparing to launch its first Singapore outlet, before further expanding into Asia, the Middle East, and Europe.
- Brand and concept development, including the launch of a new ramen brand ‘CHIHO RAMEN’ on October 30, 2026, as well as small modular outlets in partnership with 7-Eleven and continued innovation with new restaurant formats and expansions. This has expanded Minor Food’s franchise portfolio in Thailand to seven brands.
- Strategic partnerships with key players such as OR and CPAXT (Lotus’s/Makro), aimed at rapid outlet expansion through service stations and retail space, while targeting high-potential markets such as Indonesia, Vietnam, South Asia, and the Middle East.
Mr. Thunyachate highlighted four key strengths attracting partners globally: a diverse brand portfolio, over 40 years of management expertise with flexible market execution, a solid understanding of the franchisee mindset stemming from experience as both franchisor and global franchisee, and a robust support system developed over 24 years in the Thai franchise business, now managing more than 800 franchise branches, with established supply chain and selection processes ready for international export.
He emphasized that being the ‘Global Franchisor of Choice’ means not only having a large network but also strong brands, business models, and support systems that enable partners to succeed and grow sustainably.
Separately, ASL Securities recommends a ‘Buy’ rating on MINT, with a 2027 target price of THB 28.50 per share, pegged at a 5.7x EV/EBITDA multiple. The key strengths highlighted include a diversified portfolio spanning hotels and restaurants, high geographical and pricing diversity, and accelerated asset-light expansion reducing balance sheet risk.
For 3Q26, the company’s revenue is expected to reach THB 41.6 billion, up 3% year-on-year, supported by robust travel demand in Europe and the Maldives, as well as higher forward bookings compared to the previous year, with key event catalysts such as Formula 1 and the IMF-World Bank Meetings in Thailand.
RevPAR in the third quarter is projected to rise, aided by a recovery in long-haul and Chinese tourism, with gross margin expected near last year’s level at about 43.8%. Financial costs are anticipated at THB 2.55 billion, up 2.7% year-on-year. Consequently, net profit for 3Q26 is expected at THB 2.8 billion, a 9.5% increase year-on-year, though down 15.5% from the previous quarter.
Over 2026–2028, overall revenue is forecast to maintain steady growth, reaching THB 166–172 billion, with the hotel business contributing 80% of total revenue. Room rates and RevPAR are expected to climb alongside improving gross margins (43.7–43.9%). Normalized net profit is projected to strengthen to THB 9.7 billion, THB 10.6 billion, and THB 11.2 billion for 2026, 2027, and 2028, respectively.
