Minor International Public Company Limited (SET: MINT) posted third-quarter 2026 core earnings of THB2.88 billion, up 4% year-on-year but down 18% from the preceding quarter, broadly matching analyst and market expectations. Yuanta Research and Maybank Securities maintained Buy recommendations with identical target prices of THB30.50, anticipating stronger fourth-quarter earnings.
Yuanta highlighted MINT’s valuation as a key attraction, describing the shares as a laggard. The stock trades at approximately five times estimated 2027 enterprise value-to-EBITDA, around two standard deviations below its five-year historical average and below the sector’s eight-to-10-times range.
Yuanta expects earnings to improve sequentially as Thailand and the Maldives enter their peak tourism season. It forecasts fourth-quarter-to-date revenue per available room, or RevPAR, growth at a similar year-on-year pace to the third quarter.
The brokerage also anticipates a quarter-on-quarter improvement in the restaurant business following the end of the “Thai Chuay Thai Plus” programme. Effective cost management should support continued year-on-year growth.
Maybank likewise projects fourth-quarter profit growth both sequentially and annually. Continued RevPAR gains in Europe and Thailand are expected to help absorb higher rental and interest expenses.
However, Maybank forecasts European hotel RevPAR growth slowing to around 3–4% year-on-year in the fourth quarter, compared with 7% in the third quarter. It cited a high comparison base and a modest impact on business customers from large-scale protests in Spain.
Maybank noted MINT’s third-quarter net profit of approximately THB2.6 billion. Excluding exceptional items, mainly derivative losses, core earnings were about THB2.9 billion.
For owned hotels, RevPAR increased 7% year-on-year in Europe and 16% in Thailand, primarily through higher average room rates. Nevertheless, the hotel EBITDA margin declined to 29.7% from 30.6% a year earlier as employee and rental costs in Europe continued to rise.
Restaurant performance strengthened, with same-store sales growth reaching 1.6%, reversing declines of 0.3% in the preceding quarter and 0.8% a year earlier. Thailand and China supported the sales recovery.
The restaurant EBITDA margin widened to 23%, versus 22.2% a year earlier. Maybank attributed the improvement mainly to stronger operating leverage in Thailand and Australia, where sales growth helped offset cost inflation.
