Analysts Expect MINT to Recover Starting from 2Q, Giving a Target Price as High as THB43

Minor International Public Company Limited (SET: MINT) is looking forward to a promising year in 2022 with a quick recovery is expected due to significant pent-up demand after two years of suffering from the Covid-19 outbreak.

The company stated that several European nations began to ease or phase out COVID-19 restrictions altogether, reclassifying Omicron as an endemic disease. Hotel bookings in Europe are starting to see an uptick.

Meanwhile, the resumption of Test & Go measures in Thailand and further easing Covid-19 restriction measures are positive signs for a recovery.

More importantly, cost tightening plans and CAPEX reductions will remain in place where possible in order to lock in the efficiency gains captured during the COVID-19 crisis.


Maybank Securities (Thailand) (MST) has given a “BUY” recommendation on MINT with a target price at THB33 per share. The securities recommended investors to accumulate MINT, believing that this year’s earnings should be the fastest recovering due to the recovery of European tourism, which is likely to be faster than other hotels, mainly in Thailand. Meanwhile, restaurant businesses in Australia and China still have good growth prospects.


Trinity Securities expected MINT’s performance to continue increasing both QoQ and YoY if there are no more lockdown measures. A strong sign of recovery is expected to show in 2Q22 from returning revenues of international hotels.

Trinity Securities maintained its “BUY” rating with a target price at THB39.90 per share, based on the forecast revenue in 2022 from its international network in business operations and revenue from NH Hotel Group in 2Q22 when entering into a peak season. MINT’s performance is expected to outperform other businesses in the sector.


FSS International Investment Advisory (FSSIA) had a positive outlook on MINT’s operation in 2022, expecting operations to gradually ramp up and reach pre-Covid level by 2H22. Meanwhile, hotel ADR is expected to exceed pre-Covid level in 2022, while OCC

rate should improve, but still remain below the 2019 level.

FSSIA stated that MINT trades at an attractive valuation of 26x 2023E P/E, lower than its 5-year average of 31x, giving a “BUY” recommendation with a target price at THB42 per share.


Capital Nomura Securities (CNS) wrote in a note that the operation in Europe will be a key driver for MINT in 2022 that could create more upside if the business performs better than expected. However, 1Q22 operation is expected to slow down due to the low season in Europe, but overall, CNS estimated 2022 earnings to return to profit at 2.5 billion baht.

CNS gave a “BUY” recommendation on MINT with a target price at THB43 per share.


According to the consensus from Refinitiv, MINT’s revenue in 2022 is expected to grow 45% to 100 billion baht, while the bottomline is expected to turn to profit with a record of 1,660 million baht. The current share price is slightly above an oversold territory at 32.25% with a 10-day SMA at THB30.60 per share.

The consensus target price for MINT is THB37.31 per share, having a total of 16 recommendations to buy, 2 recommendations to hold and 1 recommendation to sell.