MINT’s Revenue Would Return to Pre-Covid Levels This Year, Say Analysts

Minor International Public Company Limited (SET: MINT) sees revenue to bounce back this year as hotel businesses, particularly in Europe, resume regular operations, with analysts expecting revenue to return to pre-COVID levels by the end of the year, in coupled with the come back of Chinese tourists in the second half of 2022. Analysts, therefore, overwhelmingly recommend a “BUY” rating on MINT with a target price of as high as THB43.00 per share.

For the domestic market, the peak of the new COVID-19 omicron wave is seemingly to pass in the second quarter of this year, with limited impact on MINT’s operations and revenue. Furthermore, the company will gain from the government’s fresh stimulus programs, which are aimed at reducing havoc. If the tourism sector improves as anticipated, MINT will be able to re-budget its investment at THB10 billion.

Meanwhile, the restaurant business has seen a rise in SSSG despite the omicron outbreak, since Thailand has reopened its borders and MINT has established a cost-cutting strategy in advance to offset the impact of rising raw material prices.


KTBST Securities still has a positive outlook towards MINT as its hospitality business shows a solid rebound as market expected, with hotels in Europe are key drivers. Moreover, Chinese travelers are projected to return to Thailand in the second half of the year, and the impact from the Russia-Ukraine war is limited as tourists from Russia accounted for only 2 percent of total revenue in the tourism industry and it may be offset by the tourists from Europe.


As of 15.55 hrs. local time in Thailand, the share price of MINT was traded at THB32.00/share, an increase of THB0.25/share or 0.79%, with a trading value of THB406 million.

Analysts  Recommendation Target Price
Capital Nomura Securities BUY THB43.00
Finansia Syrus Securities BUY THB42.00
UOBKayHian Securities (Thailand) BUY THB41.00
KTBST Securities BUY THB40.00
Trinity Securities BUY THB39.90
Maybank Securities (Thailand) BUY THB37.00
Asia Plus Securities BUY THB36.00
CGS-CIMB Securities (Thailand) BUY THB35.00
TISCO Securities BUY THB34.00