MINT Shares Gain 6% on Better-than-Expected 3Q Earnings Report

MINT shares surged 6% on Friday, a day after the company revealed third-quarter results that exceeded expectations and exceeded pre-Covid levels.

The share price of Minor International Pcl. (SET: MINT) climbed THB1.25/share, or 4.20%, to THB31.00/share as of 11.36 a.m. (Thai time), after gaining about 6% at the opening bell on Friday.

MINT beats the market expectations after reporting a THB4,607 million in the third quarter of 2022 amid recovery in tourism from the border reopening globally.

MINT reported THB4,607 million of net profit in 3Q22, turning around from a net loss of THB435 million in 3Q21 and a profit of THB1,561 million in 2Q22.

In 3Q22, MINT reported an impressive growth of performance both YoY and QoQ, as well as exceeding 3Q19 pre-pandemic levels in every key metric including revenue, EBITDA and net profit for all three business units.

Finansia Syrus Securities (FSS) has given a “BUY” recommendation on MINT with a target price at THB40.00/share. 

Meanwhile, Capital Nomura Securities (CNS) was positive on MINT’s 3Q22 earnings, which exceeded market expectations, and maintained its “BUY” rating with a THB38.00/share price target.