Minor International, a Thai-listed global company focused on three key businesses: restaurants, hospitality, and lifestyle brand distribution, aims to record 20% growth this year, following a strong growth in 2022 of THB124,341 million
The Chief Financial Officer of Minor International Public Company Limited (SET: MINT), Mr. Chaiyapat Paitoon, has stated that the company anticipates a better-than-expected result in earnings before interest, tax, depreciation, and amortization (EBITDA) this year, and that total revenue is expected to grow 20% and exceed THB124,000 million made last year.
This year, MINT plans to open six new hotels in six countries (Indonesia, Maldives, Germany, Italy, Australia, and Switzerland), totaling 1,152 new rooms.
Since the beginning of 2023, the restaurant business has shown a V-shaped recovery, allowing MINT to focus on the opening of new restaurant branches and the introduction of new dining options.
MINT has set aside THB10,000-30,000 million for an investment over the next three years (2023-2025).
Kiatnakin Phatra Securities stated that it remains optimistic about MINT’s outlook, believing that all businesses will continue to improve in 2023 as a result of increased demand.
KKP forecasts a significant improvement for Thai hotels this year, joining the recoveries reported by hotels in European and Latin American beginning in 2Q22. The restaurant operations is also expected to see improvement despite cost inflationary pressures as MINT’s China operations rebounded back after having been impacted by lockdowns last year.
KKP forecast MINT’s revenue to grow by 13% in 2023, 11% in 2024 and 5% in 2025, while core profit is expected to ramp up from THB2 billion in 2022 to THB6.5 billion in 2023, THB8.5 billion in 2024 and THB9.8 billion in 2025, surpassing the pre-COVID high of THB7 billion in 2019.
KKP reiterated a BUY recommendation on MINT with a target price of THB40.00.