The share price of Minor International Pcl. (SET: MINT) rose THB0.75/share, or 2.42%, to THB31.75/share, with a trading value of THB454 million.
Maybank Securities (Thailand) (MST) revised up core profit of MINT for 2023-2024 by 28% and 24%, respectively, supporting the significant recovery of the tourism industry. Higher occupancy rate and lower energy cost in Europe lead to higher EBITDA margin, while effective tax rate would be reduced to 10%. Recommending “BUY” with a target price of THB44.6.
Mr. Chaiyapat Paitoon, Chief Financial Officer of Minor International Public Company Limited (SET: MINT), stated in early March that the company expects a better-than-expected result in earnings before interest, tax, depreciation, and amortization (EBITDA) this year, and total revenue 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).