MINT Gains 2% as Recovery in Tourism Continues to Benefit All Business Segments

The share price of Minor International Public Company Limited (SET: MINT) rose THB0.75 or 2.31% to THB33.25 per share on Thursday as the company continues to benefit from the recovery in tourism after Covid-19 pandemic eased. 


Finansia Syrus Securities raised its forecast for MINT’s normal earnings for 2023-25 by 3-18% to reflect the positive outlook of average daily rate (ADR) of European hotels, and upgraded its price target for MINT shares to THB43.00.  

A healthy normalized profit in 2Q23, with potential upside from predicted new quarterly record high, should be supportive of the share price. 

The brokerage firm forecasts a normalized profit of THB2.9 billion for MINT in 2Q23 on the back of the hotel business unit NH Hotel in Europe, which is forecast to earn EUR79 million, a new record.

Due to seasonal factors, FSS anticipates a 25% YoY increase in RevPAR (NHH SM) for NH Hotel Group in 2Q23, with an expected OCC rate of 72% (vs 69% in 2Q22 and 75% in 2Q19) and average daily room rate (ADR) of EUR154 (vs EUR128 in 2Q22 and EUR110 in 2Q19). 

The brokerage firm predicts that NHH’s revenues will rise by 18% YoY and by 28% compared to pre-COVID levels in 2Q23, while the EBITDA margin will improve to 35.4% (from 34.9% in 2Q22 and 37.0% in 2Q19), resulting in record normal earnings of EUR79 million (from EUR64 million in 2Q22 and EUR53 million in 2Q19) and a profit contribution to MINT of around THB2.8 billion.


KGI Securities (KGI) has given an “Outperform” rating on Minor International Public Company Limited (SET: MINT) with a target price ฿43.00/share.

KGI expected MINT to report a 2Q23F net profit of THB2.99 billion, growing 92% YoY and turning around from a loss of THB976 million in 1Q23. RevPar is expected to come in at THB4,060 (+27% YoY, +49% QoQ), resulting from: i) occupancy rate increasing to 70% and ii) ARR growing 20% YoY and 25% QoQ. SSSG is expected to increase 11% YoY on the back of strong recovery of China’s restaurants. KGI expected MINT’s earnings to continue to show strong performance in 3Q23F backed by the high season of hotels in Europe.


Earlier this week, official data showed that Thailand’s tourism revenue has surpassed 1 trillion baht so far this year, with a total foreign arrivals from year to date of nearly 15 million, about 37% of total visitors arriving pre-COVID level.

Thailand’s finance ministry maintained its forecast for 29.5 million foreign tourists this year.