All Brokers Rates ‘BUY’ on ‘Minor International’ as NH Hotel Shows Outperforming Results in 2Q23

Minor International Public Company Limited (SET: MINT) was overwhelmed with ‘BUY’ calls from analysts after its biggest revenue contributor, NH Hotel, reported an outstanding performance that made a record high in the second quarter this year.


NH Hotel reported that revenues in the second quarter reached €620 million, setting a record quarter and grew by €111 million or 21.8% vs the revenues reported in the second quarter of 2022. Revenues exceeded those of 2019 by +€151 million or +32.2%.

Meanwhile, consolidated RevPAR in the second quarter reached €110 (€88 in Q2 2022 and €83 in Q2 2019). ADR was €152 in Q2 implying a 18% increase vs Q2 2022 (€128). May and June were record-setting months.

The occupancy level reached 73% in the second quarter, +4 percentage points above the 69% posted in Q2 2022. Monthly improvement from 71% in April to 75% in June.

Total net profit improved by €20 million to €81 million in the quarter, from €62 million in Q2 2022 (+48% or +€26 million vs Q2 2019).


Yuanta Securities (YUANTA) stated that MINT could report better-than-market-expected earnings this year after an outperforming results of NH Hotel in the second quarter. The brokerage firm maintained MINT’s normalized profit at 6.4 billion (+219% YoY) and 8.4 billion (+31% YoY) in 20223-24, respectively.

YUANTA maintained ‘BUY’ recommendation on MINT with a target price at THB43.50 per share, stating that MINT should outperform its peers due to a peak season in Europe, while its stock valuation is cheaper than historic average.

Krungsri Securities (KSS) also gave a ‘BUY’ rating on MINT with a target price at THB42.00 per share. The firm had positive view on MINT’s normalized profit in 2Q23 with a growth forecast of +146% YoY to around 3 billion baht, citing NH Hotel’s strong performance to turnaround from net loss in the first quarter to profit in the second.

KSS maintained its positive outlook on 3Q23 operations as tourism in Europe should continue to grow and Thailand should see a recovery. KSS forecast 2023 normalized profit for MINT at 7.2 billion baht, choosing it as a top pick in the sector.

Aside from the aforementioned two brokerage firms, all other 11 brokers in Thailand’s SETTRADE website recommended ‘BUY’ on MINT with a consensus target price at THB41.08 per share.