Minor International Looks Ahead to 2024 Growth as Tourism Surges

Minor International Public Company Limited (SET: MINT) booked some gains at the final corner of the year with a gain of around 9% in December as outlook in 2024-25 remains strong for the Thai multinational company.


Despite a down trend of its share price in 4Q23 due to its low season, MINT had made a remarkable recovery thus far from its loss during the Covid pandemic. Hotel operations in Europe, which is MINT’s bread and butter, took a big hit with net loss by billions of baht during 2020-21. However, the company made a comeback in the year after from an outstanding management and sales strategy that was supported by a recovery in global tourism. MINT booked a net profit of 4,200 million baht in 2022 and 4,400 million baht for the first nine months of this year.

RevPar and average room rate already surpassed its pre-Covide level in the third quarter of this year. Meanwhile, the overall average occupancy rate rose to 71% as of September, inching closer to the 2019 level of 75%.


After the report of strong core earnings in 3Q23, MINT’s Group CEO also expressed confidence in the full-year 2023 performance and further growth prospects.

“I am pleased to share that the continuous positive momentum has resulted in MINT achieving  the highest-ever third quarter core net profits, driven by Minor Hotels’ strong business throughout the third quarter,” stated Mr. Dillip Rajakarier, Group CEO of MINT.

He added that Minor Hotels is poised for further growth, benefitting from the strengthening global tourism industry, strong forward bookings, and increased travel activities. Market dominance and a winning brand portfolio remain central to Minor Food’s strategy, with a focus on elevating product and store experiences to capture a broader customer base.

“With this momentum, we look forward to strong year-over-year results in the next few quarters, particularly driven by hotel high season in Asia during 4Q23 and 1Q24,” said the Group CEO.

The company continued to expand throughout the year as Minor Hotels added three new hotels in 3Q23, including the first NH Collection in the Maldives, Anantara Koh Yao Yai Resort & Villas in Thailand, and Oaks Perth Hotel in Australia. Expanding its hotel footprint beyond traditional markets remained a priority, as NH hotels in Italy and Mexico were rebranded to Avani in the quarter. Minor Food opened 26 new restaurants in the quarter and also recently announced its plan to introduce the first franchised store of The Pizza Company in Singapore in the first quarter of 2024, marking its expansion into its 10th global market.


Maybank Securities (Thailand) has a positive outlook on the hotel sector based on expected strong FY24-25E earnings growth, driven by demand from foreign tourists, expanding margins, and new hotel expansion. Maybank Thailand believed an expected 4Q23 core profit contraction (YoY) hiccup has been priced in while expecting a 1Q24 rebound, driven by demand from Chinese tourists and higher margins for food operations.

MINT is Maybank Thailand’s top pick for its strong earnings growth potential and attractive valuation. The brokerage company believes corporate client arrivals will hit pre-Covid peaks in FY24, spurring room rate and F&B growth and higher operating margins. MST gave a “BUY” recommendation on MINT with a target price at THB35.25 per share.