Ririnda Tangtatswas, Deputy Head of Strategy Planning at Minor International Public Company Limited (SET: MINT), revealed that the company continues to see robust earnings growth in its hotel business for the remainder of this year, underpinned by solid forward bookings compared to the same period last year.
In the second quarter of 2025, which marks the peak season for its European hotels, all countries under the group are expected to see increased revenue per available room (RevPAR).
In the third quarter of 2025, Europe will enter its high season, accounting for approximately 56% of MINT’s total revenue. Meanwhile, the fourth quarter will be the high season for both Thailand and the Maldives, where Thailand generates around 13% and the Maldives 6% of total group revenue, respectively.
Looking ahead to the second half of 2025, the company forecasts a significant reduction in debt levels, resulting in lower interest expenses as loans are repaid. This will drive the interest bearing debt to equity (IBD/E) ratio down to 0.75x by the end of 2025, from 0.83x at the end of 1Q25. The primary funding source for debt repayment will be strong cash flows, which MINT expects to continue growing robustly.
Currently, the company is confident its operational cash flow will suffice for its 2025 commitments, including scheduled and early debt repayments, investment, and dividend payments.
For this year, roughly THB 15 billion in debt will mature, and another THB 40 billion is due in 2026. MINT is preparing refinancing plans, and recently issued bonds worth a total of THB 8 billion across three tranches: a 3-year, THB 3 billion zero-coupon bond, and two sustainability-linked bonds with 7- and 10-year maturities at interest rates between 2.85-3.15%, totaling THB 5 billion. These offerings were well received by investors.
Ririnda further stated that MINT maintains its growth targets, aiming for high single-digit compound annual revenue growth through 2027 (2025–2027), and 15-20% average annual growth in net operating profit.
This will be driven by its “asset-light” business model, focusing on management contracts rather than heavy investments in fixed assets. MINT aims to keep its return on invested capital (ROIC) above 12%.
The company targets 1,000 hotels in its portfolio by 2029, up from 850 projected in 2027 and 562 as of 1Q25. For its food business, the goal is 4,500 outlets by 2029, compared to an estimated 4,000 in 2027 and 2,717 currently.
In 2025, MINT revised its annual investment budget downward to THB 7 billion from the initially planned THB 11 billion, focusing on hotel renovations and restaurant expansion to enhance earnings capability. Funding for these investments will continue to come from MINT’s cash flow, which now averages around THB 13 billion.
