The share price of Minor International Public Company Limited (SET: MINT) rose 2.41% to THB 25.50 per share on Thursday following a bullish outlook from JPMorgan on its performance, supported by Pop Mart Thailand. This was the highest level since late May.
The report came earlier today that JPMorgan has reiterated its “Overweight” rating on Minor International PCL (SET: MINT), underscoring the robust performance of its Pop Mart subsidiary in the first half of 2025.
According to a recent research note by Asia Consumer analyst Kevin Yin, Pop Mart announced a significantly positive profit alert, with expectations that its first-half 2025 revenues and profit after tax (PAT) will surge by around 200% and 350% year-over-year, respectively. The strong growth implies that Pop Mart’s net margin could improve by approximately 10 percentage points, reaching 32% during the period.
The upbeat outlook for Pop Mart stems from several key drivers. The company cited increasing global awareness of the Pop Mart brand and its suite of intellectual properties, successful expansion into diverse product categories, and consistently rapid revenue growth across all its international markets.
MINT currently holds a 42% stake in Pop Mart Thailand, a unit that has contributed roughly 8% to Minor International’s core profit, based on JPMorgan’s estimates. The analysts believe this robust performance from Pop Mart should play an instrumental role in driving MINT toward what could be a record quarterly core profit in the second quarter of 2025, projected at THB 3.5 billion—a rise of 8% from the same period last year.
JPMorgan noted that this performance comes amid ongoing strength in MINT’s core European hotel portfolio, which continues to offset sustained challenges faced by the company in Thai tourism, as well as the softer consumer environment in both Thailand and China. Moreover, these gains appear to neutralize the adverse impact of negative currency translations.
Looking ahead, JPMorgan suggested that any meaningful monetization of Pop Mart Thailand could accelerate MINT’s de-leveraging efforts, potentially bringing its net debt-to-equity ratio below the target of 0.75 times by the end of 2025—down from 0.83 times currently.
As Pop Mart’s growth story gains international momentum, its strong financial showing stands to further bolster Minor International’s bottom line and fortify its balance sheet in the year ahead.
