Minor International Public Company Limited (SET: MINT) remains in the spotlight as investors closely monitor its third-quarter 2025 financial performance. Recent analysis from Krungsri Securities (KSS) sheds light on MINT’s operating outlook, taking into consideration the company’s debt management strategies, shifting market conditions, and the impact of ongoing renovations and currency fluctuations.
Krungsri Securities (KSS) expects MINT’s 3Q25F earnings to rise modestly by 4% year-on-year but fall 19% quarter-on-quarter to Bt2.75 billion. The main positive factor is a 22% year-on-year reduction in interest expenses, highlighting MINT’s effective debt reduction efforts. However, operating performance has softened, impacted by the appreciation of the Thai baht, high base effects from Europe, and ongoing hotel renovations within Thailand.
With 9M25F core profit representing 69% of KSS’s full-year estimate of Bt9.07 billion, the earnings projection is maintained. KSS anticipates both year-on-year and quarter-on-quarter growth in 4Q25F, supported by stronger forward bookings in key markets, including Europe and the Maldives, as well as the reopening of renovated hotels in Thailand.
At the current valuation of 1.2 times PBV and 14 times PER, MINT is trading close to -1.5 standard deviations below its historical average, which presents an attractive upside potential. The firm maintains a “BUY” recommendation at a target price of THB 30 per share, representing about 30% upside from the closing price on November 3, 2025.
Additionally, a consensus from IAA has 15 brokers recommending “BUY” with two “Hold” and zero “Sell”. The consensus target price is at THB 32.98 per share.
