As per a recent analysis, Krungsri Securities (KSS) remains upbeat on Minor International Public Company Limited (SET: MINT) as its Revenue Per Available Room (RevPAR) outlook continues to improve across all operational markets.
In 4Q25, the hotel business has shown recovery momentum, with better performance than the -1% recorded in 3Q25. In Europe, RevPAR posted low-to-mid single-digit growth for October and November, buoyed by higher occupancy and room rates.
The Maldives segment is expected to achieve double-digit growth, supported by rising occupancy. Meanwhile, Thailand’s RevPAR bounced back to single-digit growth and could accelerate further in December due to the reopening of renovated hotels and stronger forward bookings.
This improvement is especially notable in Hua Hin and Bangkok, which have seen significant increases in room rates. KSS expects a single-digit RevPAR increase for 4Q25, leading to a flat full-year RevPAR for 2025, compared to a -0.5% year-on-year change in the first nine months of the year.
Additionally, MINT’s earnings are forecasted to improve both year-on-year and quarter-on-quarter in 4Q25. The recovery is driven by positive RevPAR trends in all regions, ongoing growth in the food business segment, and lower interest expenses from effective debt management.
Net profit forecasts are maintained at THB 9 billion for 2025 (+8% year-on-year) and THB 9.5 billion for 2026 (+6% year-on-year), not including potential gains from the planned REIT transaction and the IPO of the food business, the latter contributing around 30% of earnings.
Both corporate actions target reducing MINT’s leverage; the company’s current debt stands at approximately THB 95 billion. The proposed $1.5 billion REIT (about THB 48 billion or 20% of total assets) is projected to generate $600–700 million.
Up to 50% of this amount (~$300 million) could be used to redeem a perpetual bond maturing in April 2026, with the remainder earmarked for future investment. If executed, the transaction could lower MINT’s debt by at least THB 10 billion and reduce annual interest expenses by THB 200–300 million, providing a potential 3% uplift to 2026 earnings.
Following these, Krungsri maintains a ‘Buy’ rating for MINT with a target price of THB 30.50 per share. MINT’s share price has shown signs of recovery following the announcement of a THB 500 million share buyback, covering up to 23 million shares (0.41% of outstanding shares) during 3 December 2025 – 2 June 2026, with about 0.9 million shares repurchased so far.
The analyst views the progress on the planned REIT transaction and the IPO of the food business as key catalysts for balance-sheet restructuring and for boosting market sentiment. The REIT plan, in particular, is expected to improve both the company’s leverage profile and investor confidence.
