The Tourism Authority of Thailand (TAT) has set a target for tourism revenue in 2026 at THB 2.78–3 trillion, from 34.9–36.7 million international tourists and 205–208 million Thai domestic trips. The focus will be on “quality tourists” to drive higher spending. Therefore, Minor International Public Company Limited (SET: MINT) is seen as a potential hotel stock that could benefit the most, aside from MINT’s own positive factors.
In 2025, MINT benefited from lower interest expenses, which supported the company’s profits, resulting in a 3Q25 net profit of THB 2.55 billion, a 1,609% increase from 3Q24’s THB 149 million, supported by the recovery of its hotel and restaurant business as well as a significant improvement in unrealized loss from derivatives contracts.
MINT’s operating revenue in the third quarter stood at THB 41.56 billion, up 1% year-on-year at constant exchange rates. Its hotel businesses in Europe, the Maldives, and Australia achieved strong growth in revenue per available room (RevPar).
Other business segments received support from higher sales at Anantara Vacation Club and an increased profit share from Pop Mart. In its restaurant business, growth in Singapore resulted from a new brand launch, while Australia benefited from innovative new product launches and increased coffee bean sales.
For the first nine months of 2025, MINT’s operating revenue grew by 2% year-on-year at constant exchange rates to THB 121.66 billion, supported by both the hotel and restaurant businesses. The hotel business saw growth from higher occupancy rates and average daily rates (ADR), while the restaurant business gained from positive sales strategies and network expansion in certain countries.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew in line with revenue, increasing by 2% year-on-year to THB 32.95 million. Reduced financial costs from prudent and efficient balance sheet management resulted in operating net profit for the first nine months of 2025 surging 14% year-on-year to THB 6.22 billion.
MINT continues to be a top pick in the sector, with 4Q25 performance continuing to signal a positive trend. Phillip Securities (Thailand) expects the company’s 4Q profit to increase, driven by strong room booking momentum in December, government tourism stimulus measures, the arrival of the high season, and the gradual reopening of hotels previously under renovation.
InnovestX Securities points out that MINT’s normalized profit should grow slightly year-on-year, supported by expanding hotel operations, especially in Thailand after renovations. However, the benefit from lower interest expenses will diminish. Normalized profit in 4Q will decrease from the previous quarter due to seasonal weakness in the European hotel portfolio.
Similarly, Asia Plus Securities foresees MINT’s growth rate in 4Q this year surpassing last year’s level, as the baht has depreciated by 4% against the euro, supporting the hotel business in the EU in baht terms, along with the reopening of high-margin Thai hotels (post-renovation room rates up 10%-20%), supporting recovery going forward.
Bualuang Securities also expects the company’s core profit in 4Q this year to increase both year-on-year and quarter-on-quarter, mainly from a robust hotel business and lower interest expenses.
MINT remains a top pick in the sector, with as many as 14 brokerages recommending “Buy” and offering target prices ranging from THB 28 to 38 per share.
