Mr. Chaiyapat Paitoon, Chief Financial Officer of Minor International Public Company Limited (SET: MINT), revealed that the operating performance outlook for Q1/2026 in the hotel business remains positive. Overall, performance continues to grow compared to the same period last year, and Revenue Per Available Room (RevPar) continues to grow robustly across all major markets, including Thailand, Europe, and the Maldives, even though some pressure has started to be observed in March due to external factors.
With a diversified portfolio across multiple regions, the net impact on the overall portfolio remains manageable, and there are opportunities to see shifts in tourist directions in some markets, which is generally positive for the company.
For the food business, the company continues to implement strategies focused on strengthening core brands by developing new products, offering flexible store formats that meet consumer behavior, and engaging in lifestyle marketing to foster customer engagement.
In the food business, the company maintains outstanding operational performance compared to industry peers, thanks to strong operational management combined with ongoing efficiency improvements. The company has also demonstrated efficient control over raw material costs through proactive supply chain management and purchasing strategies, along with the ability to adapt quickly to dynamic business and economic conditions. The company continues to lead in market share and customer engagement via social media channels.
Regarding the direct impact from hotel businesses in the Middle East, the company currently operates 27 hotels in the region, all under management contracts, generating less than 1% of total revenue. To date, there have been no reports of loss of life or property damage. However, the company has seen booking cancellations in some areas but, at the same time, continues to see increasing bookings in safer areas such as the outskirts of Abu Dhabi and Oman.
The proportion of customers from the Middle East, when considering the overall market in Europe and Latin America, accounts for less than 3% of total revenue, while in Thailand, it is about 14%. The company’s customer structure is diversified and not reliant on any particular market. The European market remains resilient and has hardly been affected by the situation, while in Thailand, the company is starting to see limited impacts, mainly in Q2/2026 only.
As for response plans, the company has adjusted its strategies to offset risks from the slowdown of Middle Eastern and long-haul tourists, shifting focus to short-haul markets instead. At the same time, the company’s commercial approach remains centered on “flexibility first,” placing importance on booking changes, postponements of stays, and issuing credits for future stays instead of refunds to strike a balance between customer care and revenue management. He added that the company is confident in its diversified business portfolio, strong brands, and operational platforms that can withstand volatility. At the same time, the company remains ready to continuously manage risks in terms of demand, cost, and operations.
Additionally, the company continues to focus on proactive cost management alongside leveraging economies of scale in procurement and supply chain management to enhance operational efficiency and maintain profitability. The company is confident in its ability to generate profit in 2026 and to pursue sustainable long-term growth.
For the hotel business in Europe, which accounts for 50% of total revenue, the company has prudently managed energy cost risks through hedging contracts covering nearly 100% of major energy costs, including natural gas and electricity for 2026, which significantly limits the impact from energy price volatility and allows better cost visibility.
Regarding the progress of setting up a Real Estate Investment Trust (REIT) in the Singapore Stock Exchange, the company is currently studying and structuring an appropriate model, with progress being made according to the company’s internal plan. The objective of this move is to support the long-term growth of the hotel business, unlock asset value, strengthen financial position, and support appropriate long-term returns for shareholders.
