Citigroup has assigned a ‘Buy’ rating on Minor International Public Company Limited (SET: MINT), setting a target price of THB 35.00 per share, attributed to the company’s resilient performance in its hotel segment, especially in Europe.
The bank expects MINT’s Revenue Per Available Room (RevPAR) to remain relatively robust compared to other Thai-listed hospitality peers in the second quarter of 2026, despite ongoing geopolitical tensions in the Middle East, which have led to broader travel disruptions in the region.
A key driver behind this resilience is MINT’s significant exposure to European hotels, which accounted for 64% of the group’s hotel revenue. The European hotel portfolio is experiencing less severe travel disruptions than Thailand, with management reporting that the impact of the conflict remains relatively limited.
Current booking data indicates that RevPAR in Europe is still tracking low-single-digit year-on-year growth for 2Q26. This relative stability is due in large part to MINT’s predominantly intra-European demand base, which anchors the group’s performance even amid heightened uncertainties.
While some demand has necessarily been affected, as flagged by travel operator EasyJet, Citi notes the company’s EU portfolio is less exposed to the more pronounced travel disruptions seen elsewhere, and may even stand to benefit from leisure travellers opting for shorter-haul destinations within Europe.
Furthermore, forward seat capacity across MINT’s six most significant European markets is showing positive growth—up 5% for the June quarter and 6% for the September quarter of 2026, despite some recent softening in the trend.
On the other hand, Citi remains cautious on the outlook for MINT’s Thai and Australian operations, which are facing less favourable near-term conditions.
