Kasikorn Securities (KS) expects that Minor International Public Company Limited (SET: MINT) will report an improvement in normalized profit year-on-year (YoY) for the first quarter of 2026, reaching THB 101 million.
This marks a decrease from 4Q25, which recorded a normalized profit of THB 3.5 billion, due largely to seasonal factors. However, the figure indicates an increase from THB 50 million in 1Q25. The anticipated YoY growth in profit will be mainly supported by a rise in total revenue to THB 37 billion, representing YoY growth of 6.6%.
Kasikorn forecasts that MINT’s hotel business will demonstrate a robust YoY performance. The average revenue per available room (RevPar) for the first quarter of 2026 is projected at THB 3,667, up 9.8% YoY, primarily due to a 10% YoY increase in the average daily room rate (ADR), while the occupancy rate is expected to remain flat at approximately 64%.
In local currency terms, RevPar is projected to increase by 7% YoY in Europe and Latin America, 15% YoY in Thailand, and 9% YoY in the Maldives, with the main driver being stronger ADRs across these regions.
Revenue from the food business is expected to remain stable. Kasikorn anticipates total system sales (TSS) growth of 0.3% YoY, supported by positive TSS in Thailand (+2.7%), Singapore (+5.7%), and China (+9.9%), which will be partially offset by weak TSS in Australia (-4.3%).
Same-store sales growth (SSSG) for 1Q26 is projected to decline by 0.8% YoY, reflecting largely stable performance in Thailand, a decline of 1.4% YoY in Australia, a decline of 3.7% YoY in Singapore, and an increase of 8.6% YoY in China.
Looking ahead to the second quarter, despite the expectation of weaker booking momentum in several regions, Kasikorn notes that MINT’s core portfolio in Europe continues to see positive booking trends. This should limit any decline in RevPar for Q2 to a slight decrease.
Kasikorn Securities maintains its ‘Outperform’ recommendation on MINT, with an unchanged target price of THB 33.88 per share.
