Chaiyapat Paitoon, Chief Financial Officer of Minor International Public Company Limited (SET: MINT), revealed to “Kaohoon” that in 2026, the company continues to drive revenue and operating profit growth from its restaurant business, operating under The Minor Food Group Public Company Limited, through two core strategies.
Firstly, the company aims to strengthen its core brands by implementing product innovation in major countries (Thailand, Singapore, Australia, China, and Indonesia), such as continuously launching new menu items, developing store formats, and adjusting brand positioning. For instance, in China, the company is transforming its brand to offer a more diverse food selection beyond just fish-focused menus. The objective is to ensure the original brands continue to thrive and remain competitive.
Secondly, the company is creating new growth drivers by launching new brands and introducing new concepts for existing brands, such as The Steak and More, Krob Krob Station, The Stone, and Swensen’s The Creation. At the same time, MINT is expanding its branches, both domestically and internationally (e.g., Indonesia, Vietnam, Laos, and India), as well as targeting new customer bases and markets to further increase revenue.
Currently, the food business group accounts for approximately 20% of total revenue and remains one of the company’s key segments. The main markets include Thailand, Singapore, Australia, China, and Indonesia. Moreover, the company maintains strong liquidity, with sufficient credit facilities and efficient working capital management (inventory, receivables, payables), enabling sustained expansion of the food business.
Chaiyapat further stated that some cost pressures are beginning to emerge from the second quarter of 2026 onwards, with fluctuations in raw material prices, packaging costs, and transportation fees driven by higher oil prices. Nevertheless, the overall numerical impact for the year 2026 is expected to remain limited (low single-digit percent), due to proactive management and close control over key costs.
At the same time, the company has deployed strategies to reduce impacts according to different cost categories, such as raw material, transport, and energy costs. These measures include strategic sourcing, forward pricing agreements, supplier diversification, supplier negotiations, strategic menu adjustments, and efficiency improvement initiatives.
Pi Securities has maintained its “Buy” recommendation for MINT, with a base price of THB 30 per share. Currently, the stock’s valuation is attractive, trading at only 7 – 8 times EV/EBITDA, the lowest among its peers.
Therefore, the securities firm expects MINT to have a potential for a valuation re-rating driven by strategic developments in its asset-light model, continuous asset sales into REITs, and progress in the IPO of the food business. Meanwhile, performance for 2Q26 is expected to remain robust in line with RevPAR (Revenue Per Available Room), which is growing by 1-3% year-over-year.
