Recently, Minor International Public Company Limited (SET: MINT)’s stock has shown notable movements, fueled by persistent foreign investor buying. Over the past five trading days, purchases through NVDR accounts amounted to THB 623.93 million, and over the past month, cumulative NVDR account purchases reached more than THB 910.73 million. This is supported by expectations of solid operating results in 2Q26.
This view aligns with analysts from Trinity Securities, who currently recommend a “Buy” for MINT with a 2026 target price of THB 35.20, based on 2026 performance and an average EV/EBITDA ratio of 8 times. The analyst expects revenue and profit to continuously recover across all core businesses.
The securities firm forecasts MINT’s 2026 profit at THB 9.9 billion, sustained by higher revenue per available room (RevPAR), driven by both average room rate (ARR) and occupancy rate. In 2Q26, despite geopolitical unrest, the start of the high season in Europe has maintained strong bookings.
Trinity’s expectation for the company’s 2Q26 profit is THB 3.5 billion, up 14.3% year-on-year, with forecasted revenue of THB 4.36 billion, representing a 3.5% increase YoY. Revenue from the hotel business is anticipated to keep rising, with overall RevPAR growing 1% YoY.
Specifically, European RevPAR is predicted to rise 4% YoY due to improved occupancy and average daily rate (ADR), while hotels in Thailand should see RevPAR increase by 3% YoY, aided by improved ADR after renovations. However, RevPAR in Maldives is expected to decline 6% YoY, reflecting fewer flights from the Middle East.
For the restaurant segment, same-store sales growth (SSSG) is projected to contract 0.3% YoY, but total system sales (TSS) are set to grow 0.7% YoY as outlets in Thailand and China rebound from a low base.
Additionally, the company redeemed $300 million in PERBs in April 2026, replacing them with syndicated loans, resulting in increased interest expenses from shifting equity to debt. However, the impact on earnings per share (EPS) is nominal, since the new borrowing costs are similar to the previous PERBs at about 2.8%.
The plan for establishing a REIT (Real Estate Investment Trust) has been postponed due to current market conditions and interest rates, although the IPO for Minor Food remains unchanged. Advanced bookings for 3Q26 remain positive, with Europe and Thailand showing low single-digit growth. In 2H26, operating performance is expected to improve over 1H26 as geopolitical unrest subsides.
TISCO Securities maintains its “Buy” recommendation on MINT at a target price of THB 32 per share. Currently, MINT trades at an EV/EBITDA of only 5.6 times, which is attractive compared to global industry peers averaging 13 times. Primary drivers for MINT’s stock are its asset-light expansion that boosts margin growth, ongoing debt reduction measures, and greater economies of scale from business expansion.
For 2Q26, normal profit is forecast at THB 3.51 billion, up 3% YoY, with continued quarterly improvement due to RevPAR growth, even under global tourism headwinds. Cost management will help offset inflationary pressure, especially rising labor and rental costs.
MINT’s food business remains strong in Thailand and China, but is pressured by weaker consumer purchasing power in Australia and Singapore. The company has also redeemed $300 million in perpetual bonds and replaced them with an equivalent syndicated loan, which negatively impacts net profit, although there is no effect on EPS as perpetual bond interest was previously recorded through equity. The brokerage firm expects EPS growth of 18% in 2Q26.
Looking to 3Q26, positive recovery momentum persists. Hotel business performance is likely to sustain this momentum; notably, Maldives hotels have returned to positive RevPAR growth with the resumption of flights and are now achieving double-digit growth.
Thai hotels continue to see single-digit RevPAR growth, which could accelerate if conflicts subside rapidly and jet fuel prices stabilize. MINT is expected to return to normal recovery in both hotel and restaurant segments by 2Q26. For utilities costs, MINT maintains a hedging policy, covering 80-90% of electricity and natural gas costs throughout 2026.
