Finansia Syrus Securities has reaffirmed its “Buy” recommendation on Minor International Public Company Limited (SET: MINT), setting a target price of 32.50 baht, based on a discounted cash flow (DCF) valuation equivalent to 18x projected 2026 price-to-earnings ratio.
MINT’s core profit for the first half of 2026 accounted for 37% of the brokerage’s full-year 2026 forecast. Finansia Syrus expects the company’s third-quarter 2026 profit to continue growing year-on-year, supported by advance hotel bookings for July 2026 that point to continued RevPAR growth across Europe, Thailand, and the Maldives.
The brokerage noted that cost-control measures, along with high-level energy expense hedging in place for this year, will help support hotel business margins. In addition, the reopening of the Anantara Siam hotel in August, following renovation, is expected to further boost profitability.
MINT shares are currently trading at just 13 times earnings, well below the Thai hotel sector’s average of 21 times, according to Finansia Syrus. The brokerage’s target price implies a valuation multiple of 18x 2026 earnings.
Finansia Syrus pointed to easing unrest in the Middle East and continued growth in hotel bookings as factors supporting an improved profit outlook in the second half of 2026. Looking further ahead, the brokerage expects profit growth to accelerate in 2027–2028, driven by a recovery in tourism, the company’s business expansion plans, and its execution of an asset-light strategy.
