Minor International Public Company Limited

ASL Securities estimates that MINT, or Minor International Public Company Limited, will post continuous operating growth during 2026F-2028F, driven mainly by its hotel business, which accounts for roughly 80% of total revenue. The analyst team expects total revenue of 166 billion baht, 169 billion baht and 172 billion baht respectively, or growth of 3.5%, 2.1% and 1.7%. The food business is expected to grow by an average of about 2.0% per year, while normalised net profit from operations is forecast at 9.7 billion baht in 2026F, 10.6 billion baht in 2027F and 11.2 billion baht in 2028F, equivalent to EPS of 1.72 baht, 1.86 baht and 1.98 baht per share respectively. For the third quarter of 2026, the analyst team expects revenue of about 41.6 billion baht, up 3.0% from the same period a year earlier but down 4.1% from the previous quarter on seasonal factors, and net profit of 2.8 billion baht, up 9.5% year on year but down 15.5% quarter on quarter. In addition, MINT has postponed its plan to set up a real estate investment trust, or REIT, for its hotel business with a value of about 1 billion US dollars, or roughly 30 billion baht, which would bring 14 hotels in Europe and Thailand in as core assets and list on the Singapore Exchange, moving it from the second half of 2026 to 2027 because of geopolitical uncertainty and risks from the war situation in the Middle East. The analyst team assesses MINT's fair value at 28.50 baht, based on an EV/EBITDA method at 5.7 times on 2027F EBITDA estimates.

Yuanta Securities (Thailand) assesses that Thailand's hosting of the IMF–World Bank Annual Meetings 2026, to be held from 12-18 October 2026 at the Queen Sirikit National Convention Center, will be a positive factor for the Thai stock market. It marks Thailand's return as host after 35 years, having last hosted in 1991, and more than 15,000 participants from 191 countries are expected. Thailand is presenting the concept "A New Horizon for Thailand: Empowering People, Strengthening Readiness for Change," and will push four main issues: the transition to digital and AI, the role of middle-sized countries in a multipolar world, coping with climate change, and preparing the economy for an aging society. Yuanta's research team cites the case study of Indonesia, which hosted in 2018, finding that the JCI Index rose 2.8% in the one month after the meetings and outperformed MSCI EM, MSCI DM and MSCI ACWI, which delivered negative returns during that period. It therefore sees the SET Index as likely to outperform regional markets. The digital and AI theme is positive for SMT, HANA, CCET, AMATA, WHA, DITTO and SKY, while the middle-sized countries theme, aimed at supporting SMEs, is positive for KBANK, SCB, KTB, SAWAD and MTC. The climate theme is positive for GUNKUL, SSP, GULF, DITTO and TEAMG, and the aging society theme is positive for BDMS, BH, BCH and CHG. It also sees the tourism group benefiting directly from an acceleration in traveler numbers, namely AOT, THAI, BA, ERW, CENTEL, MINT and AWC, with several large concerts choosing to hold events in Thailand during November-December providing continued support.

Dao Securities rates the tourism sector "overweight" after tourist arrivals in the week of September 27 to October 3 rebounded 8% WoW, better than expected thanks to the Golden Week period, with the increase driven mainly by travellers from China, India and Russia. Excluding Malaysian tourists, arrivals still rose 10% WoW and 6% YoY, while Chinese tourists rose 2% YoY, slowing from 19% YoY the previous week. The research team believes arrivals bottomed out in the second quarter of 2026 and will recover strongly in the fourth quarter of 2026 on the high season and several events in December 2026. It expects total arrivals in 2026 at 32 million, down 3% YoY from 33 million in 2025, which itself fell 7% YoY, and forecasts Chinese tourists in 2026 at 4.8 million, up 7% YoY from 4.5 million in 2025, which fell 34% YoY. The stocks that benefit, ranked by their share of domestic hotels from highest to lowest, are ERW, CENTEL, MINT and SHR. CENTEL is the top pick with a target price of 48.00 baht, as third-quarter 2026 RevPAR excluding Dubai rose 5% YoY and fourth-quarter 2026 on-the-book bookings rose 13% YoY. ERW, with a target price of 4.20 baht, benefits from the World Bank and IMF meetings in October 2026 and Tomorrowland in December 2026, with bookings continuing to push the occupancy rate as high as 80% already.

Asia Plus Securities said in a research note that Thailand's tourism sector still looks set for solid growth. During China's Golden Week from September 27 to October 3, 2026, Thailand received 522,532 foreign arrivals, up 8% from the previous week, driven by 133,946 Chinese tourists, a rise of 42% from the prior week. Although foreign arrivals in the third quarter of 2026 fell 5% year on year, they rose 3.5% from the previous quarter, and excluding the Malaysian market the decline was only 0.9%. Key markets continued to expand, with China up 12%, Europe up 1.5%, the Middle East up 13% and the Americas up 1.5%. The standout point is that hotel revenue is still growing faster than visitor numbers. Forward booking data indicates that revenue per room for CENTEL and MINT is likely to rise about 10-13% from a year earlier, while ERW targets revenue growth of 7% from a year earlier. International passenger volume at AOT in July to September 2026 fell 1.9% year on year, in line with the foreign tourist trend when the Malaysian market is excluded. As for the next catalyst, the market is watching the annual meetings of the International Monetary Fund and the World Bank from October 12 to 18, 2026. Large international events of this kind are likely to benefit hotel operators such as ERW, AWC and CENTEL more directly than airport or airline businesses. On investment strategy, the brokerage remains positive on Thailand's tourism group, picking CENTEL as its top stock on the back of strong hotel business profit trends, while AOT and ERW remain attractive as stocks that stand to gain from international events and the recovery of Thailand's tourism sector.

TTB Wealth stated that the widening gap between Thai and US bond yields has pressured the baht to weaken, recently standing at 33.68 THB/USD, causing foreign fund flows to continue flowing out. However, the weaker baht benefits several groups. The electronics export group gains from both the weak baht and strong order volumes; preferred stocks are DELTA, KCE, and HANA. The food export group stands out for high dividends and still-laggard prices; preferred stocks are TU and ITC. The tourism group benefits from entering the high season for tourism; preferred stocks are AOT, ERW, CENTEL, and MINT, making a total of 9 beneficiary stocks.

Yuanta Securities (Thailand) expects third-quarter 2026 earnings of listed companies to come in at 350 billion baht, up 39% from the same period a year earlier, a level it describes as high compared with the historical quarterly profit range of 150 to 250 billion baht. The gain is driven by the energy and petrochemical sectors, which continued to grow strongly after oil prices surged about 44% late in the quarter, giving refineries and petrochemical producers inventory gains that lifted their results. Teerdsak Taweethiratham, an executive director at Asia Plus Securities, said third-quarter 2026 earnings should grow from a year earlier but decline from the second quarter of 2026, and estimated bank profits at 65 billion baht. If third-quarter earnings meet expectations, nine-month 2026 profits would reach 1.1 trillion baht, and if the fourth quarter of 2026 continues to grow on the back of government infrastructure investment in energy and private-sector upgrades to production capacity for the high-end semiconductor supply chain, full-year 2026 earnings could set a new record of about 1.4 to 1.5 trillion baht, up 30% to 40% from a year earlier, equal to earnings per share of 112 to 115 baht, compared with the Bloomberg Consensus estimate of 110 baht per share. The research team recommends trading plays on stocks with strong third-quarter 2026 results and momentum continuing into next year, namely GULF, GUNKUL, SSP, EPG, SINGER, SGC, BEM, SMT, TEAM, MINT and CHG.

Maybank Securities (Thailand) Public Company Limited has raised its 2026 SET Index target to 1,590 points from 1,550 points, but maintained a Neutral view because the overall market upside is not particularly high. Speaking at an online seminar titled "Decoding Thai Stocks, Fourth Quarter: Finding the Next Winners," the firm said earnings support from listed companies is not yet broad-based, with upward earnings revisions concentrated mainly in the electronics and energy sectors, while bond yields in several countries remain elevated, pressuring valuations of risk assets. On the Thai economy, Maybank expects GDP growth of 2.4% in 2026 and 2.7% in 2027, supported by exports, private investment, and a recovery in tourism, though the government's fiscal capacity has diminished amid a higher public debt level. For its fourth-quarter strategy, Maybank recommends focusing on adjusting weights between industry groups and selecting individual stocks rather than investing based on index direction. It highlights three standout groups: consumer finance, where valuations are starting to look attractive again, with TIDLOR, KTC, and MTC as top picks; tourism and transport, where earnings momentum continues, with AWC, AOT, BA, and MINT; and hospital businesses, which have stable revenue and specific supporting factors, with BH and CHG. At the same time, it advises increased caution in three groups: utilities and energy, which has been downgraded from Positive to Neutral; petrochemicals; and retail.

Securities analysts at Kasikorn Securities, or KS, said that although nationwide reservoir water levels are as high as 78% of capacity, the tourism sector is still operating normally, so they estimate that third-quarter 2026 earnings for the tourism group will be affected only slightly. Airports of Thailand, or AOT, has reported no flight cancellations, and major airlines AAV, BA and THAI continue to operate as normal. Meanwhile, hotel operators led by AWC, CENTEL, DUSIT, ERW, MINT, SHR and VRANDA have suffered no property damage, though room booking cancellations in the provinces run about 2% to 15%, partly offset by guests extending their stays. KS therefore maintains its investment weighting on the hotel group, sees the drop in share prices driven by the flood factor as a buying opportunity, and recommends buying AWC with a target price of 3.74 baht, CENTEL with a target price of 48.11 baht, and THAI with a target price of 6.78 baht. Separately, SBI Thai Online, or SBITO, assesses that this crisis will be a medium-term boost for four main business groups in the recovery: the home repair and construction materials group, led by HMPRO, GLOBAL, DOHOME and MR.DIY; the retail and consumer goods group, led by CPALL and CPAXT; the communications group, led by ADVANC and TRUE; and the tourism group, where economic activity will gradually recover after the situation eases.

Asia Plus Securities assesses that although flooding in Bangkok has caused flight delays, major airports Suvarnabhumi and Don Mueang remain open and operating normally, while inner Bangkok and key destinations such as Chiang Mai, Phuket, and Samui remain safe. If the situation eases quickly, the impact on travel during the fourth quarter of 2026 through the first quarter of 2027, which is the tourism high season, will be limited. The Middle East situation remains the main factor shaping the direction of the tourism sector. For CENTEL, Thailand accounts for about 60% of hotel revenue, split between Bangkok at 22% and the provinces at 38%, which helps cushion the impact of the floods. Its restaurant business has about 34% of restaurant revenue in Bangkok, with average restaurant sales in Bangkok at roughly 12 million baht per day, and every single day that sales are hit by 30% to 50% would affect quarterly sales by only 0.1% to 0.2%. ERW says its Lux to Eco hotels, which account for 74% of revenue, remain open as normal, with about 54% of revenue in Bangkok, while Hop Inn, which accounts for 26% of revenue, has some branches affected but mostly in the provinces. MINT derives about 50% of revenue from hotels in the EU, so it faces a more limited fundamental impact. The research team maintains its view that normal profits for AOT and Thai hotel operators for the October to December period will expand both quarter on quarter and year on year, continuing through the January to March 2027 period in line with the tourism season. Although the market may open risk-off in the short term, the effect on earnings forecasts remains limited. It still favours CENTEL, followed by AOT, while ERW is an event trade and THAI is a tactical buy after its share price fell 12% year to date versus the SET's gain of 28%. If jet fuel rises above its previous peak in April at 209 US dollars per barrel and affects flight capacity, that would be a tactical trigger to consider reducing weightings in the tourism sector.

Analysts at InnovestX Securities have released a list of 9 standout stocks set to benefit from the recovery of Thailand's tourism sector, along with a strategy of timing purchases for trading gains. They see Thailand entering the full swing of the tourism high season in the fourth quarter of 2026, starting with China's Golden Week from October 1-7, 2026, followed by European travellers escaping the cold and the Christmas-New Year festival. Meanwhile, 2026 also has upside from hosting world-class events, namely the World Bank-IMF meetings from October 12-18 in Bangkok, which are expected to draw 15,000-18,000 participants, and the Tomorrowland Thailand 2026 music festival from December 11-13 in Chonburi province, which is estimated to attract more than 15,000 attendees, over 85% of them foreign tourists. Based on historical statistics, the number of foreign tourists in the fourth quarter typically recovers significantly from the third quarter, with overall growth of 10% and 17% in 2024 and 2025 respectively, and the fourth quarter of 2026 is expected to grow close to or better than the previous year, driven by a tourist mix of mass tourism and high-spending MICE groups, which will significantly boost per-capita spending. The positive momentum is expected to extend into the first half of 2027, thanks to the Chinese New Year festival in the first quarter of 2027 and the Songkran festival coupled with the Thai Tiew Thai Plus measure expected to begin in April 2027 in the second quarter of 2027. The investment strategy therefore recommends timing purchases for trading gains in two main groups: stocks that benefit directly from foreign tourists' travel and stays in Thailand, namely the tourism group AOT, ERW, CENTEL and MINT, and stocks that benefit indirectly through increased consumer goods spending, namely the commerce group CPALL, CRC and CPN, and the beverage group HTC and ICHI.

The research team at Asia Plus Securities said that in the fourth quarter of 2026, the Thai capital market has an interesting issue arising from CAPPED WEIGHT index rebalancing. The SET50 index has a rule capping any single stock's weight at no more than 10%, creating a MEAN REVERSION phenomenon: when large-cap stocks decline in price, their FLOATING WEIGHT falls, for example DELTA dropping from 10% to 7.28%. When the end-of-quarter REBALANCE arrives, PASSIVE FUNDs must buy the stocks that fell heavily to top their weights back up to 10%, and sell stocks that have risen or whose weight exceeds 10%. The research team calculated the 10 stocks that will be added to in the fourth-quarter 2026 round, with DELTA benefiting the most from the top-up back to 10% from 7.28%, followed by MRDIYT, MINT, THAI, TFG, BANPU, ADVANC, CPN, CPALL and AOT. This group is expected to see price support from PASSIVE FUND money flows before October.

A securities research note recommends buying MINT, assessing that the company's second-half 2026 earnings outlook remains positive, with growth expected both half-on-half and year-on-year, driven by the hotel business, where forward bookings are higher than a year earlier in the key markets of Europe, Thailand, the Maldives and Australia. Meanwhile, the food business in Thailand is beginning to recover, with same-store sales in July growing at a mid-to-high single digit rate year-on-year on the back of new product launches and a recovery in consumption. For the third quarter of 2026, profit is expected to soften quarter-on-quarter due to the seasonality of European hotels, but still grow year-on-year, before accelerating in the fourth quarter of 2026 on the high season in Thailand and the Maldives, as well as European bookings that remain above last year's levels. The impact from the Middle East is fairly limited, accounting for only 5% of hotel business profit. Over the next three years, the focus will be on growth alongside debt reduction. MINT targets 15-20% growth in revenue and net profit and is pressing ahead with expanding both hotels and restaurants through an asset-light strategy to reduce capital expenditure and increase return on capital. It also targets lowering Net IBD/E to 0.75-0.85 times and Net Debt/EBITDA to below 4 times. On the hotel side, it aims to sign more than 50 management contracts in 2026, after securing 30 in the first half of 2026, and plans to open more than 11 new hotels across eight countries in the second half. Minor Food is another growth driver, through franchise expansion and the addition of new brands. The acquisition of the global intellectual property rights to Bonchon in eight Asian markets immediately adds revenue from franchise fees and sauce sales. The company is also expanding stores through franchise agreements and partnerships with allies such as PTTOR, which targets opening 150 branches by 2030. This strategy lets MINT expand its network with less capital while keeping 2026 CAPEX at 15 billion baht, even including the Bonchon investment. Meanwhile, the plan to set up a REIT has been postponed, as interest rates and volatility stemming from the Middle East have pushed up the yield investors demand. The company insists the delay is due to market sentiment and is unrelated to problems with the assets or the process. In the meantime, MINT will reduce debt through operating cash flow, asset rotation, repayment of high-cost debt and asset-light expansion, which will lower CAPEX needs and support a recovery in ROE. That said, the market is judged to have largely priced this in already, after the stock lagged the sector by about 11.5% year-to-date. The average target price from the IAA Consensus is 29.90 baht. On the technical side, the stock pulled back in the short term to form support at the low of a 21-day candle and reversed upward with a series of candles forming higher lows, rising to stand above the 5-day and 13-day simple moving averages. This is a bullish candle signal within a large V-shaped pattern. A resistance zone sits at 22.40-22.50; a break and close above it would be a positive signal confirming the pattern. For investment advice: if you already hold the stock, hold or add on dips, with a chance to test resistance at 22.40-22.50 and 22.90. If you do not hold the stock, buy for the short term, focusing on holding support at 21.80 and 21.40, and it should not fall below that.

Pi Securities estimates the SET index today will move in a range of 1570 to 1595, viewing Non Bank stocks as attractive for accumulation again on expectations of lower yields ahead. It names stocks in this group including MTC, SAWAD and TIDLOR. Meanwhile, US stock markets closed higher, with the DJIA up 0.61% and the S&P 500 up 1.14%, after the Fed raised interest rates by 25 basis points and signalled it may hike once more this year. Brent crude fell to around 104 to 105 dollars per barrel after Middle East concerns eased somewhat and Saudi Arabia said it would resume oil exports, helping push the US 10-year yield and 30-year yield lower. On US economic data released overnight, initial jobless claims came in at about 196,000, below market expectations. For short-term strategy, it recommends TECH names including DELTA and KCE after the Kospi rose about 2.5% this morning, as well as the tourism group including AOT, MINT, CENTEL, AWC, CPALL, CPN and HMPRO, and the hospital group including BDMS, BCH and PR9.

Dao Securities assesses that tourist numbers have already hit their lowest point in 2Q26E and will recover prominently in 4Q26E, driven by China's National Day in October and several events in December 2026. Foreign tourist arrivals in the latest week of September 6-12 stood at 439,069, down 7% week-on-week and 22% year-on-year, or an average of 62,724 per day. The markets posting the biggest declines were Malaysia at 53,638 (-28% WoW/-63% YoY), China at 65,380 (-10% WoW/-2% YoY), and Japan at 19,628 (-5% WoW), while Russia at 18,154 (+4% WoW/+7% YoY) and India at 39,857 (+2% WoW/-26% YoY) still rose. Dao Securities estimates total tourist arrivals for 2026E at 32 million, down 3% YoY from 33 million in 2025, and Chinese tourists for 2026E at 4.8 million, up 7% YoY from 4.5 million in 2025. Cumulative arrivals from January 1 to September 12, 2026 stood at 21.72 million, down 3.38% YoY. Dao Securities assigns an "overweight" investment rating to the tourism sector. It favours CENTEL (Buy/target 48.00 baht) on RevPAR for July-August 2026 excluding Dubai rising 8% YoY and 4Q26E on-the-book growth in double digits YoY, and favours ERW (Buy/target 4.20 baht) on 3Q26E on-the-book RevPAR growth of around 5% YoY with occupancy already as high as 80%. The stocks that benefit, ranked by proportion of domestic hotels from highest to lowest, are ERW, CENTEL, MINT, SHR.

The Thailand Travel Thailand Plus 2026 programme has had its latest conditions approved by the Ministry of Finance and the Ministry of Tourism and Sports. Registration will open from 1 to 25 October 2026 through the Paotang application, with a total of 1,000,000 slots, and the programme will be submitted to the Cabinet for approval soon. For the accommodation subsidy, the government pays the actual cost of accommodation up to a maximum of 1,500 baht per night, capped at 5 nights per person, amounting to a maximum accommodation discount value of 7,500 baht. The electronic travel coupon is a co-payment model, with the government paying 50% and the public paying 50%. For travel to main cities, the government supports a coupon worth 1,500 baht per entitlement, and for travel to secondary cities, the government supports a coupon worth 2,000 baht per entitlement. If there is spending in a secondary city area at least once, the system will immediately adjust the limit up to 2,000 baht. The travel period for using the entitlement runs from 1 November 2026 to 28 February 2027, divided into Phase 1 from 1 November to 15 December 2026 and Phase 2 from 16 January to 28 February 2027, with the entitlement suspended during the New Year holiday from 16 December 2026 to 15 January 2027. Eligible persons must be Thai nationals aged 18 or over as of the registration date and must hold an original, unexpired national ID card. The stocks that benefit, ranked by proportion of domestic hotels from highest to lowest, are ERW, CENTEL, MINT and SHR. Restaurant stocks that benefit from the increased coupon, ranked by number of branches from highest to lowest, are M, ZEN, CENTEL and MAGURO. The spa business group is SPA.

The Ministry of Finance and the Ministry of Tourism have finalized the tourism stimulus measure "Thai Teaw Thai Plus," offering 1 million rights with a total budget of 3.5 billion baht. Registration will open from October 1-25, and rights can be used via the "Pao Tang" app starting November 1. The measure covers both primary and secondary cities, with usage allowed from November 1 to December 15, 2026, and suspended during the New Year holiday, resuming from January 15, 2027. It provides fixed-rate accommodation support, reimbursed at actual cost up to 1,500 baht per night, along with tourism coupons for restaurants, spas, massages, taxis, and other activities on a co-payment basis of 50%, capped at 1,500 baht per right for primary cities and 2,000 baht per right for secondary cities. Analysts from TTB Wealth Securities view this measure as positive for the tourism sector, with ERW benefiting the most, followed by CENTEL, MINT, AOT, BA, and SPA.

MINT and BDMS are highlighting Wellness & Longevity trends to cater to modern tourists. William Ellwood Heinecke, founder and chairman of MINT, said that MINT currently operates about 600 hotels in 60 countries and has observed growing interest in health across all age groups, not just the elderly. Tourists want Wellness, Longevity, and Biohacking services during their stays. Thailand has a strong ecosystem, including world-class services, food, and affordable medical care. Although Vietnam and Bali are catching up, they still lack such a comprehensive ecosystem. Dr. Pramaporn Prasarttong-Osoth, CEO of BDMS, noted that Wellness has shifted from treating illness to preventive medicine. International tourists stay in Thailand for an average of 10 days, presenting an opportunity for lifestyle transformation. However, the major challenge is connecting various elements to create experiences that encourage repeat visits for continued health care. Sophie Hacher, a neuroscience expert, said that younger generations want health data and are reducing alcohol consumption. Wellness tourism is growing, and Thailand's strength lies in blending modern science with traditional practices such as Thai herbs, Buddhism, and traditional Chinese medicine, which attracts tourists to return repeatedly over decades.

William Ellwood Heinecke, founder and chairman of Minor International Public Company Limited (MINT), revealed that hotel bookings in Thailand for the third quarter of 2026 are expected to grow by approximately 11-14% compared to the same period last year. The growth is driven by hotels in Bangkok and key tourist destinations such as Phuket, Samui, and Chiang Rai, with a positive trend continuing into the fourth quarter of 2026, despite the high revenue base in the fourth quarter of 2025. The company is implementing a Medical Wellness model in three hotels in partnership with BDMS to attract high-end and long-stay tourists, using Thailand as a pilot market before expanding abroad. He also called on the government to improve regulations, visas, and immigration systems to facilitate medical tourism, in order to compete with Malaysia and Vietnam.

Minor International has announced a partnership with Accenture on a company-wide initiative to enhance artificial intelligence and digital skills, preparing its workforce for the future and accelerating its digital transformation. The program will offer tailored learning paths through the Udacity platform, part of Accenture LearnVantage, covering AI, generative AI, automation, data, and cloud, while promoting responsible and secure AI use. It will begin with key learner groups driving Digital Acumen. This collaboration is part of Minor's continuously developed digital learning ecosystem, providing all employees access to world-class learning resources, aligned with its Digital Acumen commitment and the Passion for Growth philosophy.

Analysts from Pi Securities Public Company Limited expect that foreign fund flow selling pressure from August to November 2026 will weigh on the Thai stock market, due to the seasonal 'September Blue' factor and uncertainty ahead of the U.S. midterm elections. However, they still see the Thai economy recovering in the second half of the year, supported by government measures, investment, and tourism. They recommend waiting for an accumulation opportunity when the SET corrects to 1,550-1,580 points, using a selective buy strategy focusing on dividend stocks such as SCB, ADVANC, MINT, BDMS, and WHA. This follows first-half results from listed companies showing net profits of 765,969 million baht, up 22.2% year-on-year.

Kasikorn Securities said the government is preparing to launch the Thai Teaw Thai Plus programme on 1 October to stimulate domestic tourism, targeting total tourism revenue of 3 trillion baht within four years. For 2026, revenue is expected to be close to the previous year at 2.7 trillion baht, with around 33 million foreign tourists, while moving towards high-value tourism and using data and artificial intelligence to upgrade marketing. The research team views this as positive for tourism, hotel, airline, airport and retail sectors, especially Airports of Thailand, Central Plaza Hotel, The Erawan Group, Minor International and Asset World Corporation, if the measures help stimulate domestic travel and spending in the fourth quarter of 2026 as expected.

Bualuang Securities and Krungsri Securities expect third-quarter 2026 net profit of listed companies to expand from the same period last year. KCE is projected to see printed circuit board delivery volumes rise, with average selling prices up 9 to 10 percent, lifting PCB revenue by 17 to 19 percent. CBG expects domestic energy drink sales to grow 10 percent and sales in Myanmar to jump 70 percent. ITC forecasts July to August sales up 10 percent from a year earlier and 7 percent from the previous quarter. In the hospital group, BH and BDMS expect July revenue to return to growth on Thai and Middle Eastern patients. The tourism and airport group, AOT and CENTEL, continues to show solid momentum, with July revenue per available room up 26 percent for AWC, 8 percent for CENTEL, 5 percent for ERW, and 4 percent for MINT. GPSC is supported by a full quarter of profit recognition from the GHECO-One and Glow IPP power plants. Krungsri Securities assesses that the electronic components group, led by KCE and HANA, is growing strongly both year on year and quarter on quarter. SCGP is expected to see profit recover on higher selling prices, strong sales volumes, and benefits from supply chain disruptions.

Bualuang Securities said second-quarter 2026 results for the tourism sector were stronger than the soft tourist arrival numbers suggested, with combined core profit rising 3% year on year to 7.76 billion baht and mostly beating expectations. For the third quarter of 2026, it expects combined core profit to still grow 3% year on year. Although the headline figure looks modest because of the large profit bases at Airports of Thailand and Minor International, which are expected to grow only 4% and 1% year on year respectively, the recovery in hotel stocks is clearer. It expects The Erawan Group to rise 28% year on year, while Asset World Corp and Central Plaza Hotel are each expected to rise 10% year on year. Leading indicators in the third quarter so far support that picture. July revenue per available room rose 26% year on year for Asset World Corp, 8% for Central Plaza Hotel, about 5% for The Erawan Group and 4% for Minor International. Asset World Corp also has booked room revenue for the second half of 2026 that is 30% higher than a year earlier, while The Erawan Group's August bookings improved from the previous month. Overseas, Maldives tourist arrivals swung from a 2% year-on-year decline in July to an 11% year-on-year increase in August, which is positive for Central Plaza Hotel, while the recovery is spreading more broadly across Northeast Asia and long-haul markets. Bualuang Securities maintained its 2026 foreign tourist arrival forecast at 31.9 million, down 3.3% year on year, after the first half of 2026 came in at 16.2 million, down 3.2% year on year. That means the second half of 2026 would need to fall about 3.3% year on year, which is still in line with the forecast. If second-half 2026 arrivals are flat year on year, there is a chance the full-year figure could be revised up to about 32.4 million, down 1.6% year on year. It kept its 2027 forecast at 34.0 million, up 6.6% year on year. The key point is that this recovery is more value-led than volume-led. Average spending per tourist rose 7% year on year in the first quarter of 2026 and 15% year on year in the second quarter of 2026 to 52,918 baht per person, helped by longer stays and a higher share of higher-spending long-haul tourists. That means tourism revenue and hotel profits have a chance to recover faster than tourist numbers alone would suggest. Bualuang Securities maintained an overweight rating on the tourism sector and selected Asset World Corp, Central Plaza Hotel and The Erawan Group, in that order. Asset World Corp stands out for its MICE booking momentum and asset injections into a REIT to recycle capital. Central Plaza Hotel is supported simultaneously by renovated Thai hotels, Maldives and Dubai hotels gradually raising occupancy, and improving food business margins. The Erawan Group is a recovery play on revenue per available room and HOP INN expansion, with potential upside from a future business separation. Airports of Thailand is not among the report's three top picks, but it has the most pronounced earnings inflection point, with 2027 core profit expected to grow 59% year on year from the full-year recognition of the passenger service charge.

PTT Oil and Retail Business Public Company Limited, or OR, expects third-quarter 2026 earnings to recover to normal levels after the second quarter marked the year's low point due to volatile oil prices. This caused a stock loss of about 8 to 9 billion baht and a net realizable value reserve of around 2 to 2.3 billion baht, totaling approximately 11 billion baht. Inventory levels that had been 2 to 3 days above normal have now returned to normal. The company plans to adjust its business portfolio over the next 5 to 6 years, targeting electric vehicle business at 10 percent of its Mobility portfolio. It is also accelerating expansion of its Lifestyle business by partnering with Minor International to grow four food brands, with a short-term target of 150 branches, and expects long-term EBITDA margin of no less than 15 percent. OR has also opened its first Cafe Amazon branch in Bangladesh, with an initial target of 100 outlets. As for receivables from the Oil Fuel Fund, at the end of June 2026 they stood at 14 to 16 billion baht, with the fund having already gradually repaid 7 to 8 billion baht.

Asia Plus Securities assesses that forward indicators for the hotel sector in the third quarter of 2069 remain strong compared with a year earlier, with Central Plaza Hotel having on-the-book revenue per available room up 15 percent, followed by The Erawan Group targeting revenue growth of 7 percent, and Minor International's on-the-book European hotel revenue per available room up 4 percent, with Thailand up 10 percent. July revenue per available room supports this trend, with Central Plaza Hotel Group up 13 percent and Thailand up 18 percent, The Erawan Group up 5 percent and its economy-to-luxury segment up 8 percent, with luxury up 15 percent, and Minor International's Europe up 4 percent and Thailand up 14 to 16 percent. Airports of Thailand's international passengers during the first 15 days of August were still up 2.5 percent year on year, compared with a decline of 1.7 percent year on year in July, reflecting resilient travel amid the war situation. Meanwhile, the average weekly jet fuel price for the week ending 14 August was around 159 US dollars per barrel, below the peak of 209 US dollars per barrel in April, helping ease pressure on travel costs. The research team selects stocks with company-specific support factors and laggard prices relative to the SET index, namely Central Plaza Hotel and Airports of Thailand, while Thai Airways is viewed as tactical on the assumption of lower jet fuel prices. It notes that if Brent crude exceeds 100 US dollars per barrel for several consecutive days, that would be a tactical trigger to consider reducing weightings in tourism-related stocks to limit risk.

KGI Securities (Thailand) expects OR's operating performance to recover quarter on quarter in the third quarter of 2026, because oil marketing margins and oil sales volumes are both expected to increase. Oil marketing margins are expected to rise quarter on quarter because the company's oil business is unlikely to book another large net realisable value inventory loss of 10.6 billion baht as it did in the second quarter of 2026, and oil sales volumes are expected to recover quarter on quarter as domestic fuel consumption returns to normal after falling sharply in April. OR is forming a partnership with Minor Food to transform PTT-branded service stations into food and lifestyle destinations by expanding its food and beverage business. OR will receive the right to open franchise branches of four leading restaurant brands: Dairy Queen, The Pizza Company, The Steak & More, and Chiho Ramen, a new exclusive brand developed jointly by the two companies. The launch is scheduled to begin this year, with total investment expected to be about 400 million baht and a target of 150 outlets by 2030, which will help increase customer traffic and strengthen OR's non-oil business ecosystem. OR has neither confirmed nor denied interest in the KFC business, which has been reported as being up for sale. Management said the company still needs to weigh the pros and cons of buying KFC compared with its current business model, under which about 300 to 400 KFC outlets operate inside PTT-branded service stations and OR earns rental income from them, but the company has not disclosed details about the deal. KGI Securities maintains a hold rating on OR with a first-half 2027 target price of 12.00 baht, based on a price-to-earnings ratio of 14.5 times. Although third-quarter 2026 earnings are expected to improve quarter on quarter, the brokerage remains concerned about the company's operations in Cambodia and its strategic direction following the conflict between Thailand and Cambodia.

Bualuang Securities released analysis on JMT, MINT, BAM, KCE and MTC following analyst meetings. JMT expects cash collections in the third quarter of 2026 to recover both year on year and quarter on quarter after seeing improvement since May, supported by collections from new debt purchased in the first quarter. The research team therefore recommends buying MINT, maintaining its profit growth target of 15 to 20 percent per year during 2026 to 2028 and net debt to equity of 0.75 to 0.85 times, while keeping plans for a food IPO and asset sales. BAM still targets 2026 net profit of 2 billion baht, up 10 percent year on year, but the research team sees the slow economic recovery pressuring that target and recommends sell. KCE expects third quarter 2026 revenue to grow 13 to 15 percent quarter on quarter with a gross margin of 25 percent, with a chance for 2027 profit to exceed 2 billion baht and the share price to break above 50 baht. MTC has cut this year's loan growth target to 8 to 10 percent year on year from 10 to 15 percent previously because of stricter lending after the Middle East conflict, but the research team still recommends buy and expects third quarter 2026 net profit to reach a new high.

The board of Minor International Public Company Limited, or MINT, has approved an interim dividend for the first half of 2026 at 0.30 baht per share. The stock will be marked XD on 27 August 2026, with the record date for shareholders entitled to the dividend set for 28 August 2026, and payment on 11 September 2026. MINT shares closed the midday break at 22.90 baht, down 0.20 baht or 0.87 percent, with turnover of 214.21 million baht.