ASL expects MINT profit to grow continuously in 2026-2028, delays 30-billion-baht REIT to 2027

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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.

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ASL Securities is the analyst issuing the MINT estimates and fair value; no company-specific development for ASL itself.