A securities analysis recommends MINT, or Minor International, with a target price of 28.50 baht, based on an EV/EBITDA valuation of 5.7 times, applied to 2027 forecast EBITDA, which is about 5% below the pre-COVID-19 five-year average, to reflect risks from debt levels that remain high relative to target, the delay in establishing a real estate investment trust, or REIT, for hotels, and risks from the Middle East. MINT plans to set up a hotel REIT valued at 1 billion US dollars, or about 30 billion baht, bringing 14 hotels in Europe and Thailand in as core assets, and preparing to list on the Singapore Exchange, or SGX, but it has announced a delay from the originally planned second half of 2026 to 2027 because of geopolitical uncertainty and war risk in the Middle East. For overall operating results in 2026 to 2028, total revenue is expected at 166 billion, 169 billion and 172 billion baht, growing 3.5%, 2.1% and 1.7% respectively, with the hotel business contributing about 80% of total revenue, and normalised net profit is expected at 9.7 billion, 10.6 billion and 11.2 billion baht, or earnings per share of 1.72, 1.86 and 1.98 baht respectively. For the third quarter of 2026, revenue is expected at 41.6 billion baht, up 3.0% year on year but down 4.1% quarter on quarter, with net profit expected at 2.8 billion baht, up 9.5% year on year but down 15.5% quarter on quarter. On the technical side, the recommendation says that those already holding the stock or looking to add can expect a test of resistance at 20.80, 21.20 and 22 baht, while those without the stock should buy short term, focusing on holding support at 20.20 to 20 baht.
Minor International Public Company LimitedBrokerage initiates coverage on Minor International with a 28.50 baht target price based on EV/EBITDA valuation.
