Company Coverage
Minor International (MINT TB): REIT Deferred, 2Q26 Core Earnings Growth Should Be Soft
HOLD (Downgraded)
Current price:
Target price:
Upside:
Previous TP :
Bt22.30
Bt24.00
+7.6%
Bt38.00
Analyst
Analyst
Nonpawit Vathanadachakul
Highlights
- We expect MINT report a core profit of Bt3.55b (+4.0% yoy, +2,346.7% qoq), showing a soft yoy growth.
- MINT has decided to postpone its REIT launch, which will be negative to its earnings outlook given the increasing interest burden from the new loan.
- We are less optimistic on MINT as its growth target is likely to be missed due to weak performance in 1H26 and the negative impact of the REIT postponement. Downgrade to HOLD with a target price of Bt24.00.
Analysis
- Expect a soft yoy core profit growth in 2Q26. Minor International (MINT) is likely to report a core profit of Bt3.55b in 2Q26 (+4.0% yoy, +2,346.7% qoq). With no notable extra items, its net profit is forecast at Bt3.55b (+15.0% yoy, +446.8% qoq). Top-line should come in at Bt42.8b (+1.8% yoy, +14.7% qoq). The overall RevPar from MINT’s hotels is projected to be flattish yoy at +1%, impacted by the war. RevPar in Europe grew 4% yoy in euros and RevPar in Thailand also rose 3% yoy, mainly due to higher room rates. Interest expense in 2Q26 should increase yoy and qoq as the perpetual bond was converted
into a syndicated loan in Apr 26. We expect the margins to slightly decline yoy as MINT will be facing cost pressure especially in the food business, as packaging and logistics costs are rising.
Highlights
- We expect MINT report a core profit of Bt3.55b (+4.0% yoy, +2,346.7% qoq), showing a soft yoy growth.
- MINT has decided to postpone its REIT launch, which will be negative to its earnings outlook given the increasing interest burden from the new loan.
- We are less optimistic on MINT as its growth target is likely to be missed due to weak performance in 1H26 and the negative impact of the REIT postponement. Downgrade to HOLD with a target price of Bt24.00.
Analysis
- Expect a soft yoy core profit growth in 2Q26. Minor International (MINT) is likely to report a core profit of Bt3.55b in 2Q26 (+4.0% yoy, +2,346.7% qoq). With no notable extra items, its net profit is forecast at Bt3.55b (+15.0% yoy, +446.8% qoq). Top-line should come in at Bt42.8b (+1.8% yoy, +14.7% qoq). The overall RevPar from MINT’s hotels is projected to be flattish yoy at +1%, impacted by the war. RevPar in Europe grew 4% yoy in euros and RevPar in Thailand also rose 3% yoy, mainly due to higher room rates. Interest expense in 2Q26 should increase yoy and qoq as the perpetual bond was converted
into a syndicated loan in Apr 26. We expect the margins to slightly decline yoy as MINT will be facing cost pressure especially in the food business, as packaging and logistics costs are rising.
HOLD (Downgraded)
Current price:
Target price:
Upside:
Previous TP :
Bt22.30
Bt24.00
+7.6%
Bt38.00
Analyst
Analyst
Nonpawit Vathanadachakul
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
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