Minor International is looking to record growth in the third quarter from stronger hotel operations in Europe and Thailand, setting a solid performance before its peak season in the final quarter of the year.
Krungsri Securities wrote in its analysis paper, expecting 3Q24F core profit to drop qoq due to seasonal weakness, but rise yoy led by strong hotel operations in Europe and Thailand. 9M24F earnings would be 71% of its full-year forecast.
Meanwhile. earnings would continue to rise yoy in 4Q but drop qoq due to seasonal impact. The yoy growth would be driven by improving hotel operations in Thailand and Europe, recovery in Australia and the Maldives, and smaller interest expense following larger loan repayments.
The securities firm recommended BUY rating for MINT with THB38.00 per share target price (DCF) given rising earnings and attractive valuation at 18x 2025FP/E, lower than peers.
Meanwhile, LSEG consensus expected MINT to record 24% net profit growth yoy in 3Q24 at THB2,659 million, while setting target price as high as THB40.60 per share, reflecting 49% upside from the current trading price of THB27.25 per share.
