The share price of Minor International Pcl. (SET: MINT) rose more than 3% in the morning session of Wednesday, trading at THB33.50/share, with a trading value of THB505 million.
CGS- CIMB Securities Thailand upgraded MINT’s stock rating from HOLD to “BUY” with a target price of THB44, citing forecasts that NH Hotel Group (NHH), of which MINT owns 94 percent, will be profitable in 2Q22 due to strong tourism rebound in Europe.
Meanwhile, KGI Securities (Thailand) expects MINT to report a 2Q22 normalized profit of THB700 million, reversing from normalized losses of THB3.6 billion in 1Q22 and THB3.4 billion in 2Q21. Both hotel and restaurant businesses are expected to recover, and RevPar is projected to jump 266% YoY and 85% QoQ and SSSG to come in at +5% YoY led by its Thailand hub.
KGI reiterates its long-term positive view backed by the recovery in its hotel performance and bottoming out of its restaurant performance in China. Maintaining a rating of Outperform with a target price of THB44.00.
