The market is speculating that the financial results of Minor International Public Company Limited (SET: MINT) could come out better than expected after its subsidiary NH Hotel announced an outstanding recovery in the third quarter.
Occupancy in the third quarter averaged at 69.5%, while reaching 75% in September. ADR in the quarter was EUR130, while reaching EUR145 in September.
A recovery in the third quarter led to the company to record EUR516 million in revenue, setting the best quarter in NH’s history. The company reported net recurring income of EUR 71.6 million, compared to a contraction of EUR29.7 million in 3Q21 and a gain of EUR26 million in 3Q19.
DAOL Securities (DAOL) expected MINT to report better-than-expected earnings for its 3Q22 performance due to a recovery in NH Hotel, expecting the parent company to announce a profit of 2-2.5 billion baht, which would be above the market’s expectations of 1.3 billion baht and DAOL’s expectation of 1.6 billion baht. DAOL recommended “BUY” on MINT with a target price at THB34.00 per share.
Meanwhile, Maybank Securities (Thailand) (MST) stated that NH Hotels, a 94.1% subsidiary of MINT, reported stronger- than-expected profit in 3Q22, EUR72 million vs a loss of EUR30 million in 3Q21 and a profit of EUR62m in 2Q22. This should be a positive psychology for MINT’s earnings outlook in 3Q22 that should continue growing as well. MST gave a “BUY” recommendation on MINT with a target price at THB35.00 per share.
