First Read: Minor International "Q126: Softer side of expectations" (Buy)

研报英文原文证据摘录

First Read: Minor International "Q126: Softer side of expectations" (Buy)

mand in some markets. Profitability 12/26E 1.40 1.64

weakened, with EBITDA down 2% YoY and margins compressing to 21.9%, reflecting 12/27E 1.68 1.86

higher input and labour costs alongside increased promotional activity. Lower financing 12/28E 2.24 2.19

costs supported strong core net profit improvement YoY despite seasonal weakness in

Europe, while net gearing remained largely unchanged from FY25. Sukrit Friestad

Analyst

sukrit.friestad@ubs.com

Has the company's outlook/guidance changed? +662-613 5732

MINT retains a broadly constructive outlook for 2026. Management continues to expect

Alex Manoonpol

RevPAR growth across core hotel markets, with forward bookings in Europe and the

Americas continuing to benefit from strong intra-Europe travel. Asia portfolio is also alex.manoonpol@ubs.com

guided to see tailwinds from demand reallocation, with solid forward bookings +662-613 5770

supporting room revenue growth throughout 2026. Management shared its plans for

proactive costs management but we believe that the market is likely to remain sceptical

given the concern from investors feedback regarding the company's inability to expand

hotel EBITDA margin heading into Q126 results despite the strong RevPAR growth. We

expect costs management to remain the key area of investors' focus at the company

analyst briefing on 19 May and heading to Q226 results.

Valuation: DCF-based price target of Bt30/share

We maintain a Buy rating, with a DCF-based price target of Bt30/share.

Highlights (Btm) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 149,340 161,352 160,619 161,759 168,123 175,921 182,238 189,500

EBIT (UBS) 21,997 22,586 21,446 22,520 23,947 27,528 29,514 32,331