Minor International: Operations holding firm despite conflict

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Minor International: Operations holding firm despite conflict

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Minor International

Operations holding firm despite conflict

Maintain Rating: BUY | PO: 32.00 THB | Price: 21.70 THB

Slightly positive feedback from analyst meeting 20 May 2026

At the analyst meeting, management explained that the decline in 1Q26 EBITDA margin Equity

was mainly due to higher lease expenses following asset rotation and inflation, higher

energy costs, and the partial renovation of Anantara Siam. MINT expects margins to Teerapol Udomvej, CFA ^^^ Research Analyst

gradually improve once the renovation is completed in August. In addition, higher Kiatnakin Phatra Securities

management fees from newly opened asset-light hotels and increased residential sales +66teerapol.udom@kkpfg.com2 305-9216

should also support margins. Note that MINT signed nine management contracts in

1Q26 and expects to sign ~50 contracts in 2026. Overall, MINT expects core profit to

continue growing in 2026 despite the Middle East conflict (we forecast 4% profit

Stock Datagrowth).

Price 21.70 THB

2Q26 RevPAR holds up well despite geopolitical risks Price Objective 32.00 THB

For the outlook in 2Q26, RevPAR of Thai hotels and European hotels grew by 1% YoY Date Established 27-Apr-2026

and 5% YoY respectively in April, which is above the previous forward booking guidance Investment Opinion B-1-7

of a 7-9% decrease and 2% growth. This implies that booking lead time has shortened 52-Week Range 19.60 THB-27.00 THB

due to the uncertainty of flight plans. Overall, MINT expects RevPAR to be in the positive Mrkt Val / Shares Out (mn) 3,739 USD / 5,624.6

low single-digits for European hotels in 2Q26, negative low single-digits for Thai hotels, Market Value (mn) 122,053 THB