MINT Jumps 4% as 2Q Earnings Beat Market Expectation
MINT jumps 4% as 2Q earnings beat market forecast, analyst maintains a rating of Outperform with a target price of 37.00 baht on expectation of continuing to gain momentum in 3Q.
MINT jumps 4% as 2Q earnings beat market forecast, analyst maintains a rating of Outperform with a target price of 37.00 baht on expectation of continuing to gain momentum in 3Q.
18 ส.ค. 2564

The share price of Minor International Public Company Limited (MINT) rose ฿1.25/share or 4.07% to ฿32.00/share as of 15:22 local time in Thailand, with a trading value of 675 million baht.
KGI Securities (KGI) stated in its research published on Aug 16 that MINT’s 2Q21 earnings have beat its expectation due to a higher-than-expected hotel gross margin. Hotel revenue rebounded both YoY and QoQ backed by recoveries in Europe, while restaurant revenue was dragged down by the company’s Thailand hub. 
MINT reported a 2Q21 normalized loss of 3.4 billion baht (+53% YoY, +35% QoQ). Hotel  revenue rebound 304% YoY and 50% QoQ to 7.4 billion baht propelled by MINT’s operations in Europe, while restaurant revenue was flat QoQ dragged by its Thailand hub which  contributed around 65% of total restaurant revenue. However, the company’s restaurant  business remained at a profitable level in 2Q21 and strong growth in China and Australia still cushioned against the downside risk. The 1H21 normalized losses accounted for 58% of KGI full-year forecast.
Looking ahead, KGI expects earnings to continue to gain momentum in 3Q21F propelled by meaningful signs of recovery for hotels in Europe (around 70% of MINT’s total hotel  revenue) and Maldives (2% of total hotel revenue). KGI maintains a rating of Outperform with a target price of 37.00 baht.