MINT : Continue to Deliver Solid Earnings in 2H22

MINT : Concern over Surging Utility Price in EU Has Priced In’’

MINT : Limited Downside from Recession in Europe

MINT: Hotel Segment’s Recovery Will Boost 2022 Growth

MINT: Expect 3-Quarter Positive EBITDA in 3Q21

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>Maintain BUY recommendation for MINT while roll over target price to Bt41.0 (Previous TP:Bt38.0)We expect the company to post core profit for the first time since pandemic began at Bt1.0bn</li>
<li>Impressive recovery in hospitality business.We expect hotel revenue to hit 12 quarter high at Bt23bn,thanks to NH Hotel Group (NHH) where its occupancy rate is expected to surge to 70%</li>
<li>Food revenue is expected to be at Bt5.7bn (+16%YoY-6%QoQ) as we anticipate continuing solid SSSG at 7.3% compared with 4.2% and 6.1% in 2Q21 and 1Q22 respectively. </li>
</ul>


Maintain BUY recommendation for MINT while roll over target price to Bt41.0 (Previous TP:Bt38.0)We expect the company to post core profit for the first time since pandemic began at Bt1.0bn
Impressive recovery in hospitality business.We expect hotel revenue to hit 12 quarter high at Bt23bn,thanks to NH Hotel Group (NHH) where its occupancy rate is expected to surge to 70%
Food revenue is expected to be at Bt5.7bn (+16%YoY-6%QoQ) as we anticipate continuing solid SSSG at 7.3% compared with 4.2% and 6.1% in 2Q21 and 1Q22 respectively. 


MINT : Expect to Post Profit for the First Time Since Pandemic Began

Minor International

MINT : Expect to Post Profit for the First Time Since Pandemic Began