MINT : 3Q22 Earnings Beat Our and Consensus Estimates

Minor International (MINT): The Best Stock for Thai Tourism Recovery?

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

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

MINT : Continue to Deliver Solid Earnings in 2H22

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

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

<ul>
<li>MINT has been underperforming Thai listed hotel peers by around30%YTD to trade at 34xPE’23E,or 30%discount to the sector as it has substantially absorbed overhang concerns over recession fear in Europe </li>
<li>Two consecutive quarters net profit should be seen. We expect the company to book core profit at Bt1.5bn (+25%QoQ, turnaround from Bt2.4bn loss in 3Q21) supported by all-time high level </li>
<li>Food revenue is expected to increase to Bt6.1bn (+1%QoQ +29%YoY) as we anticipate continuing solid SSSG at 20.3% compared with 4.2% and -7.2% in 3Q21 and 2Q22 respectively</li>
</ul>


MINT has been underperforming Thai listed hotel peers by around30%YTD to trade at 34xPE’23E,or 30%discount to the sector as it has substantially absorbed overhang concerns over recession fear in Europe 
Two consecutive quarters net profit should be seen. We expect the company to book core profit at Bt1.5bn (+25%QoQ, turnaround from Bt2.4bn loss in 3Q21) supported by all-time high level 
Food revenue is expected to increase to Bt6.1bn (+1%QoQ +29%YoY) as we anticipate continuing solid SSSG at 20.3% compared with 4.2% and -7.2% in 3Q21 and 2Q22 respectively


MINT : Limited Downside from Recession in Europe