MINT: Hotel Segment’s Recovery Will Boost 2022 Growth

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

MINT : Continue to Deliver Solid Earnings in 2H22

MINT: Strong Performance in Europe Supports 2H21 EBITDA Growth

MINT: Expect 3-Quarter Positive EBITDA in 3Q21

MINT: Europe Performance Back on Growth Track in 2H21

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

Pi Research

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

Equity Bottom-Up

<ul>
<li>Yesterday analyst meeting came out with a positive tone. We expect strong recovery in 2022 driven by global tourism recovery especially in Europe and Asia.</li>
<li>All operations resume to normal operation. In Oct 21, the number of hotels in operation, food outlets and lifestyle outlets reached 96%, 94% and 97% of pre-COVID level, respectively.</li>
<li>•EBITDA turned positive in the 3 consecutive quarter at Bt4.3bn in 3Q21 due to hotel performance in Europe should be a good witness for strong earnings recovery in 2022. </li>
</ul>


Yesterday analyst meeting came out with a positive tone. We expect strong recovery in 2022 driven by global tourism recovery especially in Europe and Asia.
All operations resume to normal operation. In Oct 21, the number of hotels in operation, food outlets and lifestyle outlets reached 96%, 94% and 97% of pre-COVID level, respectively.
•EBITDA turned positive in the 3 consecutive quarter at Bt4.3bn in 3Q21 due to hotel performance in Europe should be a good witness for strong earnings recovery in 2022. 


Minor International

MINT: Return to Profit in 2022E