MINT 2Q18 Outstanding Performance, Brokers Recommend Average TP at ฿42.25

Brokers viewed Minor International Public Company Limited or MINT with various opinions after the 2Q18 financial statement has been released on August 8, 2018. MINT reported net profit of 1.2 billion baht in 2Q18, a 64% growth from the same period of 2017. The significant growth was led by the core performance of hotel & mixed-use business, as well as significant dividend income from NH Hotel Group and the non-recurring gain from Benihana investment

1. Food business (39% of revenue) posted zero revenue growth YoY in 2Q18 and 1H18, while EBITDA plunged 11% YoY in 2Q18 and 6% in 1H18
2. Hotel business (54% of revenue) reported a strong recovery with revenue growth of 23% YoY (+17% if dividend income is excluded) and EBITDA growth of 81%.
3. Retail outlet (7% of revenue) posted revenue growth of 10% YoY in 2Q18 and 17% YoY in 1H18, while EBITDA grew 55% YoY in 2Q18 and 30% in 1H18.

 

Brokers Recommendation

KTB: “Hold” TP ฿41/share

KGI: “Neutral” TP ฿39/share

DBS: “BUY” TP ฿46/share

Krungsri: “Outperform” TP ฿43/share