reports
- Benjaphol Suthwanish
Thailand Hotel - Hope Lies In 4Q25
Hotel stocks reported a combined core profit of Bt3,767m for 2Q25 (+0.4% yoy, +101.3% qoq), mainly supported by MINT’s strong hotel performance in Europe. However, Thai tourism’s 3Q25 outlook should remain dull, similar to 2Q25. Hopes of hotel operators rest on the high travel season in 4Q25, as room bookings still indicate a positive momentum. MINT remains our top pick given its lower cost of debt. Maintain MARKET WEIGHT.
- Benjaphol Suthwanish
Minor International (MINT TB) - Less Deleveraging, But Still Expect A ...
We attended MINT’s 2Q25 analyst meeting, and the tone was positive. MINT is maintaining its growth guidance target as the core profit growth in 1H25 remains on track. MINT will utilise a capex of Bt2.5b-3.0b to delist MHEA, allowing greater flexibility for the planned REIT. As a result, MINT’s debt ratio will not improve. However, we are still optimistic on MINT as the cost of debt will continue to decrease, and the growth outlook in 3Q25 is still decent. Maintain BUY. Target price: Bt38.00...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
Thailand Daily - Thursday, August 07, 2025
KEY HIGHLIGHTS Results Advanced Info Service (ADVANC TB/BUY/Bt296.00/Target: Bt340.00) 2Q25: Results in line with our and consensus estimates. IRPC (IRPC TB/BUY/Bt1.02/Target: Bt1.20) 2Q25 Results: Losses were expected; better outlook in 3Q25. SVI (SVI TB/HOLD/Bt6.10/Target: Bt6.00) 2Q25: Earnings were weak and below our and market expectations Update CH Karnchang (...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Guan An Tan
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Thursday, August 7, 2025
GREATER CHINA Results BeOne Medicines (6160 HK/BUY/HK$182.70/Target: HK$240.00): 2Q25: Results beat; expects revenue and margins to expand further. Cathay Pacific Airways (293 HK/SELL/HK$10.85/Target: HK$10.23): 1H25: Results broadly in line. Cargo facing higher uncertainties in 2H25. Downgraded to SELL. Update AIA Group (1299 HK/BUY/HK$73.55/Target: HK$91.00): 1H25 results preview: Solid VONB and earnings growth. Xiaomi Corp (1810 HK/BUY/HK$54.00/Target: HK$69.20): 2Q25 results preview: Expect ...
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
01299 AIA GROUP LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
7160 PENTAMASTER CORP. BHD
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
06160 BEIGENE LTD.
CLAR CAPITALAND ASCENDAS REIT
0293(HKG) CATHAY PACIFIC AIRWAYS LTD
- Benjaphol Suthwanish
Minor International (MINT TB) - 2Q25: Strong Results In Line With Expe...
MINT reported a net profit of Bt3.1b (+9.3% yoy, +640.2% qoq) in 2Q25. Excluding the non-core items, MINT reported a core profit of Bt3.4b (+5.6% yoy) which is in line with our and consensus forecasts. The key contributor was a robust hotel performance from every region except Thailand. MINT’s interest expense continues to decrease yoy on a lower cost of debt. We expect MINT’s interest expense to drop significantly to become the key earnings driver in 3Q25. Maintain BUY. Target price: Bt38....
- Thailand Research Team
Thailand Daily - Monday, August 04 , 2025
KEY HIGHLIGHTS Strategy Alpha Picks: A More Cautious Market Outlook We have a cautious outlook for the Thai equities market in August. We decide to take profit on SCGP, add GFPT to our portfolio, and replace TIDLOR with KTC. Results Minor International (MINT TB/BUY/Bt25.00/Target: Bt38.00) 2Q25: Strong results in line with expectations. Update Asset World Corporation (AWC TB/BUY/Bt2.10/Target: Bt3.30) 2Q25 earnings expected to weaken due to decline in Chinese guest arrivals. PTT (PTT TB/BUY/Bt...
- Benjaphol Suthwanish
Minor International (MINT TB) - Sustained Strong Growth Expected In 2Q...
We expect MINT to report a core profit of Bt3.4m in 2Q25 (+5.5% yoy, +6,714.1% qoq). The top-line should be at Bt43.2b (-1.3% yoy, +21.3% qoq), with the contraction mainly due to a strong yoy appreciation of the Thai baht vs the euro in 2Q25 and the high base last year due to several large events. In their local currencies, hotels in Europe and the Maldives are still showing strong yoy growth. We are bullish on MINT as its interest expense trends further downwards. Maintain BUY. Target pric...
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Anas Fitri Bin Ahmad
- Audrey Celia
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ming San Soong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, July 23, 2025
GREATER CHINA Update Kuaishou (1024 HK/BUY/HK$72.75 /Target: HK$80.00): 2Q25 results preview: Solid adtech upgrade and Kling AI monetisation progress. INDONESIA Strategy Industrial Estate: Positive sentiment on the industrial estate sector. MALAYSIA Sector Automobile: MAA TIV Jun 25: Sales declined mom and yoy. 2Q25 earnings expected to come in flattish or show slight growth. Maintain UNDERWEIGHT. Results Pavilion REIT (PREIT MK/BUY/RM1.71/Target: RM1.88): 2Q25: In line. PREIT remains our top ...
- Benjaphol Suthwanish
Minor International (MINT TB) - Expect MINT’s Hotel Performance To Rem...
We attended MINT’s 1Q25 analyst meeting, and the tone was neutral. 1Q25 earnings were strong, attributable to the robust performance of its hotels in Europe, Thailand and the Maldives. Despite the poor Thai tourism outlook, MINT is maintaining its guidance as it is confident in its room pricing strategy. We are optimistic on MINT as the outlook in 2Q25 is improving, and MINT could also benefit from the indirect impact of the tariffs. Maintain BUY. Target price: Bt38.00.
- Benjaphol Suthwanish
Thailand Daily - Tuesday, May 20, 2025
KEY HIGHLIGHTS Update Minor International (MINT TB/BUY/Bt24.50/Target: Bt38.00) Expect MINT’s hotel performance to remain strong amid uncertainties. PTT Oil & Retail Business (OR TB/SELL/Bt13.00/Target: Bt12.80) Domestic oil demand cools amid economic uncertainty. Downgrade to SELL.
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Lester Siew
- Llelleythan Tan Tan
- Philip Wong
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, May 20, 2025
GREATER CHINA Economics Economic Activity Generally weaker activities in April. Update Yuexiu Property (123 HK/NOT RATED/HK$4.57) Takeaways from meeting with Yuexiu Property. INDONESIA Update Aneka Tambang (ANTM IJ/BUY/Rp2,720/Target: Rp3,300) Raising earnings forecast on strong gold price momentum. MALAYSIA Results Affin Bank (ABANK MK/SELL/RM2.72/Target: RM...
- Benjaphol Suthwanish
Minor International (MINT TB) - 1Q25: Reported A Mild Profit
MINT reported a core profit of Bt50m in 1Q25, improved from a core loss of Bt352m in 1Q24. This is slightly better than our estimates and the consensus. Despite the topline contraction from foreign exchange impact, the hotel performance is still strong. The interest expense is continuously improving as a result of the rate cut, and the margins have expanded well yoy. We are optimistic with MINT as the outlook in 2Q25 is improving. Maintain BUY. Target price: Bt38.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, May 14, 2025
KEY HIGHLIGHTS Results Bangchak Corporation (BCP TB/BUY/Bt38.00/Target: Bt45.00) 1Q25: Soft results, but better than expected; likely to see a strong rebound in 2Q25. COM7 (COM7 TB/BUY/Bt21.20/Target: Bt29.50) 1Q25: Better-than-expected earnings. CP ALL (CPALL TB/BUY/Bt51.50/Target: Bt79.00) 1Q25: Stronger-than-expected earnings. GFPT Plc. (GFPT TB/BUY/Bt9.80/Target: Bt13.40) ...
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kong Ho Meng
- Lester Siew
- Llelleythan Tan Tan
- Ming San Soong
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Notes - Wednesday, May 14, 2025
GREATER CHINA Results JD.com (9618 HK/BUY/HK$137.00/Target: HK$185.00): 1Q25: Strong earnings beat; intact 2025 outlook; vague visibility on food delivery. JD Logistics, Inc (2618 HK/BUY/HK$12.24/Target: HK$22.00): 2024: Results broadly in line; revenue growth to accelerate in 2025. Maintain BUY. Tencent Music Entertainment Group (1698 HK/BUY/HK$54.50/Target: HK$68.00): 1Q25: Solid earnings beat; encouraging margin outlook in 2025. INDONESIA Update Trimegah Bangun Persada (NCKL IJ/BUY/Rp670/Tar...
558 UMS HOLDINGS LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
SE SEA ADS
MAXIS MAXIS BHD
SIE SIA ENGINEERING CO LTD
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
FEH FOOD EMPIRE HOLDINGS LTD
09618 JD.COM INC. CLASS A
02618 JD LOGISTICS INC
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Benjaphol Suthwanish
Minor International (MINT TB) - Smaller Loss Expected In 1Q25
We expect MINT to report a core loss of Bt52m in 1Q25, improving from the core loss of Bt352m in 1Q24. The top-line should be at Bt36.0b (-1.3% yoy, -11.0% qoq). The top-line contraction was mainly due to a 7.5% yoy appreciation of the Thai baht in 1Q25. In their respective local currencies, Europe and the Maldives RevPar are still showing a strong yoy growth in hotel performance. We are positive on MINT as the outlook for 2Q25 looks decent. Maintain BUY. Target price: Bt38.00.
- Benjaphol Suthwanish
- Thailand Research Team
Thailand Daily - Tuesday, May 06, 2025
KEY HIGHLIGHTS Strategy Alpha Picks: Focus on stocks that have the potential to attract investment inflows We maintain our cautiously optimistic view on the Thai equities market for May 25. We decide to switch AP to BDMS. Update Minor International (MINT TB/BUY/Bt26.75/Target: Bt38.00) Smaller loss expected in 1Q25. The Erawan Group (ERW TB/BUY/Bt2.28/Target: Bt4.70) Expect strong growth in 1Q25, but poor outlook going forward.
- Benjaphol Suthwanish
- Greater China Research Team
- Guan An Tan
- Johnny Yum
- Jonathan Koh
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Philip Wong
- Roy Chen Chengzhi
- Thailand Research Team
Regional Morning Meeting Notes: Tuesday, May 06, 2025
GREATER CHINA Strategy Alpha Picks: May Conviction Calls Add Alibaba, Innovent, Shuanghuan, Trip.com to our BUY list. Take profit on JBM Healthcare and CR Land. Sector Aviation Airlines: 1Q25 results below expectations. Weak fuel prices to support full-year performance. Maintain UNDERWEIGHT. INDONESIA Strategy 1Q25 Results Recap ...
BJC BERLI JUCKER PUBLIC CO. LTD.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
1023 CIMB GROUP HOLDINGS BHD
ERW ERAWAN GROUP
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
CPN CENTRAL PATTANA PUBLIC CO. LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
AD2 AIR CHINA LIMITED CLASS H
1055 CHINA SOUTHERN AIRLINES COMPANY LIMITED CLASS H
0670 CHINA EASTERN AIRLINES CORPORATION LIMITED CLASS H
01810 XIAOMI CORP. CLASS B
MTC MUANGTHAI CAPITAL PCL
RATCH RATCH GROUP PUBLIC CO. LTD.
01801 INNOVENT BIOLOGICS INC.
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
TIDLOR NGERN TID LOR PCL
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
Minor International Plc: 1 director
A director at Minor International Plc bought 500,000 shares at 27.500THB and the significance rating of the trade was 59/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ye...
- Benjaphol Suthwanish
Minor International (MINT TB) - Firmly On The Growth Path
The tone at MINT’s analyst meeting regarding the revision of its 4Q24 results was neutral. The earnings are in line with our and consensus expectations, and MINT had delivered on all of its targets. MINT has provided an updated guidance while placing priority on deleveraging. We are seeing good sentiment enhancements from The White Lotus series while the new JV project in Japan is looking promising. Maintain BUY. Target price: Bt38.00.
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