Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>3Q25 core profit rose YoY as expected due to lower interest expenses and a slower SSSG contraction, while RevPAR saw a small hit from the stronger baht.</li><li>4Q25E profit should be flat YoY, as a major hotel renovation offsets the benefit from the “Travel Well Get A Refund” tourism boost scheme.</li><li>We maintain BUY with a 2026E FV of Bt30.00 (required return 5.2%). Valuation metric remains positive on current valuation with 42% upside.</li></ul>

3Q25 core profit rose YoY as expected due to lower interest expenses and a slower SSSG contraction, while RevPAR saw a small hit from the stronger baht.4Q25E profit should be flat YoY, as a major hotel renovation offsets the benefit from the “Travel Well Get A Refund” tourism boost scheme.We maintain BUY with a 2026E FV of Bt30.00 (required return 5.2%). Valuation metric remains positive on current valuation with 42% upside.

MINOR INTERNATIONAL Plc. (MINT): 4Q25E Boosted by Stimulus But Dragged by Hotel Renovation

<ul><li>3Q25 core profit would likely miss our previous forecast due to softer residential sales, while F&amp;B shows improvement as SSSG decline eased as SSSG in China turned positive.</li><li>We rolled forward to a 2026E fair value of Bt30.00, based on a required return of 5.2% and updated assumptions: Rf 1.04% and MRP 5.81% (previously Bt30.25/5.3%/1.45%/5.26%).</li><li>We upgrade to “Buy” (from Outperform), turning more positive on current valuation after a 10% share price drop since the last results, lifting upside to 34%. We now see very limited tactical downside (from Neutral), with baht concerns and slower RevPAR growth priced in. We maintain 2026–28E EPS growth at 14% CAGR, above peers.</li></ul>

3Q25 core profit would likely miss our previous forecast due to softer residential sales, while F&amp;B shows improvement as SSSG decline eased as SSSG in China turned positive.We rolled forward to a 2026E fair value of Bt30.00, based on a required return of 5.2% and updated assumptions: Rf 1.04% and MRP 5.81% (previously Bt30.25/5.3%/1.45%/5.26%).We upgrade to “Buy” (from Outperform), turning more positive on current valuation after a 10% share price drop since the last results, lifting upside to 34%. We now see very limited tactical downside (from Neutral), with baht concerns and slower RevPAR growth priced in. We maintain 2026–28E EPS growth at 14% CAGR, above peers.

MINOR INTERNATIONAL Plc. (MINT): Residential Business Pressured 3Q25E Earnings

<ul><li>2Q25 core profit was in line with expectations, supported by lower interest expenses.</li><li>This interest expense trend is expected to continue in 3Q25E following additional loan repayments made in July, in line with the company’s long- term plan.</li><li>We maintain our estimate of long-term earnings growth at a CAGR of 11%, outperforming the sector.</li></ul>

2Q25 core profit was in line with expectations, supported by lower interest expenses.This interest expense trend is expected to continue in 3Q25E following additional loan repayments made in July, in line with the company’s long- term plan.We maintain our estimate of long-term earnings growth at a CAGR of 11%, outperforming the sector.

Minor International - In-Line 2Q25 Earnings

<ul><li>We have a negative view on 2Q25E core profit growth, which is now expected to expand at a slower pace YoY than previously estimated.</li><li>This is due to extensive hotel renovations in Thailand and the weakening of the euro against the Thai baht, which diminishes the appeal of the operations during Europe’s high season (2Q-3Q25E).</li><li>These factors may pressure the share price, which has declined only 4% YTD — less than the sector average.</li></ul>

We have a negative view on 2Q25E core profit growth, which is now expected to expand at a slower pace YoY than previously estimated.This is due to extensive hotel renovations in Thailand and the weakening of the euro against the Thai baht, which diminishes the appeal of the operations during Europe’s high season (2Q-3Q25E).These factors may pressure the share price, which has declined only 4% YTD — less than the sector average.

Minor International - Weaker Euro to Offset Strong 2Q25E Operational Performance in Europe

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>This is a follow-up to our initial report on the APAC Luxury Industry where we were of the belief that small niches within the luxury sector could offer potential opportunities.</li>
<li>Below, we analyse the recent trends in luxury travel on <a href="https://www.smartkarma.com/entities/minor-international-pcl" target="_blank" data-smartkarma-citation="entities:2154:1" rel="noopener">Minor International (MINT TB)</a>, <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental International (MAND SP)</a> and <a href="https://www.smartkarma.com/entities/shiseido-co-ltd" target="_blank" data-smartkarma-citation="entities:5718:1" rel="noopener">Shiseido Company (4911 JP)</a>.</li>
<li>While travel has rebounded to pre-pandemic levels, Shiseido's Travel Retail struggles, yet Minor International and Mandarin Oriental are showing signs of improvement. </li>
</ul>


This is a follow-up to our initial report on the APAC Luxury Industry where we were of the belief that small niches within the luxury sector could offer potential opportunities.
Below, we analyse the recent trends in luxury travel on Minor International (MINT TB), Mandarin Oriental International (MAND SP) and Shiseido Company (4911 JP).
While travel has rebounded to pre-pandemic levels, Shiseido's Travel Retail struggles, yet Minor International and Mandarin Oriental are showing signs of improvement. 


APAC Luxury Industry Series Update: The Growth of Luxury Travel Unmatched by Dull Share Prices

Thailand

Minor International PCL is a global company focused on three primary businesses including restaurants, hotels and lifestyle brands distribution.

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Minor International (MINT TB)

MINOR INTERNATIONAL Plc. (MINT): 4Q25E Boosted by Stimulus But Dragged by Hotel Renovation

3Q25 core profit rose YoY as expected due to lower interest expenses and a slower SSSG contraction, while RevPAR saw a small hit from the stronger...

Krungthai XSpring

MINOR INTERNATIONAL Plc. (MINT): Residential Business Pressured 3Q25E Earnings

3Q25 core profit would likely miss our previous forecast due to softer residential sales, while F&B shows improvement as SSSG decline eased as SSSG...

Krungthai XSpring

Minor International - In-Line 2Q25 Earnings

This interest expense trend is expected to continue in 3Q25E following additional loan repayments made in July, in line with the company’s long-...

Krungthai XSpring

Minor International - Weaker Euro to Offset Strong 2Q25E Operational Performance in Europe

We have a negative view on 2Q25E core profit growth, which is now expected to expand at a slower pace YoY than previously estimated.

Krungthai XSpring

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

MINOR INTERNATIONAL Plc. (MINT): 4Q25E Boosted by Stimulus But Dragged by Hotel Renovation

3Q25 core profit rose YoY as expected due to lower interest expenses and a slower SSSG contraction, while RevPAR saw a small hit from the stronger...

Krungthai XSpring

MINOR INTERNATIONAL Plc. (MINT): Residential Business Pressured 3Q25E Earnings

3Q25 core profit would likely miss our previous forecast due to softer residential sales, while F&B shows improvement as SSSG decline eased as SSSG...

Krungthai XSpring

Minor International - In-Line 2Q25 Earnings

This interest expense trend is expected to continue in 3Q25E following additional loan repayments made in July, in line with the company’s long-...

Krungthai XSpring

Minor International - Weaker Euro to Offset Strong 2Q25E Operational Performance in Europe

We have a negative view on 2Q25E core profit growth, which is now expected to expand at a slower pace YoY than previously estimated.

Krungthai XSpring

APAC Luxury Industry Series Update: The Growth of Luxury Travel Unmatched by Dull Share Prices

While travel has rebounded to pre-pandemic levels, Shiseido's Travel Retail struggles, yet Minor International and Mandarin Oriental are showing...

Oshadhi Kumarasiri