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>The 1Q25 performance returned to a core profit as expected, and the outlook for 2Q25E remains positive, supported by lower interest expenses and the start of the European tourism season.</li><li>The company faces low risk from the Thai tourism segment, as revenue from Thai hotels accounts for only 11% of total revenue, supporting a core earnings CAGR of +12% over the next three years — above the industry average.</li><li>We maintain an Outperform rating with a target price of Bt30.00, based on a required return of 5.0%.</li></ul>

The 1Q25 performance returned to a core profit as expected, and the outlook for 2Q25E remains positive, supported by lower interest expenses and the start of the European tourism season.The company faces low risk from the Thai tourism segment, as revenue from Thai hotels accounts for only 11% of total revenue, supporting a core earnings CAGR of +12% over the next three years — above the industry average.We maintain an Outperform rating with a target price of Bt30.00, based on a required return of 5.0%.

Minor International - 1Q25 Earnings Turned Around to Profit as Expected

<ul><li>We upgrade our rating to Outperform (previously Neutral) while maintaining the target price at Bt36.75, based on a required return of 4.1%.</li><li>The long-term earnings outlook has become more positive, with 2025-27E core EPS growth expected at a CAGR of +12%, outpacing the industry average of +7%.</li><li>Our buy recommendation is maintained from a fundamental perspective, given 36% upside between the market price and the fair value, with limited tactical upside risks</li></ul>

We upgrade our rating to Outperform (previously Neutral) while maintaining the target price at Bt36.75, based on a required return of 4.1%.The long-term earnings outlook has become more positive, with 2025-27E core EPS growth expected at a CAGR of +12%, outpacing the industry average of +7%.Our buy recommendation is maintained from a fundamental perspective, given 36% upside between the market price and the fair value, with limited tactical upside risks

Minor International - Expect Strong 2025E Earnings Growth Amid Continued Decrease in IBD/E

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

Thematic (Sector/Industry)

<ul><li>The SET Index is expected to move sideways, with the resistance at 1,113/1,124 points (25-day EMA) and the support at 1,100/1,092 points.</li><li>External factors are positive following progress in  US trade negotiations with its partners, raising hopes that some countries may reach trade agreements with the US before the reciprocal tariff grace period ends on July 9 (Thai time).</li><li>However, domestic factors are slightly negative, as the market may lack clear drivers and faces concerns over a planned protest this weekend calling for Prime Minister Paetongtarn’s resignation. </li></ul>

The SET Index is expected to move sideways, with the resistance at 1,113/1,124 points (25-day EMA) and the support at 1,100/1,092 points.External factors are positive following progress in  US trade negotiations with its partners, raising hopes that some countries may reach trade agreements with the US before the reciprocal tariff grace period ends on July 9 (Thai time).However, domestic factors are slightly negative, as the market may lack clear drivers and faces concerns over a planned protest this weekend calling for Prime Minister Paetongtarn’s resignation. 

KTX Zoom: Progress in Trade Negotiations Expected to Support the Market - JUNE 27, 2025

<ul><li>The SET moved up and down in a narrow range, as the market lacked new catalysts.</li><li>However, political instability and the uncertainty surrounding trade negotiations between the US and Thailand stimulated a selling force, particularly targeting DELTA, which caused the index to close down slightly, even though the banking, ICT, commerce, and energy sectors improved.</li><li>The index has not yet formed a negative price pattern, as it continues to climb steadily—positioning itself to potentially test the resistance level at 1,116 points.</li></ul>

The SET moved up and down in a narrow range, as the market lacked new catalysts.However, political instability and the uncertainty surrounding trade negotiations between the US and Thailand stimulated a selling force, particularly targeting DELTA, which caused the index to close down slightly, even though the banking, ICT, commerce, and energy sectors improved.The index has not yet formed a negative price pattern, as it continues to climb steadily—positioning itself to potentially test the resistance level at 1,116 points.

Thailand

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Minor International (MINT TB)

Minor International - 1Q25 Earnings Turned Around to Profit as Expected

The 1Q25 performance returned to a core profit as expected, and the outlook for 2Q25E remains positive, supported by lower interest expenses and...

Krungthai XSpring

Minor International - Expect Strong 2025E Earnings Growth Amid Continued Decrease in IBD/E

We upgrade our rating to Outperform (previously Neutral) while maintaining the target price at Bt36.75, based on a required return of 4.1%.

Krungthai XSpring

KTX Zoom: Progress in Trade Negotiations Expected to Support the Market - JUNE 27, 2025

The SET Index is expected to move sideways, with the resistance at 1,113/1,124 points (25-day EMA) and the support at 1,100/1,092 points.

Krungthai XSpring

Technical Analysis - JUNE 27, 2025

The index has not yet formed a negative price pattern, as it continues to climb steadily—positioning itself to potentially test the resistance...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Minor International - 1Q25 Earnings Turned Around to Profit as Expected

The 1Q25 performance returned to a core profit as expected, and the outlook for 2Q25E remains positive, supported by lower interest expenses and...

Krungthai XSpring

Minor International - Expect Strong 2025E Earnings Growth Amid Continued Decrease in IBD/E

We upgrade our rating to Outperform (previously Neutral) while maintaining the target price at Bt36.75, based on a required return of 4.1%.

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

KTX Zoom: Progress in Trade Negotiations Expected to Support the Market - JUNE 27, 2025

The SET Index is expected to move sideways, with the resistance at 1,113/1,124 points (25-day EMA) and the support at 1,100/1,092 points.

Krungthai XSpring

Technical Analysis - JUNE 27, 2025

The index has not yet formed a negative price pattern, as it continues to climb steadily—positioning itself to potentially test the resistance...

Krungthai XSpring