MINT receives assets from NH Hotel, raises Q3 performance to a new level – Miti Stock

Stock Dimension – Mint Leveraging NH Hotel Group’s assets, occupancy reaches 72%, RevPAR grows 8%, third-quarter profit exceeds $2.3 billion

Yuanta Securities (Thailand) subsidiary MINT revealed that Q3/66 regular earnings of 2.3 billion baht rose +13% y/y and fell q/q due to seasonal factors but grew y/y despite a high base supported by demand. Increasing tourism and strategies to increase ADR continuously

“The fourth quarter is from the hotel business

“The food in Thailand supports that.”

As for the trend of the fourth quarter of 2023, profits are expected to slow on a quarterly basis, due to pressure from European hotels entering the low season. However, profits are expected to grow year-on-year from the recovery of the hotel and restaurant business in Thailand. Therefore, the forecast for 2023-2024 has been maintained, with an expected normalized profit of 6.4 billion baht, up 219% year-on-year and 8.4 billion baht, up 31% year-on-year, respectively. We recommend ‘buy’ with a target of 39 baht per share.

“Profit booking from NH Hotel

“More than 2.2 billion”

Kada NH Hotel Group (NHH SM) will report RevPAR growth of 8% year-on-year and 31% higher than pre-Covid levels due to seasonal factors and expected occupancy rates (OCC rate) of 72%, Finansia Cyrus Securities said. All of which should result in a normalized profit, amounting to €55 million, which is a new high normal profit in the third quarter (compared to €47 million in the second quarter of 2022 and €26 million in the third quarter of 2019) and represents the company’s share of profits. MINT is valued at approximately EUR 2 billion baht, bringing Q3/66 net profit to 2.2 billion baht. We recommend ‘buy’ with a target of 43 baht per share.

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