Financials Minor International

Equities

MINT

TH0128B10Z09

Hotels, Motels & Cruise Lines

End-of-day quote Thailand S.E. Other stock markets 18:00:00 2024-05-01 EDT			5-day change	1st Jan Change
32 ^THB	-3.03%		-3.76%	+8.47%

02-09	Transcript : Minor International Public Company Limited, 2023 Earnings Call, Feb 09, 2024
02-08	Minor International Public Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	166,284	133,445	149,896	170,119	165,076	181,439	-	-
Enterprise Value (EV) ¹	265,327	338,198	256,679	170,119	253,374	267,311	263,459	256,807
P/E ratio	17.7 x	-5.47 x	-10.2 x	60.8 x	45.4 x	22.6 x	19.6 x	17.5 x
Yield	1.11%	-	-	-	-	1.51%	1.85%	2.02%
Capitalization / Revenue	1.4 x	2.38 x	2.16 x	1.42 x	1.11 x	1.13 x	1.08 x	1.03 x
EV / Revenue	2.23 x	6.04 x	3.69 x	1.42 x	1.7 x	1.66 x	1.56 x	1.46 x
EV / EBITDA	10.4 x	335 x	22.7 x	4.85 x	6.23 x	6.19 x	5.86 x	5.42 x
EV / FCF	230 x	-39.8 x	29.7 x	-	8.67 x	13.5 x	13.1 x	10.9 x
FCF Yield	0.44%	-2.51%	3.37%	-	11.5%	7.41%	7.63%	9.18%
Price to Book	2.2 x	1.99 x	2.2 x	-	2.15 x	2.12 x	1.98 x	1.84 x
Nbr of stocks (in thousands)	4,619,005	5,182,335	5,213,770	5,275,015	5,595,798	5,669,977	-	-
Reference price ²	36.00	25.75	28.75	32.25	29.50	32.00	32.00	32.00
Announcement Date	20-02-27	21-02-25	22-02-25	23-02-23	24-02-08	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	119,025	55,955	69,481	119,929	149,340	160,693	168,732	175,859
EBITDA ¹	25,455	1,009	11,323	35,073	40,673	43,169	44,989	47,339
EBIT ¹	16,541	-17,232	-8,619	15,798	20,273	22,186	23,405	24,939
Operating Margin	13.9%	-30.8%	-12.4%	13.17%	13.58%	13.81%	13.87%	14.18%
Earnings before Tax (EBT) ¹	13,287	-25,149	-17,813	6,931	9,596	12,891	14,870	16,581
Net income ¹	10,698	-21,407	-13,167	4,286	5,407	8,257	9,571	10,695
Net margin	8.99%	-38.26%	-18.95%	3.57%	3.62%	5.14%	5.67%	6.08%
EPS ²	2.037	-4.708	-2.830	0.5300	0.6500	1.416	1.635	1.830
Free Cash Flow ¹	1,155	-8,503	8,642	-	29,231	19,805	20,106	23,579
FCF margin	0.97%	-15.2%	12.44%	-	19.57%	12.33%	11.92%	13.41%
FCF Conversion (EBITDA)	4.54%	-	76.33%	-	71.87%	45.88%	44.69%	49.81%
FCF Conversion (Net income)	10.79%	-	-	-	540.61%	239.86%	210.07%	220.46%
Dividend per Share ²	0.4000	-	-	-	-	0.4834	0.5928	0.6470
Announcement Date	20-02-27	21-02-25	22-02-25	23-02-23	24-02-08	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	25,720	19,446	24,315	19,688	31,454	51,142	33,930	34,856	30,681	39,738	38,904	38,807	34,460	36,917	40,128	49,758	-
EBITDA ¹	1,669	6,340	3,314	1,567	-	-	11,419	10,115	6,236	12,672	10,934	10,831	7,012	-	-	-	-
EBIT ¹	-8,194	1,271	-1,695	-3,123	4,033	909.4	6,486	5,301	707.8	7,754	5,303	4,862	2,175	5,667	6,347	7,254	-
Operating Margin	-31.86%	6.54%	-6.97%	-15.86%	12.82%	1.78%	19.11%	15.21%	2.31%	19.51%	13.63%	12.53%	6.31%	15.35%	15.82%	14.58%	-
Earnings before Tax (EBT) ¹	-13,346	-1,108	-3,360	-4,141	2,634	-	5,591	2,847	-0.7543	4,884	3,384	2,409	-267	-	-	-	-
Net income ¹	-11,174	-435.6	-1,557	-3,794	1,561	-2,232	4,608	1,911	-975.9	3,255	2,144	4,423	-	3,230	2,682	3,120	-
Net margin	-43.44%	-2.24%	-6.4%	-19.27%	4.96%	-4.36%	13.58%	5.48%	-3.18%	8.19%	5.51%	11.4%	-	8.75%	6.68%	6.27%	-
EPS ²	-2.310	-0.1600	-0.3700	-0.7800	0.2200	-0.5700	0.8000	0.2800	-0.2700	0.5100	0.3100	0.1000	-	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	0.2500	-	-	-	0.5897	-	-	-
Announcement Date	21-08-13	21-11-12	22-02-25	22-05-13	22-08-11	22-08-11	22-11-10	23-02-23	23-05-08	23-08-11	23-11-09	24-02-08	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	99,043	204,753	106,783	-	88,298	85,872	82,020	75,368
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.891 x	202.9 x	9.431 x	-	2.171 x	1.989 x	1.823 x	1.592 x
Free Cash Flow ¹	1,155	-8,503	8,642	-	29,231	19,805	20,106	23,579
ROE (net income / shareholders' equity)	14.6%	-30.1%	-19.5%	-	7.32%	9.77%	10.5%	11.3%
ROA (Net income/ Total Assets)	4.1%	-6.94%	-3.6%	-	1.51%	2.28%	2.57%	2.87%
Assets ¹	261,135	308,463	365,980	-	358,701	361,593	372,268	373,053
Book Value Per Share ²	16.30	12.90	13.00	-	13.70	15.10	16.20	17.40
Cash Flow per Share ²	3.960	-0.4300	3.140	-	6.940	5.280	5.650	5.930
Capex ¹	13,611	6,003	4,383	-	8,786	16,424	13,620	13,553
Capex / Sales	11.44%	10.73%	6.31%	-	5.88%	10.22%	8.07%	7.71%
Announcement Date	20-02-27	21-02-25	22-02-25	23-02-23	24-02-08	-	-	-

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Minor International

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

32 THB

Average target price

39.65 THB

Spread / Average Target

+23.91%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Hotels, Motels & Cruise Lines

	1st Jan change	Capi.
MINOR INTERNATIONAL	+8.47%	4.92B
MARRIOTT INTERNATIONAL, INC.	+4.94%	67.28B
INTERCONTINENTAL HOTELS GROUP PLC	+8.46%	16B
HYATT HOTELS CORPORATION	+16.18%	15.34B
ACCOR	+18.64%	10.81B
THE INDIAN HOTELS COMPANY LIMITED	+30.28%	9.82B
HILTON GRAND VACATIONS INC.	+7.69%	4.52B
ASSET WORLD CORP	+21.91%	3.76B
EIH LIMITED	+91.26%	3.5B
MARRIOTT VACATIONS WORLDWIDE CORPORATION	+15.53%	3.44B

Other Hotels, Motels & Cruise Lines