Earnings Report /
Thailand

Minor International PCL: 2Q22 result beat our number (in line with the street)

  • 2Q22 profit was higher than we had expected

  • MINT reported core earnings of Bt1.21bn for 2Q22

  • We expect MINT’s 3Q22 profit to rise YoY and QoQ

Bualuang Securities
15 August 2022

MINT trades at an undemanding 2023 PER of 35.6x, 1.3SD above its 2002-22 mean. We reiterate with a BUY call to a DCF-derived YE22 target price of Bt40.

2Q22 profit was higher than we had expected

MINT reported core earnings of Bt1.21bn for 2Q22 (against core losses of Bt3.39bn for 2Q21 and Bt3.58bn for 1Q22). The result beat our estimate by 12%, but was in line with the consensus.