Equity Analysis /
Thailand

TH : Minor International - Battling multiple headwinds

    Kasem Prunratanamala
    Kasem Prunratanamala

    Head of Thailand Research

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    CGS-CIMB
    19 January 2021
    Published byCGS-CIMB

    Minor International’s (MINT) subsidiary NHH is still hit hard by the Covid-19 outbreak in Europe; it has reopened less than 60% of its hotels there. MINT is expected to ask creditors to waive its debt covenants until Dec 2021. Reiterate Reduce call, with an unchanged THB20 target price (1.5x FY21F P/BV, 1.5 s.d. below its 5-year mean).