TH : Minor International - Covid-19 hinders recovery

MINT incurred THB5.6bn recurring loss in 1Q21 vs. recurring losses of THB3.5bn in 1Q20 and THB6.0bn in 4Q20. This was better than our forecast. Its food businesses in China and Australia provided some cushion in 1Q21. We reiterate our Reduce call with an unchanged THB23 target price (2.4x FY21F P/BV, 0.5 s.d. below its 5-year mean).

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