Equity Analysis /

TH : Minor International - Riding on strong tourism recovery in Spain

    Kasem Prunratanamala
    Kasem Prunratanamala

    Head of Thailand Research

    5 July 2022
    Published byCGS-CIMB

    We believe MINT’s 94%-owned NHH was profitable in 2Q22F on the back of strong tourism recovery in Europe. As we expect its three sets of warrants to be exercised during FY23-24F, its net gearing could to come down significantly over the next few years. We upgrade our call from Hold to Add with a higher THB44 target price (14.5x FY23F EV/EBITDA, -0.5 s.d.).