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TH : Minor International - Uneven recovery

We expect MINT’s hotels in Europe to perform better than its properties elsewhere as European governments relax their Covid-19 restrictions. However, as many Asian countries are facing new Covid-19 waves, we think the slowdown in Asia would overshadow any recovery expected in Europe. 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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