KGI keeps THB 30.00 target for Minor International stock

Published on 10/01/2026 at 16:58 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half revenue rose 3.00 percent to THB 82.77 billion. For Minor International stock, guidance targets 12.00 percent ROIC through 2028.

Minor Intl, TH0653010003, Illustration mit AI erstellt.

KGI Securities kept its Outperform rating and THB 30.00 12-month target for Minor International stock in a report dated September 30, 2026. The target was based on the company's hotel and restaurant recovery, asset-light expansion and expected debt reduction.

First-half revenue gains continue

According to Quartr on September 14, 2026, Minor International reported first-half 2026 revenue of THB 82.765 billion, up 3.00 percent year over year. Reported net profit rose 13.00 percent to THB 3.957 billion, while core revenue increased 2.00 percent to THB 82.969 billion.

The hotel business generated THB 66.057 billion of core revenue in the first half, up 3.00 percent year over year, while the food segment delivered THB 16.708 billion, up 4.00 percent. The comparison shows that both operating divisions contributed to growth rather than relying on one business line.

Asset-light expansion drives targets

Quartr reported on September 29, 2026 that management is targeting more than 50 new hotel management contracts in 2026, alongside goals of 850 hotels and 4,150 restaurants by 2028. The strategy shifts growth toward management fees, which require less capital than owning every property.

The same Investor Day summary set a target of 15.00-20.00 percent annual profit growth on a three-year compound annual growth basis and a 12.00 percent return on invested capital. Capital expenditure for 2026 was set at THB 15.00-16.00 billion, with 57.00 percent directed to hotel maintenance and upgrades.

KGI Securities placed the THB 30.00 target 39.53 percent above the THB 21.50 reference price cited in its September 30, 2026 report. The brokerage also identified higher hotel supply and the sustainability of average daily rate growth in 2027 as key risks, while debt reduction and refinancing remain central to the earnings outlook.

SET price and valuation context

Minor International was last at THB 21.00 on the Stock Exchange of Thailand on October 1, 2026 at 4:39 p.m. ICT, down 0.47 percent versus the prior close of THB 21.10. Its market capitalization was THB 118.1 billion, while the 52-week range stood at THB 19.60 to THB 27.00.