KGI keeps THB 30.00 target for Minor International stock

Published on 10/20/2026 at 01:26 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Minor reported first-half core revenue of THB 82.8 billion, up 3 percent year over year. Minor International stock next faces results on November 5, 2026.

Targets and reporting milestones

KGI Securities maintained a THB 30.00 target for Minor International on October 19, 2026.
First-half core revenue reached THB 82.8 billion, up 3 percent year over year.
Minor International is scheduled to report third-quarter results on November 5, 2026.

Minor Intl, TH0128B10Z17, Illustration mit AI erstellt.

Minor International (TH0128B10Z17) faces a THB 30.00 analyst target as KGI Securities maintained its Buy recommendation on October 19, 2026, according to Money and Banking. The assessment keeps the hospitality group's expansion and deleveraging plans at the center of the investment case.

Three milestones shape the case

On August 7, 2026, Minor International's investor-relations page reported second-quarter and first-half 2026 figures, including first-half revenue of THB 82.00 billion and total assets of THB 371.00 billion, according to Minor International. The company also listed the November 5, 2026 results date on its investor-relations page.

On August 12, 2026, management said first-half core revenue reached THB 82.8 billion, an increase of 3 percent year over year, while core net profit rose 6 percent to THB 3.7 billion, in the earnings-call transcript published by Yahoo Finance. Management also said 30 hotel management contracts had been signed during the first half.

On October 19, 2026, KGI Securities kept its THB 30.00 12-month target and Buy recommendation, with the report pointing to debt reduction, hotel revenue growth and restaurant sales as key drivers. The target was unchanged from the brokerage's September 30, 2026 assessment, which also projected a 2026 EBITDA margin of 26.00 percent versus 28.90 percent in 2025, as reported by Kaohoon International.

What dates matter next?

The next scheduled milestone is third-quarter 2026 reporting on November 5, 2026. Barron's also lists February 25, 2027, for full-year 2026 results, giving investors two dated checkpoints for testing the growth and margin assumptions behind the target, according to Barron's.

Growth comes with leverage

KGI's analysis links the valuation case to European hotel disposals, refinancing and asset-light expansion. Management reported net debt to EBITDA of 4.72 times at the end of the second quarter and said the 2026 cost of funds could fall to 4.10 percent to 4.20 percent from 4.29 percent in 2025. That combination makes the November figures important: operating growth must continue while balance-sheet pressure eases.