Minor International stock gains support from hotel and food outlook

Minor International signaled a positive third-quarter outlook on October 29, 2026, as travel demand supported its hotel business and restaurant traffic remained resilient. The update was carried by Kaohoon International, which cited comments from Chief Financial Officer Chaiyapat Paitoon.

Hotels benefit from regional demand

Revenue per available room was expected to grow by approximately 5% to 6% year over year across the region, driven by higher room rates and occupancy. Thailand RevPAR was forecast to rise by around 15%, while the Maldives was expected to deliver growth of more than 30% as occupancy recovered.

Advance bookings for the fourth quarter pointed to low-to-mid single-digit RevPAR growth in Europe and mid-single-digit growth in Thailand. The company also said recent investments in flagship hotels were supporting room rates, although bookings in the Maldives remain sensitive to late demand.

Cost pressure limits operating leverage

High global energy and oil prices are adding to inflation, labor expenses and other operating costs, with European hotels particularly exposed. That pressure could limit the benefit of stronger room rates and occupancy if demand growth does not accelerate further.

Minor Food continues to expand through franchising in Thailand and international markets. The business operates more than 3,000 restaurants in 27 countries across nearly 40 brands, with franchise outlets representing about half of the portfolio. Its strategy targets more than 4,500 food and beverage outlets worldwide by 2029, supported by an asset-light model and the international rollout of Bonchon.

Analyst sees further earnings growth

ASL Securities kept a Buy rating on the company and set a 2027 target price of THB 28.50, according to Kaohoon International. The broker cited Minor International's diversified hotel and restaurant portfolio, geographic exposure and faster asset-light expansion as supporting factors.

ASL projected third-quarter revenue of THB 41.6 billion and net profit of THB 2.8 billion. The estimate implied year-over-year profit growth but a sequential decline, while financial costs were expected to rise as the company manages debt linked to the retirement of a US$300 million perpetual debenture.

Business model and competitive position

Minor International is based in Bangkok, Thailand, and operates across hotels, resorts, restaurants and related hospitality activities. Its hotel portfolio spans Asia, Europe and other international markets, while Minor Food develops and franchises restaurant brands. In hotels, the group competes with larger global networks such as Marriott International, Hilton and IHG Hotels & Resorts, which have greater scale; Minor's position is more specialized in international owner-operator exposure and a combined hotel-and-food model.

The next earnings focus is the third-quarter 2026 report and the conversion of stronger travel demand into profit after labor, energy and financing costs. Investors will also watch whether Minor Food's franchise expansion can improve growth without requiring a comparable increase in capital.