Minor International
Play
Challenging times Outperform - maintained Share price Bt10.50; target price: Bt13.50
Minor International Plc (MINT)
MINT’s 3Q11 result was in line with our expectations but 17% below consensus. Despite the slowing global economy, we believe MINT will continue to do well with its food business providing a cushion for the weaker hotel earnings. 9M11 core profit formed two-thirds of our full-year forecast. But with the floods during the peak season, we cut our forecasts by 5-7% for CY11-12. We roll-over our target price which is based on 13x CY13 P/E but maintain OUTPERFORM as we believe the bad news has been priced in.
