Stock Dimensions – Mint by Finansia Cyrus Securities MINT reported Q4/66 net profit of 984 million baht, but if special items are deducted, normalized profit would be at 2.5 billion baht, up 5% q-o-q and 10% on YoY basis, supported by strong hotel business, especially in Thailand, both in terms of revenue and margin.
As for the food business, overall operating results were stable, ending 2023 with an ordinary profit of 7.1 billion baht, up 254%, and the strong momentum is expected to continue in 2024. The hotel business is also a major factor in Europe and is expected to benefit from European and Olympic football.
As for Thailand, this is expected to accelerate depending on the number of tourists. In addition, we are expected to see gradual repayment of debt, resulting in lower interest expenses. The expected normalized profit in 2024 is 8 billion baht + 13% year-on-year
We recommend buying with a target price of 44 baht, support at 30 baht, and first resistance at 32 baht and 34 baht.
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