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Investing.com - Goldman Sachs has upgraded Minor International PCL (MINT:TB) from Neutral to Buy while lowering its price target to THB28.25 from THB30.25.
The upgrade comes despite negative impacts on Minor International’s 9M25 revenue and EBITDA from foreign exchange factors and ongoing renovations in Thailand, which Goldman Sachs expects to improve.
Goldman Sachs forecasts 6% revenue CAGR and 12% PATMI CAGR for 2026-27, driven by room expansion, RevPAR growth, and lower interest expenses for the hospitality company.
The investment bank views positively Minor International’s 1H25 interim dividend per share of THB0.3 at approximately 50% payout ratio, which is higher than 2023-24 payout ratios and reflects improving operating cash flow.
Goldman Sachs also notes the company’s strategic pivot toward an asset-light business model and plans for a REIT listing in mid-2026, with current valuation at 6.8x 2025 estimated EV/EBITDA described as "undemanding" compared to the peer median of 12x.
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