Citi says Minor International still has legs

Citi’s basically saying: the hotel side still has juice

Citigroup turned bullish on Minor International, aka the Thai hospitality heavyweight better known by its SET ticker MINT, with a Buy rating and a THB 35 price target. The big idea? Europe’s hotel portfolio is holding up better than a lot of people expected, even while geopolitics keep throwing sand in the vacation plans.

Europe is doing the heavy lifting

Citi expects RevPAR — that’s revenue per available room, or hotel-speak for “are we actually making money off these beds?” — to stay relatively resilient in the second quarter of 2026 versus other Thai-listed hotel names. Translation: if travelers keep showing up in Europe, MINT can keep the cash register singing, at least on that side of the business.

But it’s not all spa robes and room service

The bank isn’t glossing over the messier parts of the map. It’s still cautious on MINT’s Thai and Australian operations, where near-term conditions look less friendly. So the story here is a classic split-screen: one region looks sturdy, two others look more like “let’s revisit this after the weather clears.”

Big picture

For investors, this is less about one perfect quarter and more about whether MINT’s geographic mix can keep insulating it from regional shocks. If Europe keeps doing the heavy lifting, the stock has a better shot at justifying Citi’s optimism — even if the rest of the portfolio is still fighting headwinds.