Elevator Pitch
I maintain a Neutral rating on Thailand-listed hospitality & leisure company Minor International Public Company Limited (MNILY) (MNILF) (MINOF) [MINT:TB]. This is an update of my prior article on Minor International published on March 19, 2020.
Minor International is planning to raise new capital of around Bt25 billion which should ease liquidity risks, but there are concerns about the financing cost for perpetual bonds and the restriction on M&A activities. Minor International registered a core loss of -Bt3,173 million in 1Q2020 and is expected to remain loss-making