tag:blogger.com,1999:blog-17159392086174629282011-04-21T12:42:34.597-07:00Mr. Nonghttp://www.blogger.com/profile/00338763258281464396noreply@blogger.comBlogger11100tag:blogger.com,1999:blog-1715939208617462928.post-70670867020857999122009-05-25T04:23:00.000-07:002009-05-26T03:45:05.462-07:00Minor International – MINT - BUY<br /><br />Target price : Under Review <br />Recommendation : BUY <br />Closing Price (13 May 09) : Bt 7.20<br /><br />1Q09 net profit off 46.6% YoY and 5.5% QoQ<br /> - MINT reported a net profit drop of 46.6% YoY and 5.5% QoQ in 1Q09.<br /> - First-quarter margins came in much lower than our full-year forecast. The cut in our 2009 margin forecast is likely.<br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://1.bp.blogspot.com/_oCeObKKgz7Y/ShvID9OEXMI/AAAAAAAAAPg/Z28A9YzZiBQ/s1600-h/stock-market.jpg"><img style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;width: 320px; height: 240px;" src="http://1.bp.blogspot.com/_oCeObKKgz7Y/ShvID9OEXMI/AAAAAAAAAPg/Z28A9YzZiBQ/s320/stock-market.jpg" border="0" alt="stock market trading system"id="BLOGGER_PHOTO_ID_5340081753476586690" /></a><br /> - We rate MINT shares a 'BUY on Weakness' with price target now under review. <br /><br />1Q09 net profit off 46.6% YoY and 5.5% QoQ <br /> Thai hotelier and food franchise firm MINT generated sales of Bt4,118m in 1Q09, down 1.6% YoY but up 4.3% QoQ. Net profit for the quarter clocked in at Bt400m, or Bt0.12 a share, off 46.6% YoY and 5.5% QoQ. The sharp profit slide on a YoY basis was attributed to: (i) soft hotel business: The weeklong airport closure in Dec 2008 scared foreign tourists away from Thailand. The average hotel occupancy rate therefore fell dramatically to 58% from a year-ago level of 80% and hotel margins sank to a five-year low at 54.4%, down 7.6% YoY and 10.9% QoQ; (ii) the absence of income from residential property business; and (iii) a rise of 20.6% YoY and 11.2% QoQ in SG&A expenses to Bt2,094m, accounting for 50.9% of sales, up 9.4% YoY and 3.2% QoQ. Gross margins at the food business widened 4.2% YoY and 0.16% QoQ to 64.5%. <br /><br />First-quarter margins come in much lower than our full-year forecast: Cut in 2009 margin forecast likely<br /> Blended gross margin averaged 62.37% in 1Q09, flat YoY but down as much as 6.7% QoQ. The fall in hotel margins to a five-year low was to blame for margin contraction. First-quarter margin of 62.37% was relatively low compared to our 2009 full-year forecast of 66.7%, reflecting our higher hotel margin assumption of 65.5%. On this basis, we may likely revise our margin forecast for the year downward if tourism and hotel business have not yet recovered. <br /><br />'BUY on Weakness' rating<br /> In our view, MINT still has strong growth prospects once the tourism industry recovers. Earnings are however expected to remain subdued in the second and third quarters. On this basis, we rate MINT shares a 'BUY on Weakness' with price target now under review. <br /><br /> By Phillip Securities (Thailand) Plc. on May 14, 2009<br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://4.bp.blogspot.com/_oCeObKKgz7Y/ShqAiuBFk9I/AAAAAAAAAFc/KDKhzdx9jjY/s1600-h/stock-trading.jpg"><img style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;width: 320px; height: 214px;" src="http://4.bp.blogspot.com/_oCeObKKgz7Y/ShqAiuBFk9I/AAAAAAAAAFc/KDKhzdx9jjY/s320/stock-trading.jpg" border="0" alt="stock market trading system"id="BLOGGER_PHOTO_ID_5339721642157642706" /></a><br /><span style="font-weight:bold;">Top USA Cities</span><br /><br />New York New york,Dallas Texas ,Akron Ohio,Indianapolis Indiana,Honolulu Hawaii,Raleigh North Carolina ,Long Beach California ,Chicago Illinois ,Kansas City Missouri ,Oklahoma City Oklahoma ,Cleveland Ohio,Lexington-Fayette Kentucky,Baltimore Maryland,Rochester New York ,Houston Texas ,Nashville-Davidson Tennessee,Durham North Carolina ,Virginia Beach Virginia ,Greensboro North Carolina ,Jersey City New Jersey,Fort Wayne Indiana ,Chula Vista California ,San Antonio Texas,Riverside California,San Francisco California ,Aurora Colorado,Miami Florida,Los Angeles California,Portland Oregon ,San Jose California ,Islip New York ,Fresno California,Minneapolis Minnesota,Orlando Florida,Hempstead New York ,Corpus Christi Texas ,Charlotte North Carolina ,Sacramento California,St. Petersburg Florida ,Modesto California,Tampa Florida,Boston Massachusetts,Omaha Nebraska,San Diego ,Mesa Arizona,Norfolk Virginia,Detroit Michigan,Las Vegas Nevada ,Albuquerque New Mexico ,Hialeah Florida,El Paso Texas ,Birmingham Alabama,Tulsa Oklahoma,Buffalo New York ,Oakland California,Laredo Texas,Henderson Nevada,Baton Rouge Louisiana ,North Hempstead New York,Toledo Ohio,Lincoln Nebraska,Jacksonville Florida,Garland Texas,St. Paul Minnesota ,Lubbock Texas,Oyster Bay New York,New Orleans Louisiana ,Cincinnati Ohio,Bakersfield California,Wichita Kansas ,Babylon New York ,Seattle Washington,Chesapeake Virginia,Atlanta Georgia,Arlington Texas ,Newark New Jersey ,Anchorage Alaska,Washington District of Columbia,Denver Colorado,Reno Nevada,Milwaukee Wisconsin,Stockton California,Pittsburgh Pennsylvania,Santa Ana California ,Fort Worth Texas ,Glendale Arizona,St. Louis Missouri ,Chandler Arizona,Austin Texas,Columbus Ohio,Madison Wisconsin,Colorado Springs Colorado ,Brookhaven New York ,Anaheim California,Plano Texas,Phoenix Arizona ,Philadelphia Pennsylvania ,Scottsdale Arizona,Memphis Tennessee,Tucson Arizona<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1715939208617462928-7067086702085799912?l=stock-market-trading-systems.blogspot.com' alt='' /></div>Mr. Nonghttp://www.blogger.com/profile/00338763258281464396noreply@blogger.com0