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Consumer Services

Minor International Public Co., Ltd.

Company Background

Minor International is a Thai conglomerate that runs hotels and restaurants in and outside its home market. Its network, built up through an aggressive acquisition strategy, includes more than 100 hotels and nearly 1,600 restaurants.

CEO William Heinecke founded the company in 1978, with a small hotel in Thailand's resort area of Pattaya. He expanded into the food business with a pizzeria in 1980.

Heinecke, born in the U.S. in 1949, moved to Thailand with his parents when he was still a student. He made the country his home and eventually gave up his American citizenship. Heinecke also serves as an independent director of Indorama Ventures, a Thai maker of polyethylene terephthalate, better known as PET.

Currently, Minor draws about half of its revenue from hotels and about 40% from restaurants. The rest comes from retail trading.

Under licenses, the company operates hotels of global brands including Marriott and Four Seasons, alongside its own chains, such as Anantara and Avani. In 2011, it acquired a majority stake in Australia's Oaks Hotels and Resorts.

Along with its own pizza chain, Pizza Company, Minor owns the master franchise rights of U.S. ice cream parlor Swensen's in 32 countries.

Business Summary

Minor International Public Co., Ltd. is engaged in hospitality business. It operates hotels, resorts, restaurants and retail stores. The company was founded by William Ellwood Heinecke in 1978 and is headquartered in Bangkok, Thailand.

Financial Highlights

Dec 2018 THBUSD
Revenue74,937.53M2,318.09M
Gross Profit40,475.68M1,252.06M
Operating income5,342.70M165.26M
Income before tax6,602.64M204.24M
Net income5,444.77M168.42M
EBITDA10,837.21M335.23M
Diluted EPS1.130.03
Dividends Per Share0.400.01
Total Assets267,700.31M8,221.75M
Total liabilities208,404.08M6,400.61M
Total equity48,145.84M1,478.68M
Operating cash flow8,798.88M272.18M
Currency in THBCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 36,988.96M 41,558.17M 49,535.23M 55,001.01M 74,937.53M
Gross Profit 20,529.58M 22,561.47M 26,426.16M 32,354.58M 40,475.68M
Operating income 3,271.84M 2,636.84M 2,050.08M 4,692.54M 5,342.70M
Income before tax 4,075.57M 6,291.65M 7,249.40M 5,332.77M 6,602.64M
Net income 4,401.78M 7,040.16M 6,589.99M 5,415.39M 5,444.77M
EBITDA 6,147.36M 5,592.90M 5,730.76M 8,605.85M 10,837.21M
Diluted EPS 1 1.59 1.49 1.21 1.13
Dividends Per Share 0.22 0.35 0.35 0.40 0.40
Total Assets 74,279.14M 98,381.55M 108,453.14M 119,100.29M 267,700.31M
Total liabilities 44,254.68M 61,670.39M 67,656.32M 68,596.16M 208,404.08M
Total equity 28,056.71M 32,802.52M 37,401.72M 47,328.59M 48,145.84M
Operating cash flow 5,425.39M 3,269.70M 7,167.32M 7,377.52M 8,798.88M
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 1,138.69M 1,212.57M 1,404.03M 1,620.84M 2,318.09M
Gross Profit 631.99M 658.29M 749.02M 953.46M 1,252.06M
Operating income 100.72M 76.93M 58.10M 138.28M 165.26M
Income before tax 125.46M 183.57M 205.47M 157.15M 204.24M
Net income 135.50M 205.41M 186.78M 159.58M 168.42M
EBITDA 189.24M 163.18M 162.43M 253.60M 335.23M
Diluted EPS 0.03 0.04 0.04 0.03 0.03
Dividends Per Share 0.00 0.01 0.00 0.01 0.01
Total Assets 2,257.72M 2,733.96M 3,028.52M 3,654.50M 8,221.75M
Total liabilities 1,345.12M 1,713.78M 1,889.28M 2,104.82M 6,400.61M
Total equity 852.78M 911.56M 1,044.43M 1,452.24M 1,478.68M
Operating cash flow 167.01M 95.40M 203.15M 217.41M 272.18M

Valuation Measures

Dec 2018
PER28.84
ROA2.81%
ROE11.40%
Operating margin7.12%
Profit margin7.26%

Key executives

  • Chairman & Chief Executive Officer: William Ellwood Heinecke
  • Chief Operating Officer & Director: Emmanuel Jude Dillipraj Rajakarier
  • Chief Financial Officer: Brian James Delaney
  • Group Director-Information & Technology: Tawicha Trakulyingyong
  • Chief Information Officer: Steve Delano Herndon

Shareholders

  • Minor Holdings (Thai) Ltd. (15.7%)
  • YAN ZHI /ZALL/ (13.3%)
  • OSATHANUGRAH NITI (7.9%)
  • HEINECKE WILLIAM ELLWOOD (3.2%)
  • Social Security Office of Thailand (2.5%)
  • Banque Pictet & Cie SA (2.2%)
  • THADANI ANIL (1.2%)
  • Norges Bank Investment Management (1.1%)
  • Bank of Singapore Ltd. (0.9%)
  • Minor Bkh Public Co. Ltd. (0.9%)

Contact Details

Related Companies

  • Chicken Time Co. Ltd.
  • Anantara Vacation Club (HK) Ltd.
  • Lodging Investment (Labuan) Ltd.
  • Minor Continental Holding (Mauritius)
  • MSPA Cairo Ltd.
  • Jada Resort & Spa Pvt Ltd.
  • MHG Hotel Holding Australia Pty Ltd.
  • Maifad Beach Resort Ltd.
  • Chao Phaya Resort & Residence Ltd.
  • Coco Residence Ltd.
  • Minor Information Technology Ltd.
  • Phuket Beach Residence Ltd.
  • MI Squared Ltd.
  • Samui Beach Residence Ltd.
  • RNS Holdings Ltd.
  • Royal Garden Entertainment Ltd.
  • Royal Garden Plaza Ltd.
  • Minor Hotel Group Ltd.
  • Samui Village Ltd.
  • MSpa International Ltd.
  • Maerim Terrace Resort Ltd.
  • Chao Phaya Resort Ltd.
  • Delicious Food Holding (Australia) Pty Ltd.
  • Minor DKL Food Group Pty Ltd.
  • Hua Hin Resort Ltd.
  • Minor Food Group PCL
  • China Food Group Ltd.
  • Royal Garden Hotel Management Ltd.
  • COCO Palm Hotel & Resort Co. Ltd.
  • RGR International Co. Ltd.

Competitors

  • Hyatt Hotels Corporation Class A
  • Dusit Thani Public Co. Ltd.
  • Laguna Resorts & Hotels Public Co. Ltd.
  • Shangri-La Hotel Public Co. Ltd.
Last Updated on 6 Dec, 2019

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