Photo Credit: Bangkok Post
Minor Food, a subsidiary of SET-listed Minor International, is considering an initial public offering (IPO) in Hong Kong by the end of this year, while its hotel arm, Minor Hotels, is preparing to roll out a US$1-billion real estate investment trust (REIT).
Dillip Rajakarier, group chief executive of Minor International, said Hong Kong presents an attractive listing venue due to its higher valuation potential and wider international investor base compared with Thailand. He noted that the timing of the listing would depend on market conditions to ensure a strong valuation, with the process potentially completed by year-end.
For 2026, Minor Food is prioritising brands with high growth potential, targeting selected domestic and overseas markets. In Thailand, expansion plans include 10 new Pizza Company outlets, 50–60 Dairy Queen stores, 10 Bonchon Chicken branches, 40 GAGA cafés, and 40–50 Steak and More locations.
Internationally, Indonesia has been identified as a key strategic hub due to strong consumer demand, while India remains a major focus given its large population and long-term growth prospects. Vietnam and Laos will continue to be developed through franchise and asset-light expansion models.
The group is also accelerating digital transformation initiatives, including the use of artificial intelligence in back-of-house operations and customer call centres.
In parallel, Minor plans to list a US$1-billion REIT on the Singapore Exchange in the second half of 2026. The vehicle will initially comprise 14 properties—12 in Europe and two in Thailand. Minor intends to retain a meaningful stake of less than 50%, using the structure to lower debt levels and strengthen its balance sheet.
The REIT is being positioned as a Southeast Asia-focused investment opportunity, offering portfolio diversification for investors. Mr Dillip noted that while the Hong Kong Stock Exchange is dominated by Chinese equities, Singapore investors are more familiar with REIT structures, with potential for future expansion of the vehicle.
Under its three-year strategic plan, Minor aims to operate 850 hotels and 4,150 restaurants by 2028, up from 636 properties and 2,746 restaurants in 2025. The group is targeting annual revenue growth of at least 6–8%, profit growth of 15–20%, and a return on invested capital of around 12%.
Financial goals include reducing the net debt-to-equity ratio to 0.75–0.85 and net debt-to-EBITDA to below four times. Capital expenditure for this year is budgeted at 15–16 billion baht, with 65% allocated to hotel renovations—including Anantara Siam and The St. Regis—and 10% earmarked for branded residence developments, which can generate internal rates of return of up to 30% when integrated with hotels.