Positive factors lying ahead:

The year 2017 is the time for consolidation and maximizing assets acquired in the past few years. Even though external factors over the past six months were not much supportive, we believe positive factors that lie ahead will speed up the pace of MINT’s recovery from 3QFY17 onward as (i) the completed renovations at five Tivoli hotels in Portugal before the high season began and the renovations at three other hotels slated to be completed in 1HFY17 will provide a significant boost to RevPar during 2HFY17‐FY18, and (ii) the marked slowdown in its restaurant services business, led by negative SSSG in Thailand hub in 2QFY17 due partly to the high‐base effect in 2QFY16 driven by the government stimulus measures, is expected to return to normal and positive growth within 3QFY17 before a revival in domestic consumption kicks off in 4QFY17. On this basis, we believe MINT’s profit outlook will continue to grow in q‐q terms.