เจาะลึก ทำไม ‘กัลฟ์ โฮลดิ้งส์ฯ’ เข้าถือหุ้นใหญ่อันดับ 16 ใน MINT | THE STANDARD WEALTH

A recent news item has sparked discussion regarding Gulf Energy Development’s potential involvement with Minor International (MINT). The Stock Exchange of Thailand reported that Graph Holding Thailand Co., Ltd., a private company established by Mr. Sarath Ratanawadee, the CEO and a major shareholder of Gulf, is the 16th largest shareholder in Minor International, holding 39.3 million shares, representing 0.69% as of May 6, 2026. This investment is clarified as a personal portfolio addition by Mr. Sarath, not a direct corporate strategy of Gulf. Gulf Holding is distinct from Gulf Energy Development, and there are no current plans for Gulf Corporation to invest in or acquire MINT shares. This personal investment strategy by Mr. Sarath is not new. He has previously invested in shares of financial institutions like Kasikornbank (KBank) and KTB. While he sees value in holding these shares for dividends and returns, Gulf has no immediate plans to enter the banking market directly, noting that further KBank share purchases would need to comply with Bank of Thailand regulations. In parallel, Gulf is actively pursuing a virtual bank license. This initiative, in partnership with allies, is expected to launch services by June, aligning with the central bank's timeline. KBank is identified as a potential channel for introducing customer segments, particularly small and medium-sized enterprises (SMEs), to the virtual bank's loan services, leveraging KBank's extensive customer base. Looking ahead, Gulf's primary focus remains the energy business, with a strong emphasis on renewable energy projects both domestically and internationally. The company has recently established an office in London to explore investment opportunities in the UK and wider European region. Securities firm analyst, Mr. Suwat Sisadok, provided insights into Mr. Sarath's investment in MINT. He views these investments, including those in KBank and previously Advance, as part of a personal portfolio strategy. While Gulf itself has invested in Advance, Mr. Sarath’s acquisition of MINT shares is presented as a personal move. Mr. Suwat suggests that the synergy between Gulf's core businesses (electricity, data centers, telecom) and MINT's businesses (hotels and restaurants) might not be immediately obvious, unlike the clearer synergies seen with KBank. MINT operates primarily in hotels (80% of revenue) and restaurants (20%), with a global presence in 57 countries. Mr. Suwat analyzes the potential synergy by framing it around "basic necessities." He contrasts the "old generation" necessities of food and shelter with the "new generation" necessities of electricity, telecom, water, and cheese. Gulf possesses electricity and telecom, while MINT has food and shelter. He posits that these two sets of necessities, from both the old and new worlds, can complement each other. Gulf's global infrastructure and technology could support MINT's global expansion in hotels and restaurants, while MINT's established global network could benefit Gulf. Mr. Suwat also highlights the differences in the fundamental characteristics of Gulf and MINT. Gulf's energy business is described as having smooth, steady, sustainable growth. In contrast, MINT's hotel and restaurant businesses are more cyclical, seasonal, and sensitive to external factors like wars or pandemics. Despite these risks, he notes MINT's ability to adapt and grow, citing its success in various markets. The analyst discusses a "third dimension" of investment, focusing on the volatility and cyclicality of businesses. He acknowledges that while Gulf's energy sector is generally less volatile, MINT's sectors are inherently more so. However, he emphasizes that both companies demonstrate adaptability and resilience, as evidenced by their ability to navigate challenges like the COVID-19 pandemic. Regarding Mr. Sarath’s personal investment strategy, Mr. Suwat suggests it could be a form of "testing the waters" or "trial and error." He posits that Mr. Sarath might be exploring new business avenues or diversifying his portfolio beyond Gulf's core infrastructure and energy focus. The use of a private company, Graph Holding, for the MINT acquisition further supports the idea of a personal investment strategy rather than an immediate corporate takeover. Mr. Suwat advises that investing in both Gulf and MINT could be viable, as both represent future necessities. He praises MINT's evolving business model, including its move into contract management for hotels, and its global reach. He believes both companies, despite their different industries and origins (old vs. new world), possess strong management, transparent leadership, and successful business models. He concludes that these stocks could be considered long-term investments, suitable for future generations. The risks associated with Gulf are primarily related to the renewable energy sector's reliance on concessions and the rapid pace of technological change, requiring constant adaptation. For MINT, the risks lie in the inherent variability and sensitivity of its hospitality and food businesses to external events. However, Mr. Suwat reiterates that both companies have demonstrated a strong capacity to adapt and overcome these challenges. Ultimately, Mr. Suwat suggests that the choice between investing in Gulf or MINT depends on an investor's preference: the "old world" of stable, steady growth (Gulf) or the "new world" of evolving, potentially more volatile but adaptable businesses (MINT). He concludes that both companies exhibit the key investment criteria of growth potential, excellence, adaptability, and competent management. The discussion ends with a reflection on the term "share certificate," a relic from past financial crises, and a reminder to subscribe and follow for further updates.