UBS Raises MINTH GROUP Target Price to HK$48, Keeps "Buy" Rating

Deep News05-28 11:21

UBS released a research report stating that MINTH GROUP (00425) management revealed at the 2026 Asia Investment Conference that the battery box business is expected to see revenue growth of over 20% year-on-year in fiscal 2026, remaining the primary growth driver for the automotive components segment. However, rising raw material costs such as aluminum and plastics may pressure gross margins. UBS slightly raised the group's profit forecasts for 2026 to 2028 by 0% to 2% and increased the medium-term earnings growth rate forecast to reflect progress in robotics and liquid cooling businesses. The firm raised MINTH's target price from HK$42.6 to HK$48, maintaining a "Buy" rating. MINTH has committed to a dividend payout ratio of at least 30% for fiscal 2026.

Management expects the robotics business to achieve a revenue target of RMB 500 million in fiscal 2026, with approximately RMB 100 million coming from components (mainly structural parts, joint modules, casings, and electronic skin) and the remainder from complete machine contract manufacturing. Current customers are primarily domestic, while the company is actively negotiating with leading North American humanoid robot manufacturers. For the liquid cooling business, management forecasts a revenue target of RMB 300 million for fiscal 2026, covering areas such as AIDC, energy storage, and SOFC, with multiple products already securing orders.

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