JPMorgan: MINTH GROUP (00425) Faces Limited Impact from Mexico's New Tariffs, Maintains "Overweight" Rating

Stock News12-12 14:16

JPMorgan released a research report stating that MINTH GROUP (00425) saw its shares drop approximately 6% yesterday (11th), likely due to market concerns over Mexico's Senate approving new tariffs of up to 50% on various Chinese imports, including auto parts and steel, effective from 2026. The bank maintains an "Overweight" rating with a target price of HKD 70.

JPMorgan expects the new tariffs to have a limited impact on MINTH, as its Mexican operations have been localized for over 15 years, sourcing materials domestically to comply with USMCA rules. Management also anticipates minimal cost pressure from localized production, mitigating tariff hike risks.

Additionally, the bank noted that a potential 5% U.S. tariff on Mexican imports would have a minor effect, as all of MINTH's Mexican production meets USMCA requirements. The group operates over 50 production bases across 15 countries in North America, the EU, and Asia, backed by more than 16 years of overseas plant management experience, positioning it favorably amid deglobalization trends.

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