Bank of America Securities Raises MINTH GROUP Target Price to HK$57, Reiterates "Buy" Rating

Deep News05-13

Bank of America Securities issued a research report stating that MINTH GROUP (00425) is expected to achieve sustainable profit growth by 2026, with its new businesses, including robotics, solid oxide fuel cells (SOFC), and liquid cooling systems, progressing well. The firm raised its target price for MINTH from HK$52 to HK$57 and reiterated its "Buy" rating.

Management indicated that the robotics business is projected to contribute sales of RMB 500 million to the company by 2026, encompassing component sales and robot assembly. Additionally, the company has commenced component operations for SOFC solutions, having sent samples of interconnects, support structures, and bipolar plates to potential customers. It has also secured new orders for support structures, bipolar plates, and frames from a Chinese SOFC client. Regarding the liquid cooling business, split tubes and liquid cooling boxes began shipments by the end of 2025, with more new products such as liquid cooling plates and coolant distribution units (CDUs) scheduled to start shipments in the second half of 2026.

Considering the latest growth and margin assumptions, Bank of America adjusted its earnings per share forecasts for MINTH for 2026 and 2027, lowering the 2026 estimate by 1% to RMB 2.70 and raising the 2027 estimate by 1% to RMB 3.13. It also introduced a 2028 earnings per share forecast of RMB 3.52. The firm views MINTH's valuation as attractive, trading at 12 times the estimated 2026 price-to-earnings ratio, and holds a positive outlook on its new business ventures.

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