Citi Raises MINTH Group Target Price to HK$56, Keeps Buy Rating on European EV Sales and Battery Standards

Stock News03-03

Citi has released a research report stating that, in view of MINTH GROUP's steady progress in robotics, AI liquid cooling, and overseas electric vehicle components, the firm has slightly raised its forecasted revenue and net profit for 2026 and 2027 by 1% to 2%. To account for opportunities in robotics and AI liquid cooling, Citi increased the target price from HK$46 to HK$56, maintaining a "Buy" rating on MINTH. The report notes that MINTH trades at a forecasted price-to-earnings ratio of 13 times for this year, which is lower than the approximately 30 times for the H-shares of Sanhua Intelligent Controls. Citi also continues to include MINTH in its 90-day positive catalyst watch, effective until April 22. The report highlights that European new energy vehicle sales remained strong in January, and the upcoming update to the national standard for electric vehicle batteries, effective from June this year, is expected to benefit high-quality manufacturers like MINTH GROUP. Both factors have strengthened Citi's confidence in MINTH's revenue growth. Regarding profit forecasts, Citi has slightly raised its 2026 revenue and net profit estimates by 1%, and its 2027 revenue and net profit estimates by 2%. The new net profit forecasts for 2026 and 2027 are RMB 3.331 billion and RMB 3.776 billion, respectively.

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