UBS Raises MINTH GROUP Target Price to HK$48, Citing Growing Momentum in Robotics and Liquid Cooling

Stock News05-28 09:51

UBS released a research report stating that MINTH GROUP's management indicated at the Asia Investment Conference 2026 that its battery box business is expected to achieve over 20% year-on-year revenue growth in fiscal year 2026, remaining the primary growth driver for its automotive components segment. However, rising raw material costs, such as for aluminum and plastics, may exert pressure on gross margins.

UBS slightly raised its profit forecasts for the group for fiscal years 2026 to 2028 by 0% to 2% and increased its medium-term profit growth rate projections to reflect progress in the robotics and liquid cooling businesses. The firm lifted the target price for MINTH 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 year 2026. Management anticipates the robotics business to generate revenue of RMB 500 million in fiscal year 2026, with approximately RMB 100 million coming from components (primarily structural parts, joint modules, casings, and electronic skins) and the remainder from whole-machine contract manufacturing. Current customers are mainly domestic, while the company is actively engaging in discussions with leading North American humanoid robot manufacturers.

Regarding the liquid cooling business, management forecasts a revenue target of RMB 300 million for fiscal year 2026, covering areas such as AIDC, energy storage, and SOFC. Multiple products have already secured orders.

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