UBS Lowers MINTH GROUP-100 (00425) Target Price to HK$42.6, Maintains "Buy" Rating

Stock News03-24

UBS has adjusted its financial forecasts for MINTH GROUP-100 (00425), reducing its 2026 to 2027 profit estimates by 11% to 12%. The firm also lowered its target price for the stock from HK$45.5 to HK$42.6, while reiterating a "Buy" rating.

In the previous year, MINTH GROUP reported a revenue increase of 11.2% year-on-year to RMB 25.7 billion, with net profit rising 16.1% to RMB 2.7 billion. Specifically, in the second half of the year, revenue grew by 11.6% to RMB 13.5 billion, driven primarily by strong deliveries of battery enclosure orders.

The group declared a final dividend of RMB 0.764 per share, with a payout ratio of approximately 30%, up from 20% in 2024 but still below the earlier level of 40%.

UBS highlighted that the battery enclosure business is expected to contribute 29% of revenue and 25% of gross profit in 2025. The firm believes this segment will remain a key growth driver for MINTH GROUP in 2026.

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