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00425 MINTH GROUP
RTNominal up13.320 +0.440 (+3.416%)
Research Report

08/01/2020 15:22

{I-bank focus}Jefferies restarts Minth Group at HK$34.5

[ET Net News Agency, 8 January 2020] Jefferies Research assumed coverage on Minth Group
(00425) with a "buy" rating and a target price of HK$34.5.
Despite ongoing trade tensions, the research house thinks 2H 2019 earnings should remain
robust on (1) demand expansion from Europe and the US market, 2) resilient orders from
sticky (Japanese and German automakers) clients, and (3) margin improvement.
The newly set-up EV (electric-vehicle) battery case business is a mid-term growth driver
and contributor to margin expansion. Legal proceedings regarding the petition proposed by
SFC should have limited financial impact on the company but the market may have concerns
about Minth's corporate governance. (KL)

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