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<Research Report>UBS Cuts MINTH GROUP (00425.HK) TP to $20; 2H23 GM Recovers Strongly
Recommend 3 Positive 5 Negative 8 |
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UBS released a research report on MINTH GROUP (00425.HK). The company's GM recovered strongly to 28.4% in 2H23, up 1.8 ppts YoY and 2.1 ppts HoH. The broker attributed this to improved economies of scale thanks to revenue growth; continued improvement in global operating capacity of the plastics business under new product ramp-up, with the North American plant successfully turning around a loss last year; and enhanced production efficiency and production yields on technological upgrades. UBS narrowly lowered its TP of MINTH from $20.8 to $20 and maintained its Buy rating. According to the report, MINTH's new business order inflow set a record high last year. Last year, MINTH capitalized on the opportunities in the North American market and secured battery housing orders from Nissan and Stellantis. In addition, MINTH's expanded its cooperation with BYD COMPANY (01211.HK), and its innovative products made a breakthrough in BYD's supply chain, securing the first battery housing order from BYD. The broker expected new orders and customer expansion to support a 19% YoY hike in net profit for 2024 and 2025. AAStocks Financial News |
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