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<Research>JPM Optimistic About MINTH GROUP (00425.HK) Battery Housing Biz; Rating Overweight
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MINTH GROUP (00425.HK) recently announced an employee stock incentive plan, focusing for the first time on key personnel involved in emerging fields such as humanoid robots, electric vertical take-off and landing aircraft (eVTOL) and AI server liquid cooling systems, according to JPMorgan's research report.

Furthermore, the Company announced that it received two orders from a Taiwanese AI server manufacturers, marking the Company's first AI server liquid cooling product orders, with deliveries expected to begin in batches in November and December 2025.

The broker agreed with management's optimistic view on the battery housing business, and expected a CAGR of about 30% until 2030. Overall, the Group is estimated to achieve a CAGR of 15% in revenue from 2H25 to 2027.

Therefore, JPMorgan kept its target price at $70, which was raised last month, and rating at Overweight.
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