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<Research> M Stanley Sees Multiple Catalysts Ahead for MiniMax (00100.HK), Sets TP at HKD990
Recommend 9 Positive 22 Negative 12 |
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Morgan Stanley issued a research report expressing optimism that MiniMax (00100.HK)'s annual recurring revenue (ARR) growth will be in line with or even stronger than its peers, believing the market has underestimated its recent ARR expansion. The bank noted that since April, MiniMax's share price has underperformed Zhipu (02513.HK) by about 40 ppts, reflecting market expectations that Zhipus ARR growth will accelerate more rapidly, driven by coding and Agentic focus. The bank said it is more optimistic about MiniMaxs ARR growth and gross margin for several reasons. First, its LLM has demonstrated strong performance in agentic workflows and has already entered key token consumption drivers for 2026 coding and AI agents. Management indicated that tokens per minute (TPM) have been increasing by 10% to 20% on a weekly basis. Second, the market is underestimating the commercial potential of multimodality. LLMs monetize intelligent productivity use cases, while multimodal models monetize creative productivity applications. Third, MiniMax benefits from global computing supply of advanced chipsets through major cloud partners, as well as superior unit economics driven by infrastructure optimization. M Stanley expects multiple short-term catalysts over the next two to three months, including potential launches of new agent products, significant upgrades to the M3 and Hailuo-O3 models, possible price increases alongside model releases, and potential index inclusion. The bank assigned an Overweight rating with a TP of HKD990, valuing the company based on discounted cash flow, equivalent to 56x 2027 price-to-sales ratio. M Stanley forecasts MiniMaxs revenue to reach USD240 million, USD712 million and USD1.531 billion for 2026, 2027 and 2028, respectively. (ec/w) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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