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<Research> UBS Raises MINTH GROUP (00425.HK) TP to HKD48 as Robotics and Liquid Cooling Businesses Gain Traction
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UBS published a research report stating that management of MINTH GROUP (00425.HK) revealed at the Asia Investment Conference 2026 that revenue from its battery housing business is expected to grow by more than 20% YoY in FY2026, remaining the key growth driver of its auto parts segment. However, rising raw material prices such as aluminum and plastics may put pressure on gross margin. Management targets robotics business revenue of RMB500 million in FY2026, of which around RMB100 million will come from components (mainly structural parts, joint modules, housings and electronic skin), with the remainder from whole-unit contract manufacturing. Current customers are primarily domestic, while the company is actively in discussions with leading humanoid robot manufacturers in N America. For the liquid cooling business, management forecasts FY2026 revenue of RMB300 million, covering AIDC, energy storage and SOFC sectors, with multiple products already securing orders. UBS slightly raised the groups earnings forecasts for 2026 to 2028 by 0% to 2%, and lifted its mid-term earnings growth forecast to reflect progress in the robotics and liquid cooling businesses. The broker increased its TP for MINTH GROUP from HKD42.6 to HKD48 and maintained a Buy rating. MINTH GROUP has committed to a dividend payout ratio of at least 30% in FY2026. (da/a) Auto-translated by AI This article was automatically translated by AI, the original language 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. More Details
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