BofAS published a research report stating that MINTH GROUP (00425.HK) +1.080 (+2.877%) Short selling $30.67M; Ratio 18.529% is expected to achieve sustainable earnings growth in 2026, with solid progress in its new businesses including robotics, solid oxide fuel cells (SOFC) and liquid cooling systems. The broker raised its TP for MINTH GROUP from HKD52 to HKD57 and reiterated its Buy rating.Management indicated that the robotics business is expected to contribute RMB500 million in revenue in 2026, including components sales and robot assembly. The company has also commenced its components business for SOFC solutions and has sent samples of interconnects, support structures and bipolar plates to potential customers. It has also secured new orders for support structures, bipolar plates and frames from SOFC customers in China. For the liquid cooling business, shunt pipes and liquid cooling boxes began shipment at the end of 2025, while more new products such as liquid cooling plates and coolant distribution units (CDU) are scheduled to start shipment in 2H26.Taking into account updated growth and margin assumptions, BofAS lowered its 2026 EPS forecast by 1% and raised its 2027 EPS forecast by 1% to RMB2.7 and RMB3.13, respectively, and introduced a 2028 EPS forecast of RMB3.52. The broker believes MINTH GROUP's valuation is attractive (equivalent to 12x 2026 forecast PE) and remains positive on its new businesses. (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-22 16:25.)
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