External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Maintain BUY. We expect solid 2H25E earnings for Minth, with FY25E net profit to rise 17% YoY.</li><li>We also expect its net profit to rise even faster in FY26-27E, aided by continued growth in battery housing and new business contribution including parts for humanoid robots and AI server liquid cooling system.</li><li>We expect solid 2H25E earnings. We revise up our Minth’s 2H25E revenue forecast by 1% to RMB13.7bn (+13% YoY) due to potentially higher revenue from its aluminium and battery housing businesses amid raw material price hikes. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. We expect solid 2H25E earnings for Minth, with FY25E net profit to rise 17% YoY.We also expect its net profit to rise even faster in FY26-27E, aided by continued growth in battery housing and new business contribution including parts for humanoid robots and AI server liquid cooling system.We expect solid 2H25E earnings. We revise up our Minth’s 2H25E revenue forecast by 1% to RMB13.7bn (+13% YoY) due to potentially higher revenue from its aluminium and battery housing businesses amid raw material price hikes. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Minth Group (425 HK) - Solid Growth Outlook from Battery Housing, Robotics and AIDC

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>After the good run, <a href="https://www.smartkarma.com/entities/minth-group-ltd" target="_blank" data-smartkarma-citation="entities:9232:1" rel="noopener">Minth Group Ltd (425 HK)</a> share price looks a bit expensive. </li>
<li>However, it was a value stock before, trading at 0.6x book value while growth remains. </li>
<li>Compared to its peers, it is still not too expensive and the growth seem to continue as the company is able to expand its margin. </li>
</ul>


After the good run, Minth Group Ltd (425 HK) share price looks a bit expensive. 
However, it was a value stock before, trading at 0.6x book value while growth remains. 
Compared to its peers, it is still not too expensive and the growth seem to continue as the company is able to expand its margin. 


Thematic (Sector/Industry)

<ul><li>We maintain our China PV sales volume growth forecasts for 2026 on both retail and wholesale basis after weaker-than-expected Nov and Dec sales.</li><li>We revise down our 2026 NEV sales volume slightly, as the new trade-in subsidies have stringent requirements.</li><li>We are of the view that weaker-than-expected 4Q25 sales volume may result in earnings miss for some automakers. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our China PV sales volume growth forecasts for 2026 on both retail and wholesale basis after weaker-than-expected Nov and Dec sales.We revise down our 2026 NEV sales volume slightly, as the new trade-in subsidies have stringent requirements.We are of the view that weaker-than-expected 4Q25 sales volume may result in earnings miss for some automakers. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - Weak 4Q25 sales may lead to earning miss

<ul><li>Both passenger vehicle (PV) retail sales and wholesale volumes in China are likely to hit new highs in 2025E.</li><li>That, along with trade-in subsidy and purchase-tax saving phase-out, could make 2026 interesting and complex.</li><li>Resilient industry growth despite subsidy cuts. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Both passenger vehicle (PV) retail sales and wholesale volumes in China are likely to hit new highs in 2025E.That, along with trade-in subsidy and purchase-tax saving phase-out, could make 2026 interesting and complex.Resilient industry growth despite subsidy cuts. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - 2026 Outlook: Second half of the NEV match

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The materials sector continues its outperformance in Hong Kong, however the recent sharp pullback showed a weakening in strength and momentum.</li>
<li>Mainland investors continued to buy Hong Kong listed stocks heavily during the market pullback earlier this month.</li>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intelligent-controls-co-ltd" target="_blank" data-smartkarma-citation="entities:45277:1" rel="noopener">Zhejiang Sanhua Intelligent Controls (2050 HK)</a> quashed market rumors about a large robotic order from Tesla (TSLA US); however, it continues discussions on cooperation opportunities.
</li>
</ul>


The materials sector continues its outperformance in Hong Kong, however the recent sharp pullback showed a weakening in strength and momentum.
Mainland investors continued to buy Hong Kong listed stocks heavily during the market pullback earlier this month.

Zhejiang Sanhua Intelligent Controls (2050 HK) quashed market rumors about a large robotic order from Tesla (TSLA US); however, it continues discussions on cooperation opportunities.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (October 20)

Taiwan

Minth Group is a global automotive parts manufacturer specializing in the design, development, and production of exterior and structural components for passenger cars, including aluminum battery cases, trims, and body structural parts. The company also develops components for intelligent exteriors and electric vehicle motor systems. Headquartered in Taipei City, Taiwan, Minth Group was founded in 1992.

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Minth Group (425 HK)