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

Equity Bottom-Up

<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. 


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.

<ul><li>Maintain BUY. We are of the view that Minth’s 1H25 earnings were well on track and more importantly, its key operating metrics such as new orders, R&amp;D, capex and cash flow are solid.</li><li>We still believe Minth is better positioned than most peers in the global auto parts industry.</li><li>We expect steady revenue growth to continue in the next few years, with possible positive surprise from new businesses.</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 are of the view that Minth’s 1H25 earnings were well on track and more importantly, its key operating metrics such as new orders, R&amp;D, capex and cash flow are solid.We still believe Minth is better positioned than most peers in the global auto parts industry.We expect steady revenue growth to continue in the next few years, with possible positive surprise from new businesses.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) - Well on Track; New Businesses as a Call Option

Thematic (Sector/Industry)

<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

<ul><li>Maintain BUY. We are of the view that Minth’s 2H24 earnings were a mixed bag, as revenue missed but GPM beat.</li><li>However, its improved operational efficiency, reflected by reduced net debt, lower capex and much higher free cash flow, could lay the foundation for future margin improvement and a higher dividend payout ratio.</li><li>We see ample room for revenue growth in FY25-27E, as battery housing revenue continues to grow fast and new products start to generate meaningful income. </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 are of the view that Minth’s 2H24 earnings were a mixed bag, as revenue missed but GPM beat.However, its improved operational efficiency, reflected by reduced net debt, lower capex and much higher free cash flow, could lay the foundation for future margin improvement and a higher dividend payout ratio.We see ample room for revenue growth in FY25-27E, as battery housing revenue continues to grow fast and new products start to generate meaningful income. 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 Revenue and Profit Growth Could Continue

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Macroeconomics

<ul>
<li>China will roll out its 2026 - 2030 five-year plan this month, which outline the economic and social roadmap until the end of the decade.  </li>
<li>Historically the five-year plans have been a roadmap for investors to look for tailwinds for economic sector performance.  We believe the high-tech industries will remain the main focus for investment.</li>
<li>Exporters of high-end equipment and machinery will continue to benefit with the consumption sector being a focus for international investors.</li>
</ul>


China will roll out its 2026 - 2030 five-year plan this month, which outline the economic and social roadmap until the end of the decade.  
Historically the five-year plans have been a roadmap for investors to look for tailwinds for economic sector performance.  We believe the high-tech industries will remain the main focus for investment.
Exporters of high-end equipment and machinery will continue to benefit with the consumption sector being a focus for international investors.


EMERGING THEMES: China's Next 5 Year Plan

China

Minth Group Ltd. manufactures exterior automobile body parts.  The Company produces structural body parts, decorative parts, and trim.  Minth supplies multinational automobile manufacturers operating in China.

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Minth Group Ltd (425 HK)

Minth (425 HK): Keep Going

Minth Group Ltd (425 HK) share price may seem expensive now, but it was a value stock before. Growth potential and expanding margins suggest it...

Henry Soediarko

Minth Group (425 HK) - Well on Track; New Businesses as a Call Option

Maintain BUY. We are of the view that Minth’s 1H25 earnings were well on track and more importantly, its key operating metrics such as new orders,...

CMB International

Auto - 2026 Outlook: Second half of the NEV match

Resilient industry growth despite subsidy cuts. We project China’s PV retail sales volume to be largely flat YoY and wholesale volume to rise 2.9%...

CMB International

Minth Group (425 HK) - Solid Revenue and Profit Growth Could Continue

Maintain BUY. We are of the view that Minth’s 2H24 earnings were a mixed bag, as revenue missed but GPM beat. However, its improved operational...

CMB International

EMERGING THEMES: China's Next 5 Year Plan

China will roll out its 2026 - 2030 five-year plan this month, outlining the economic and social roadmap until the end of the decade.Historically...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Minth (425 HK): Keep Going

​Minth Group Ltd (425 HK) share price may seem expensive now, but it was a value stock before. Growth potential and expanding margins suggest it...

Henry Soediarko

Minth Group (425 HK) - Well on Track; New Businesses as a Call Option

Maintain BUY. We are of the view that Minth’s 1H25 earnings were well on track and more importantly, its key operating metrics such as new orders,...

CMB International

Auto - 2026 Outlook: Second half of the NEV match

Resilient industry growth despite subsidy cuts. We project China’s PV retail sales volume to be largely flat YoY and wholesale volume to rise 2.9%...

CMB International

Minth Group (425 HK) - Solid Revenue and Profit Growth Could Continue

Maintain BUY. We are of the view that Minth’s 2H24 earnings were a mixed bag, as revenue missed but GPM beat. However, its improved operational...

CMB International

EMERGING THEMES: China's Next 5 Year Plan

China will roll out its 2026 - 2030 five-year plan this month, outlining the economic and social roadmap until the end of the decade.Historically...

David Mudd

Minth Group Ltd (425 HK) share price may seem expensive now, but it was a value stock before. Growth potential and expanding margins suggest it...