External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<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><p><em>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.</em></p>

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

Minth Group Ltd

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