UBS: Lowers MINTH GROUP (00425) target price to HK$41, maintains "Buy" rating.

UBS released a research report stating that it has lowered the target price of MINTH GROUP (00425) from HK$45.5 to HK$41, maintaining a "Buy" rating; MINTH GROUP management reiterated its guidance for both 2026 revenue and net profit to achieve double-digit year-on-year growth, and targets operating profit to grow by approximately 20% year-on-year. The bank noted that Minth's emerging businesses, mainly humanoid Siasun Robot&Automation and liquid cooling, continue to make steady progress. Management guides that order momentum for European battery housings remains strong, while orders from Japanese and Korean OEMs won in Europe and the United States over the past two years should further diversify Minth's customer base and geographic exposure. By 2030, the company targets a roughly balanced revenue mix across China, Europe, and North America, with each region contributing about 30%. The bank noted that Minth is developing Siasun Robot&Automation, liquid cooling, and battery energy storage systems as potential medium- to long-term growth drivers. In Siasun Robot&Automation, its portfolio covers structural components, masks and joint modules, as well as complete Siasun Robot&Automation contract manufacturing. In liquid cooling, Minth's subsidiary United Alloy-Tech has recently been recognized by Cooler Master as an approved supplier, the latter being a leading global thermal management solutions provider with exposure to the liquid cooling supply chain for NVIDIA (US.NVDA) AI servers, with mass shipments expected to begin soon. Leveraging its expertise in EV battery housings and structural components, Minth is also expanding into battery energy storage systems and has obtained initial orders from Chinese customers to supply their North American production plants, which the bank views as an early milestone for the new business.