Zhao Yin International: Raised target price of MINTH GROUP-100 (00425) to HK$44, maintaining a "buy" rating.

China Merchants International released a research report stating that it maintains a "buy" rating on MINTH GROUP-100 (00425), with a target price raised from HK$42 to HK$44. The revenue and gross profit margin of its aluminum division in the second half of 2025 did not meet the bank's expectations, mainly due to the sales volume of its major customers falling short of target and the impact of the bankruptcy of German auto parts supplier WKW, leading to a delay in the transformation process of some businesses. The report pointed out that, thanks to strict control of operating costs, its net profit in the second half of 2025 was roughly in line with expectations. The management has set an ambitious five-year revenue target, giving the bank more confidence in the quality of MINTH's order backlog. The bank believes that its over 60% of overseas revenue, as well as its layout in Siasun Robot & Automation and liquid cooling fields, can not only support revenue growth but also help enhance valuation.