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Research Report

26/02/2020 17:54

{I-bank focus}Citi lifts Minth Group (00425) to HK$30.3

[ET Net News Agency, 26 February 2020] Citi Research lifted its target price for Minth
Group (00425) to HK$30.3 from HK$29.2 and maintained its "buy" rating.
The research house said Minth has recently obtained a nomination agreement from VW for
the production of aluminum battery housing for its MEB platform in Europe. As a result,
Minth has entered the procurement system of the global EV platforms of multiple OEMs and
has secured orders from major automotive brands such as BMW, Daimler, Honda, Nissan,
Renault, Ford, Volvo, and JLR and become one of the world's largest aluminum battery
housing suppliers.
Citi expects annual global sales volume of the VW MEB platform alone to reach 1 million
units by 2025 and generate Rmb10bn revenue for Minth in the same year.
Owing to the potential global auto demand slowdown from the coronavirus outbreak and
increasing SG&A costs, Citi expects Minth's 2019/20 earnings growth should slow to
8.9%/1.6%. (KL)

Remark: Real time quote last updated: 28/05/2020 17:58
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