[ET Net News Agency, 31 March 2021] HSBC Global Research cut its target price for
Minth Group (00425) to HK$47 from HK$48 to reflect higher assumptions in R&D expenditure
for the battery housing business and maintained its "buy" rating.
The research house said the margin was the main reason for the better-than-expected 2020
results. GPM recovered quite strongly in 2H to 34% versus 1H of 27% as global auto
production came back and the utilization rate picked up.
Despite suffering from the impact of COVID in 2020, Minth's new order wins reached a new
record high of RMB8.1bn. (KL)