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RTNominal down34.100 -0.850 (-2.432%)
Research Report

22/11/2019 17:01

{I-bank focus}Sequential orders improvement seen for Minth

[ET Net News Agency, 22 November 2019] Goldman Sachs estimated that Minth Group's
(00425) domestic revenue growth in 3Q improved meaningfully from -8% in 1H, helped by
narrowing domestic passenger vehicle production decline, continued outperformance of
Japanese/European and luxury brands to which Minth has the highest exposure, as well as
content value upgrades on higher aluminum penetration.
The research house expects orders to sequentially improve in 4Q amid peak seasonality,
particularly before the Chinese New Year (25 January 2020) earlier than usual (16 February
2018 and 5 February 2019).
Goldman said its channel checks with dealers show seasonal industry demand recovery in
October and November, which leads to Minth to see sequential orders pickup with its major
OEM customers in China.
Goldman maintained its "buy" rating on Minth, with a target price of HK$33.5. (KL)

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