Minth (0425.HK) Share Price +6.5% Today; Reiterate Buy

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05 Aug 2026 06:12:21 ET │ 11 pages

Minth (0425.HK)

Share Price +6.5% Today; Reiterate Buy

CITI'S TAKE

Minth share price rallied +6.5% today. Inline with our 90-day upside

Catalyst Watch (launched July 5th), we see further enhanced buying

opportunities in Minth buoyed by: (1) solid 1H26E earnings (+12% YoY per

Citi estimates) driven by robust European NEV sales, ahead of most

domestic peers weighed by lukewarm domestic sales and margin

pressure. (2) Western Europe NEV sales in June accelerating to +41.8%

YoY, from May’s +29.7% YoY and 1H26’s +31.9% YoY, suggesting upside

growth potential to Minth's 2H European sales, given its battery housing

market share in Europe of >40%; we forecast Europe contributing 43%

revenue mix (+10ppt YoY) for Minth in 1H26E. (3) China NEV wholesales

in July potentially accelerating to +23% YoY, from 1Q26’s -5% YoY and

2Q26’s +13% YoY, potentially reversing the declining YoY trend in Minth's

China sales into 2H. (4) Potential announcement of humanoid robots

progress in Aug/4Q further boosting the company's valuation.

Valuation - Minth is currently trading at 8.2x 2026E PER (Figure 1) and 3.6% 2026E

dividend yield, which seems undemanding in our views considering (a) current

valuation close to its historical low range, (b) robust NEV sales in Europe are likely to

support its earnings growth into 2027E, and (c) new business initiatives including

robotics and liquid cooling (2026/27E revenue guidance: Rmb800mn/2,500mn) do

not appear to be priced in at current levels.

Buy

Catalyst Watch: Upside, expires 04-OCT-26

Price (05 Aug 26 16:10)

HK$28.96

Target price

HK$56.00

Expected share price return

93.4%

Expected dividend yield

3.3%

Expected total return

96.6%

Market Cap

HK$33,925M

US$4,326M

Kyle WuAC

Jeff Chung

Further readings:

(1) Minth (0425.HK) - 1H26 Earnings Preview; Open 90D Upside CW

(2) China Auto Manufacturers - Chinese Brands in W. Europe (June 2026)