Core Viewpoint - Citigroup reaffirms a "Buy" rating for Minth Group (00425) and initiates a 90-day observation for upward catalysts, setting a target price of HKD 46, corresponding to a projected P/E ratio of approximately 15 times for 2026 [1] Group 1: Joint Venture and Strategic Collaboration - Minth Group will establish a joint venture with Aisin Seiki Co., Ltd. and Toyota Tsusho Corporation to expand the production of aluminum vehicle body frame components, with ownership stakes of 40% for Minth, 40% for Aisin, and 20% for Toyota [1] - This strategic collaboration is expected to enhance supply chain capabilities in the North American market, addressing the growing demand for automotive electrification and lightweight technology [1] Group 2: Market Impact and Order Projections - Citigroup anticipates that this partnership will significantly increase Minth's orders from Toyota and other Japanese automakers in the region [1] - Given the typically long R&D cycles for overseas automakers, large-scale production from the joint venture is not expected to commence until the end of next year, with potential order values estimated between USD 200 million to USD 300 million [1]
花旗：敏实集团(00425)北美组合营料吸日本车企订单 重申“买入”评级