报告名称：Minth Group(00425.HK)Growing faster than expected
报告类型：港股研究
报告日期：2016-05-19
研究机构：摩根大通
股票名称：敏实集团
股票代码：00425
页数：10
简介：Valuation
Our new PT (HK$25 June-17 vs. HK$19 Dec-16 on 11x PER) reflects our earnings estimate revision. This multiple is consistent with the company’s long-term average, which we believe is fair and not demanding, considering 1) Minth’s solid earnings momentum and 2) valuation comparison with its China auto parts peers which are largely trading at ~10-12x PER.
Risks to Rating and Price Target
Key downside risks to our PT include weaker-than-expected passenger vehicle sales and a price war in China’s passenger vehicle sector, forcing OEMs to cut their purchase price of auto parts.

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