JPMorgan published a research report stating that after previously cutting Minth Group's (00425) earnings forecasts by 12% in April this year due to potential weakness in U.S. automotive production amid tariff uncertainties, U.S. automotive production expectations have now recovered from the trough. Accordingly, the firm has raised its 2025 and 2026 earnings forecasts by 13% and 12% respectively, maintained an "Overweight" rating, and significantly increased the target price from HK$25 to HK$40, corresponding to an estimated 2026 P/E ratio of approximately 13.5x.

JPMorgan noted that Minth Group's stock price has surged 130% year-to-date, compared to the Hang Seng Index's 26% gain over the same period, primarily driven by improved liquidity in the Hong Kong stock market, the company's resumption of dividend payments, and better-than-expected European electric vehicle sales trends.

Minth Group reported steady performance in the first half of the year with revenue growth of 11% and profit growth of approximately 20%, which was broadly in line with company guidance and market expectations.