东方证券(香港)10月8日发布公告。Initiate with a buy rating. Given that Minth gains c.10% of global exterior auto parts market shares, we believe its strong R&D capability can allow it to secure more orders from global auto makers. We initiate buy rating with target price of HK$33.6, suggesting 15% upside potential. Our target price is based on the valuation of DCF methodologies with WACC of 11.0% and terminal growth of 3%. This implies a forward (FY18E) P/E of 15.3x and forward (FY18E) P/B of 2.5x.