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<Research> CMBI Initiates MINIMAX-W (00100.HK) at Buy, TP HKD570
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CMBI has issued a research report initiating coverage on MINIMAX-W (00100.HK) with a Buy rating and a target price of HKD570, based on 80x FY2026 forecast price-to-sales (P/S). The broker noted that as one of the world’s leading artificial intelligence (AI) large-model companies, MINIMAX-W has been committed to developing multimodal models from the outset, delivering AI intelligence with high cost efficiency, and possessing the capability to reach and monetize a global user base.

CMBI forecasts that, driven by strong demand for AI-native products and advancements in multimodal capabilities, MINIMAX-W’s total revenue will record a CAGR of 181% over FY2025-FY2028, reaching USD1.748 billion in FY2028. Meanwhile, supported by operating leverage and improved efficiency, adjusted net margin is expected to improve from -317% in FY2025 to -19% in FY2028. (ad/j)

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