
Citi Initiates MiniMax at Buy/High Risk, TP HKD1,330

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Citi has initiated coverage on MiniMax-W (Xiyu Technology) with a Buy/High Risk rating and a target price of HKD1,330. The report highlights MiniMax's strengths in AI technology and its strategic multimodal approach. Citi's investment thesis is based on technological breakthroughs, a global diversification strategy, and a balanced commercialization pathway. The bank forecasts a revenue CAGR of 128% from 2025 to 2030, expecting profitability by 2H29. The target price reflects a 15% discount to the stock's two-year forward price-to-sales average.
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