In short: Passing mention — Ahern names MiniMax as a direct large-language-model holding in KWEB (30:52), with Z.ai.
In short: Buy reiterated, 12-month TP HK$860 (DCF). Stands out on cost efficiency under the framework; M3 sits in the favored ARR-maximizing quadrant (attractive pricing + high token volumes); 60–70% of revenue already overseas; trades at ~13x P/2026E year-end ARR vs peers several times higher — risk-reward skewed up. Next drivers: the imminent H3 video model and M3 coding updates (Jul–Aug), a larger-parameter M3 in 2H26.
MiniMax is Goldman's actual Buy in this primer. Its M3 model is small (0.4T parameters), extremely cheap to run, and sits exactly where the explosive demand is: bargain-priced AI for "agentic" work — the automated software agents that small businesses and one-person companies run around the clock. Unusually for a Chinese AI firm, 60–70% of its revenue already comes from overseas, and it also owns a strong video-generation line (Hailuo, with the H3 model about to launch) where pricing and margins are much healthier than in text AI.
The valuation argument is simple: MiniMax trades at ~13x its expected end-2026 recurring revenue, while comparable AI companies in China and globally command multiples several times higher at a similar stage. Goldman's framework flags its weak spots honestly — it lacks the pricing power of Zhipu and the balance sheet of the giants — but thinks the risk-reward is skewed upward at this price, with a HK$860 target.
Full passage: premium transcript (PDF).
Nothing matches this filter.
Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.