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<Research>Citi Values MINIMAX-W at HKD1,330/ Shr; DeepSeek V4 Further Focuses on Cost & Efficiency Trends
Recommend
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Positive
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Negative
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DeepSeek's V4 model, particularly its V4-Pro version, performed on par with Claude Sonnet 4.6 in the Artificial Analysis Intelligence Index, while being priced significantly lower than GPT-5.5, highlighting the growing polarization between open-weight models and closed frontier models, Citi's research report said.

Although the pricing for the V4-Pro and V4-Flash is substantially lower than comparable models, DeepSeek acknowledged that its reasoning capabilities still lag closed-source models by 3-6 months. That said, closed frontier models maintain a notable competitive advantage in long-term workflows, where reliable performance remains critical.

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Considering that models of DeepSeek, MINIMAX-W (00100.HK), Kimi, and GLM are expanding the industry's TAM by lowering experimentation and deployment costs, Citi values MINIMAX-W at HKD1,330 per share.


Given MINIMAX-W's relatively short trading history and the rapidly evolving AI landscape with considerable uncertainties, Citi has given the company a Buy/ High Risk rating.
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