Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<ul>
<li>The offer period for <a href="https://www.smartkarma.com/entities/miniso-group-holdings" target="_blank" data-smartkarma-citation="entities:29673:1" rel="noopener">Miniso (MNSO US)</a>’s HK listing began on 30th June at a maximum offer-price of HK$22.10 per-share, which translates to a 42% premium to its ADSs .</li>
<li>With store-level performance expected to reach the pre-COVID level , alongside an aggressive plan to increase the store count by 60%, we predict more than 100% upside to FY24 consensus.</li>
<li>Our estimates put Miniso on 4.3x FY24 OP, which seems genuinely cheap compared to most of the GMS stocks in New York and Hong Kong.</li>
</ul>


The offer period for Miniso (MNSO US)’s HK listing began on 30th June at a maximum offer-price of HK$22.10 per-share, which translates to a 42% premium to its ADSs .
With store-level performance expected to reach the pre-COVID level , alongside an aggressive plan to increase the store count by 60%, we predict more than 100% upside to FY24 consensus.
Our estimates put Miniso on 4.3x FY24 OP, which seems genuinely cheap compared to most of the GMS stocks in New York and Hong Kong.


Miniso Hong Kong Listing: Still Too Cheap

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: How SoftBank wrestled back control of Arm China</li><li>Analysis: China's 'zero-Covid' policy is here to stay despite relaxing of quarantine rules</li><li>Charts of the Day: China’s trade deficit with Russia balloons</li></ul>

In Depth: How SoftBank wrestled back control of Arm ChinaAnalysis: China's 'zero-Covid' policy is here to stay despite relaxing of quarantine rulesCharts of the Day: China’s trade deficit with Russia balloons

CX Daily: How SoftBank Wrestled Back Control of Arm China

<ul>
<li>
<a href="https://www.smartkarma.com/entities/miniso-group-holdings" target="_blank" data-smartkarma-citation="entities:29673:1" rel="noopener">MINISO Group Holdings (MNSO US)</a> rallied more than 70% this month before receiving approval for a $100m placement on the Hong Kong Stock Exchange yesterday (27th June 2022).</li>
<li>The company has no requirement for extra cash and this Hong Kong listing is mostly a precautionary measure against a potential delisting of Chinese companies from US markets.</li>
<li>Overall, we are positive about this placement on account of momentum, reasonableness of current valuation and positive reception of what we would regard as an intention to accelerate expansion.</li>
</ul>



MINISO Group Holdings (MNSO US) rallied more than 70% this month before receiving approval for a $100m placement on the Hong Kong Stock Exchange yesterday (27th June 2022).
The company has no requirement for extra cash and this Hong Kong listing is mostly a precautionary measure against a potential delisting of Chinese companies from US markets.
Overall, we are positive about this placement on account of momentum, reasonableness of current valuation and positive reception of what we would regard as an intention to accelerate expansion.


Miniso Dual Primary Listing: Positive on Momentum, Valuation and Acceleration of Global Expansion

Equity Bottom-Up

<ul>
<li>Last week, <a href="https://www.smartkarma.com/entities/miniso-group-holdings" target="_blank" data-smartkarma-citation="entities:29673:1" rel="noopener">MINISO Group Holdings (MNSO US)</a> filed an application to conduct a follow-on public offering of ordinary shares on the main board of the Hong Kong Stock Exchange.</li>
<li>The Hong Kong listing will be treated as a second primary listing, resulting in a substantial improvement in the stock’s liquidity.</li>
<li>With the improvement in liquidity following the Hong Kong offer, there could be a significant upside to Miniso shares in the short term.</li>
</ul>


Last week, MINISO Group Holdings (MNSO US) filed an application to conduct a follow-on public offering of ordinary shares on the main board of the Hong Kong Stock Exchange.
The Hong Kong listing will be treated as a second primary listing, resulting in a substantial improvement in the stock’s liquidity.
With the improvement in liquidity following the Hong Kong offer, there could be a significant upside to Miniso shares in the short term.


Miniso to Increase Liquidity Via a Dual Primary Listing on HKEX

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas regulators to China ADRs audits.</li>
<li>On 8th Mar 2022, Securities Exchange Commission (SEC) had added five China ADR names to its provisional list of issuers under HFCAA, which set the clock ticking for their delisting.</li>
<li>In this note, we'll talk about the latest developments and its implications.</li>
</ul>


On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas regulators to China ADRs audits.
On 8th Mar 2022, Securities Exchange Commission (SEC) had added five China ADR names to its provisional list of issuers under HFCAA, which set the clock ticking for their delisting.
In this note, we'll talk about the latest developments and its implications.


China ADRs Delisting - Tide Is Turning with CSRC Showing Signs of a Compromise

China

MINISO Group Holding is a value retailer with a focus on offering products that are aesthetically pleasing, good-quality, and affordable.

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Miniso (MNSO US)

Miniso Hong Kong Listing: Still Too Cheap

With store-level performance expected to reach the pre-COVID level over the next two years, alongside an aggressive plan to increase the store...

Oshadhi Kumarasiri

CX Daily: How SoftBank Wrestled Back Control of Arm China

In Depth: How SoftBank wrestled back control of Arm China. Analysis: China's 'zero-Covid' policy is here to stay despite relaxing of quarantine rules

Caixin Global

Miniso Dual Primary Listing: Positive on Momentum, Valuation and Acceleration of Global Expansion

Miniso rallied more than 70% this month before receiving approval for a $100m placement on the Hong Kong Stock Exchange yesterday (27th June 2022)....

Oshadhi Kumarasiri

Miniso to Increase Liquidity Via a Dual Primary Listing on HKEX

Miniso filed an application to conduct a follow-on public offering of ordinary shares on the main board of the Hong Kong Stock Exchange. The HK...

Oshadhi Kumarasiri

China ADRs Delisting - Tide Is Turning with CSRC Showing Signs of a Compromise

On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas...

Sumeet Singh

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