Daily Brief China: Alibaba (ADR), Miniso, Meituan, Agung Podomoro Land, Qunabox Group Limited and more

• Alibaba Group’s office messaging and meeting app DingTalk is allowing users of Tencent Holdings’ rival social media app WeChat to directly join any meeting initiated on DingTalk without first registering.
• DingTalk users can now share a meeting link with WeChat users, who can enter the meeting within WeChat.
• Previously, DingTalk required participants to download its meeting app and register.

• Miniso report C4Q23 revenue in-line/7.9% vs. our estimate/consensus, non-GAAP NI is 5.1%/10.5% higher than our estimate/consensus on strong overseas sales from North and Latin Americas. 
• Company guided for soft operating margin thanks to robust new store openings, which we believe to be accretive to earnings in the long run
• We maintain the stock as BUY and but cut TP by US$2 to US$31/ADS

• In 4Q23, we believe total revenue will grow by 20% YoY and MT will have the fourth profitable quarter.
• We believe Douyin will not threaten MT in the long run according to other competitors’ failure.
• We believe EPS will reach RMB0.35 in 4Q23 and RMB2.23 in 2023.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Agung Podomoro Land
• China Vanke

• Qunabox Group Limited (QUNA HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The bookrunner on the deal is Haitong.
• Qunabox Group Limited (Qunabox) is a marketing service provider in China, focusing on outdoor marketing for fast-moving consumer goods (FMCG).
• As per CIC, the firm was the fifth largest FMCG outdoor marketing service provider in China in terms of 2022 sales, with a market share of 0.9%.