In today’s briefing:
- [Miniso Group (MNSO US, BUY, TP US$31) Target Price Change]: Near Term Story Is Still the Americas
- BEENOS (3328): Q1 FY09/24 Update
- MT/ Meituan (3690 HK) Earnings Preview: Fourth Positive EPS, 99% Upside
- BBW: 4Q Review: Adding Value; Initiates Q Dividend; Reiterate Buy, $41 PT
- Dollar General 4Q’23 Update
[Miniso Group (MNSO US, BUY, TP US$31) Target Price Change]: Near Term Story Is Still the Americas
- 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
BEENOS (3328): Q1 FY09/24 Update
- Beenos Inc (3328 JP) operates cross-border e-commerce websites that allow mainly individual users to buy and sell goods both in Japan and internationally over the Internet.
- In FY09/23, BEENOS reported full-year consolidated revenue of JPY32.5bn, operating profit of JPY4.5bn, recurring profit of JPY4.1bn, and a net income attributable to owners of the parent of JPY2.2bn.
- BEENOS Inc. has announced changes in its consolidated subsidiaries (share transfer).
MT/ Meituan (3690 HK) Earnings Preview: Fourth Positive EPS, 99% Upside
- 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.
BBW: 4Q Review: Adding Value; Initiates Q Dividend; Reiterate Buy, $41 PT
- We are reiterating our Buy rating and $41 price target for Build-a-Bear, slightly raising our FY24 EPS and rolling out FY25 projections after the company reported basically in-line 4QFY23 (January) results and initiated a quarterly dividend program, with an initial quarterly payout of $0.20 per share.
- We believe Build-A-Bear remains highly focused on shareholder value and the company is poised to register solid returns and upside as their experiential offerings continue to expand and resonate with their growing customer base; further, with net cash per share of over $3.10 (and no debt), a dividend yield of 2.7% and trading under 4.5X our FY25 EBITDA, we view the risk/reward in BBW as compelling, and we reiterate our Buy raring and $41 price target.
Dollar General 4Q’23 Update
- Dollar General (DG)’s stock had an interesting reaction to today’s earnings.
- First it went up by ~6% in pre-market, but then ended the day 5% down.
- Despite the somewhat bizarre stock price reaction throughout the day, I think the worst days are likely behind DG.
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