Equity Analyst, LightStream Research

Oshadhi Kumarasiri

An equity research analyst with over 7 years of experience in multiple sectors. Previously worked for one of the world's largest asset managers with about USD2.5trn in AUM, covering small and micro-cap companies in the consumer sphere across Europe and developed Asia. Also experienced in covering multiple industries including banking, insurance and asset management, retail, tech, telco and REIT.

Equity Analyst

MINISO IPO Trading Update: More Upside Left, But Wait For Better Pricing Or Momentum

MINISO’s Impending Lock-Up Expiry: A Chance to Accumulate More Shares

Miniso Slides 47% Amidst Beijing’s Clampdown on ADRs: Large Upside Possible Once the Dust Settles

MINISO IPO: As Appealing As MINISO Products

MINISO Valuation: Valued Like MINISO Merchandise - Bang for the Buck

MINISO IPO: Long Term Growth Prospects Secured By a Sustainable Competitive Advantage

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

<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> is the leading variety retailer of lifestyle products globally with an aggregate GMV of RMB 19.0 billion (US$2.7 billion) and revenue of RMB 9.0 billion (US$1.3 billion).Previously, we discussed MINISO's business model, financials and valuation in <a href="https://www.smartkarma.com/insights/miniso-ipo-long-term-growth-prospects-secured-by-a-sustainable-competitive-advantage" target="_blank" rel="noopener">MINISO IPO: Long Term Growth Prospects Secured By a Sustainable Competitive Advantage</a>, <a href="https://www.smartkarma.com/insights/miniso-ipo-as-appealing-as-miniso-products" target="_blank" rel="noopener">MINISO IPO: As Appealing As MINISO Products</a> and <a href="https://www.smartkarma.com/insights/miniso-valuation-valued-like-miniso-merchandise-bang-for-the-buck" target="_blank" rel="noopener">MINISO Valuation: Valued Like MINISO Merchandise - Bang for the Buck</a>.Our relative valuation indicated that there is significant upside, even at the higher end of the IPO price range. MINISO lacks directly comparable peers, hence an exhaustive relative valuation exercise may not be as reliable as we would have hoped.Therefore, we feel it is worth exploring other valuation techniques to make sure that we don’t run into unpleasant surprises.

MINISO Group Holdings (MNSO US) is the leading variety retailer of lifestyle products globally with an aggregate GMV of RMB 19.0 billion (US$2.7 billion) and revenue of RMB 9.0 billion (US$1.3 billion).Previously, we discussed MINISO's business model, financials and valuation in MINISO IPO: Long Term Growth Prospects Secured By a Sustainable Competitive Advantage, MINISO IPO: As Appealing As MINISO Products and MINISO Valuation: Valued Like MINISO Merchandise - Bang for the Buck.Our relative valuation indicated that there is significant upside, even at the higher end of the IPO price range. MINISO lacks directly comparable peers, hence an exhaustive relative valuation exercise may not be as reliable as we would have hoped.Therefore, we feel it is worth exploring other valuation techniques to make sure that we don’t run into unpleasant surprises.

MINISO Deserves More Than The IPO Valuation