China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

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Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Equity Bottom-Up

<ul>
<li>MNSO reported C3Q23 revenue in line with our estimate/consensus, and non-GAAP operating income in line with our estimate. </li>
<li>However, stock fell 14% over two days, mainly on concern of slowdowns in overseas distributors;</li>
<li>Based on our channel checks, overseas distributor inventory has always been a problem, more so when heightened US interest rate pricking the consumption bubble in developing markets.</li>
</ul>


MNSO reported C3Q23 revenue in line with our estimate/consensus, and non-GAAP operating income in line with our estimate. 
However, stock fell 14% over two days, mainly on concern of slowdowns in overseas distributors;
Based on our channel checks, overseas distributor inventory has always been a problem, more so when heightened US interest rate pricking the consumption bubble in developing markets.


[Miniso Group (MNSO US, BUY, TP US$31) Company Update]:Opportunity for a Reposition Has Come to Fore