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

[Miniso (MNSO US, BUY, TP US$34) Target Price Change]: IP Strategy Successfully Drove China Sales

[Miniso Group (MNSO US, BUY, TP US$34) Earnings Review]: No News Is Good News…Maintain BUY

[Miniso Group (MNSO US, BUY, TP US$24) TP Change]: Management Might Have Been Overly Optimistic

[Miniso Group (MNSO US, BUY, TP US$31) Company Update]: Management Reassured Future Growth Prospects

[Miniso Group(MNSO US,BUY,TP US$33)TP Change]:Investor Day Called for Growth on Supply Chain and IP

[Miniso Group (MNSO US, BUY, TP US$33) Company Update]: CNY Foot Traffic Growth Support Decent C1Q24

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Equity Bottom-Up

<ul>
<li>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. </li>
<li>Company guided for soft operating margin thanks to robust new store openings, which we believe to be accretive to earnings in the long run</li>
<li>We maintain the stock as BUY and but cut TP by US$2 to US$31/ADS</li>
</ul>


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


[Miniso Group (MNSO US, BUY, TP US$31) Target Price Change]: Near Term Story Is Still the Americas