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

[Consumer Brands Deep Dive]:Structural and Substitution Drive Chinese Consumer

[Miniso Group (MNSO US）]: Strong Offline Traffic Bodes Well for C1Q23 Growth

[Miniso Group (MNSO US) Target Price Change]: Brand Upgrade Strategy Bears Fruit…Reiterate BUY

[Miniso(MNSO US, BUY, TP US$22) Earnings Preview]: Bring Made-In-China to the World’s Mall Economies

Miniso’s Word Against Short Seller Blue Orca’s Facts

Miniso Hong Kong Listing: Still Too Cheap

China/Asia TMT

Shawn Yang

Equity Bottom-Up

<ul>
<li>Miniso reported its C4Q22 revenue at RMB2,494mn, (2.6%)/1.1% vs. our estimate/consensus,  non-GAAP net income at RMB373mn, 27.8%/29.0% higher than our estimate/consensus; </li>
<li>We expect Miniso’s revenue to achieve 33% YoY in C2023, driven by 1) the store expansion in both domestic and overseas market, 2) domestic single store revenue recovered;</li>
<li>We maintain the stock as BUY rating, and raise TP by US$2 to US$24, reflecting Miniso’s expansion of domestic store network in low tier cities</li>
</ul>


Miniso reported its C4Q22 revenue at RMB2,494mn, (2.6%)/1.1% vs. our estimate/consensus,  non-GAAP net income at RMB373mn, 27.8%/29.0% higher than our estimate/consensus; 
We expect Miniso’s revenue to achieve 33% YoY in C2023, driven by 1) the store expansion in both domestic and overseas market, 2) domestic single store revenue recovered;
We maintain the stock as BUY rating, and raise TP by US$2 to US$24, reflecting Miniso’s expansion of domestic store network in low tier cities


[Miniso Group (MNSO US) Target Price Change]: 2023 Catalyst Is Store Expansion, Raise TP to US$24