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

[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$26) TP Change]: Shifting from Value- To Interest-Based Retailer

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

[Miniso Group (MNSO US, BUY, TP US$26) Review]: Strong Demand Support Further Store Openings

China/Asia TMT

Shawn Yang

Equity Bottom-Up

<ul>
<li>MNSO’s FY23 SEHK filing updated its operation metrics post C2Q23, where domestic was in-line but overseas beat our estimates. We attribute this performance to direct store expansion in North America;</li>
<li>We raise 2024/25 top line by 14%/19% and operating profit by 22%/25%;</li>
<li>We maintain BUY and raise TP by US$4.5 to US$30.5 to factor in the profitability ramping up of oversea businesses.</li>
</ul>


MNSO’s FY23 SEHK filing updated its operation metrics post C2Q23, where domestic was in-line but overseas beat our estimates. We attribute this performance to direct store expansion in North America;
We raise 2024/25 top line by 14%/19% and operating profit by 22%/25%;
We maintain BUY and raise TP by US$4.5 to US$30.5 to factor in the profitability ramping up of oversea businesses.


[Miniso (MNSO US, BUY, TP US$30.5) TP Change]: Progress in America Bodes Well for International