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$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 (MNSO US, SELL, TP US$18) Rating Change]: We Took Our Stand on Yonghui Acquisition…DG2SELL

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

[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>We expect Miniso’s revenue for C1Q/2Q24 to be 1.0%/2.7% higher than consensus due to adequate inventory and strong sales of the Chiikawa series. </li>
<li>We believe Miniso has found a new competency in quickly turning around IP sales through economies of scale in supply chain and store network.</li>
<li>We maintain the stock as BUY and raise our TP by US$3 to US$34/ADS.</li>
</ul>


We expect Miniso’s revenue for C1Q/2Q24 to be 1.0%/2.7% higher than consensus due to adequate inventory and strong sales of the Chiikawa series. 
We believe Miniso has found a new competency in quickly turning around IP sales through economies of scale in supply chain and store network.
We maintain the stock as BUY and raise our TP by US$3 to US$34/ADS.


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