Core Viewpoint - The report from Bank of America Securities indicates that Miniso's Q2 performance exceeded expectations, with revenue and non-IFRS net profit growing by 23% and 11% respectively, showing acceleration compared to Q1's growth of 19% and a decline of 5% [1] Financial Performance - Non-IFRS net profit surpassed Bank of America's estimates by 14%, benefiting from revenue being 3% higher than expected and improved profit margins [1] - The company adjusted its non-IFRS earnings per share forecasts for the next two years upward by 11% and 2% respectively [1] Target Price and Valuation - The target price for Miniso was raised from HKD 32 to HKD 46.9, reflecting higher performance estimates and a shift in valuation benchmarks from 2025 to the average of 2025 and 2026 [1] - The target price-to-earnings ratio was increased from 12 times to 15 times, and the rating was upgraded from "underperform" to "neutral" [1]
大行评级｜美银：上调名创优品目标价至46.9港元 评级升至“中性”