Core Viewpoint - The market's concerns regarding Miniso's core business are considered excessive, presenting a potential buying opportunity, especially if the negative factors surrounding the acquisition of Yonghui Supermarket ease [1] Financial Projections - After adjusting forecasts for 2026, the target price for H-shares is reduced from HKD 48.4 to HKD 46.1, while the target price for US shares is lowered from USD 24.8 to USD 23.6, reflecting a 19 times adjusted earnings per share (EPS) for 2025 and 29 times and 18 times for the next two years [1] - Adjusted EPS forecasts for fiscal years 2025 to 2027 are increased by 4%, decreased by 6%, and decreased by 7%, respectively, while reported EPS forecasts are cut by 35%, 22%, and 20% [1] Business Strategy and Growth Potential - Despite mixed performance in Q3, the company is believed to be on the right track to achieve stronger organic growth through its robust IP strategy, aiming to capture more market share globally [1] - The anticipated share buyback plan is expected to support the stock price and mitigate some of the negative impact from the acquisition of Yonghui Supermarket [1]
中银国际：降名创优品(09896)目标价至46.1港元 料核心业务第四季再改善