Core Viewpoint - The market's concerns regarding Miniso's (09896) core business are considered excessive, presenting a potential buying opportunity, especially if negative factors related to the acquisition of Yonghui Supermarket (601933) ease [1] Financial Projections - The target price for H-shares is adjusted from HKD 48.4 to HKD 46.1, while the target price for US shares (MNSO.US) is revised 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 reduced by 35%, 22%, and 20% [1] Business Performance and Strategy - Miniso's Q3 performance is mixed, and increased market uncertainty is expected to make investors more cautious regarding the acquisition of Yonghui Supermarket and the overall strategy [1] - Focusing on Miniso's core business, the company is believed to be on the right track to gain more market share globally, supported by a strong IP strategy [1] - The company is positioned for stronger organic growth following the successful execution of various initiatives, and its long-term growth prospects suggest that its valuation is not high [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：降名创优品目标价至46.1港元 料核心业务第四季再改善