+852-2978-7347 | xinyu.ruan@gs.com Goldman Sachs (Asia) L.L.C. Carol Chen +852-2978-7999 | carol.chen@gs.com Goldman Sachs (Asia) L.L.C. 24 November 2025 | 4:53PM HKT Equity Research Miniso (MNSO): NDR takeaways: solid SSSG; mix dragged US GPM but operating leverage supports margin improvement; Buy We hosted Miniso's CFO Mr. Eason Zhang and Director of Capital Markets Christina Zhu for a virtual NDR on Nov 24 post its 3Q25 result. Key takeaways include: 1) Miniso China SSSG momentum has been holding up well ...

Core Insights - Walmart reported earnings per share of $0.62, exceeding the estimated $0.60, and revenue of approximately $179.5 billion, surpassing the estimated $177.4 billion, indicating strong financial performance [2][6] - The company's e-commerce segment experienced a significant growth of 28% during the third quarter, marking the seventh consecutive quarter of over 20% growth [3][6] - U.S. sales rose by 5.1% to $120.7 billion, driven by an increase in both the number of shoppers and the size of their purchases [4][6] Financial Metrics - The price-to-earnings (P/E) ratio is approximately 35.02, and the price-to-sales ratio stands at about 1.14, reflecting a strong market position [5] - The enterprise value to sales ratio is around 1.22, while the enterprise value to operating cash flow ratio is approximately 20.99, indicating solid operational efficiency [5] - The debt-to-equity ratio is roughly 0.71, and the current ratio is approximately 0.80, suggesting a moderate level of debt and short-term financial stability [5]

The final full week of trading for the month of November will bring investors two crucial earnings reports and the restoration of the September jobs report, which will set the tone for the year's final weeks of trading. Results from Nvidia (NVDA) after the close on Wednesday and Walmart (WMT) on Thursday morning will provide an update on the AI trade and the US consumer, which have offered investors reasons for enthusiasm and caution in the last few weeks. This past week, US stocks battled their way back ...

Core Insights - Walmart's CEO Doug McMillon will retire on January 31, 2026, after over 10 years in leadership, with John Furner set to succeed him [1][5] - Under McMillon's leadership, Walmart transformed from a traditional retailer to a hybrid player in both physical and digital markets [2] - Walmart's market capitalization increased from approximately $250 billion to over $800 billion during McMillon's tenure [3] - Following the announcement of McMillon's retirement, Walmart's stock fell by more than 2% [4] Leadership Transition - John Furner, who has been with Walmart for 30 years and served as CEO of Walmart US since 2019, is viewed as the right leader for the company's next growth phase [5] - Furner has a diverse background, having started as an hourly store associate and held various roles, including CEO of Sam's Club and a senior executive in Walmart's China operations [5] - Furner emphasized the importance of innovation and AI in guiding the company forward, focusing on customer service, associate support, and community strengthening [6] Market Environment - Walmart is navigating a challenging consumer environment characterized by rising prices and selective spending habits [7] - The company is expected to report its quarterly results on November 20 [8]

Market Overview - The stock market showed mixed results amid escalating tensions between the U.S. and China, with President Trump accusing China of an "Economically Hostile Act" regarding soybean purchases, leading to a decline in major indexes [1] - The Dow Jones Industrial Average increased by nearly 0.4% to close at 46,270.46, while the S&P 500 decreased by about 0.2% to 6,644.31, and the Nasdaq fell roughly 0.8% to 22,521.70 [1] Company Highlights - **Walmart Inc. (NYSE:WMT)**: Shares rose by 4.98% to close at $107.21, matching its 52-week high. Walmart announced a collaboration with OpenAI to integrate ChatGPT into its shopping experience, enhancing customer convenience [2] - **Nova Minerals Ltd. (NASDAQ:NVA)**: The stock surged by 110.30% to close at $71.84, reaching a 52-week high of $81.40. The company was invited by the Australian Ambassador to discuss its Estelle Gold and Critical Minerals Project, emphasizing its strategic importance [3] - **Astera Labs Inc. (NASDAQ:ALAB)**: Shares dropped by 19.03% to close at $161.55, with a 52-week high of $262.90. The company joined Arm Holdings' Total Design ecosystem to accelerate custom AI chip development [4] - **Trilogy Metals Inc. (NYSE:TMQ)**: Experienced a 61.59% increase, closing at $10.60, with a 52-week high of $11.29. The company benefited from increased focus on rare earth minerals amid U.S.-China trade tensions [5] - **Stellantis N.V. (NYSE:STLA)**: Shares fell by 2.56% to close at $9.91, with a 52-week high of $14.28. The automaker announced a $13 billion investment to expand its U.S. operations over the next four years [6]

Core Insights - Retailers adopting marketplace models must maintain their identity and unique selling proposition (USP) to avoid becoming indistinguishable from third-party platforms [1] Retailer Strategies - UK retailers are launching marketplaces to enhance their offerings, with Marks & Spencer (M&S) launching "Brands at M&S" in 2021 to compete with Next and attract a broader customer base, resulting in a 42% increase in online partner brand fashion sales for FY24/25 [2] - Other retailers like Tesco, The Range, Superdrug, and B&Q are also exploring marketplace models to enter new categories with lower investment and risk compared to developing their own products [3] Customer Acquisition and Retention - B&Q's marketplace, launched in 2022, has attracted around 50% new shoppers, with 15% of these customers subsequently purchasing B&Q's first-party products, highlighting the importance of retaining these new customers through improved fulfillment options [4] Consumer Expectations - The marketplace model allows retailers to offer a wider range of products and price points, meeting consumer demands for convenience while potentially achieving low-risk, profitable growth [5] - Retailers must ensure a consistent shopping experience, including fulfillment options and product quality, as negative experiences with marketplace products can lead to loss of future sales [5]

Industry Overview - Halloween spending is projected to increase by 13% year-over-year (YOY) to over $13 billion, indicating strong consumer interest despite overall spending cuts due to inflation [2][3] - Retailers specializing in holiday goods are expected to benefit from this increase in consumer spending [2] Walmart - Walmart is anticipated to be a primary destination for Halloween shopping, with a current stock price of $102.99 and a 12-month price forecast of $112.38, representing a 9.12% upside [3][4] - The company has shown a year-to-date return of nearly 15% and is expected to achieve over 18% earnings growth [4] - Walmart's e-commerce business has surged by 25% YOY, and the company is exploring growth in advertising, membership income, and international expansion [5] - Despite concerns over high valuation and tariff risks, analysts remain bullish, with 30 out of 31 ratings being a Buy [6] Hasbro - Hasbro's stock is currently priced at $75.96, with a 12-month price forecast of $87.64, indicating a 15.37% upside [8] - The company has reported strong growth in digital gaming and its Wizards of the Coast segment, with a 23% YOY revenue increase in the last quarter [9] - Although consumer products linked to Halloween saw a 16% decline in sales, October is expected to be a positive month for Hasbro [10] - Analysts rate Hasbro as a Moderate Buy, with 10 out of 12 ratings being positive and a potential upside of over 17% [11] Tootsie Roll - Tootsie Roll's stock is currently priced at $42.42, with a forecast indicating a significant downside, but it remains a Buy based on one analyst rating [12] - The company has shown a 14% YOY improvement in EPS despite economic headwinds, with a 3% sales growth [13] - Tootsie Roll offers a dividend yield of 0.84% and maintains a conservative balance sheet, providing flexibility for future challenges [14][15]

American retailer Target is set to expand its next-day delivery service for online orders to 35 major US metropolitan areas by the end of October. The expansion will cover cities such as San Francisco, Chicago and Los Angeles, along with several other key cities in the US. Customers in these areas will be able to receive their purchases the following day. The retailer has stated that most items available for shipping, which represent the majority of products sold in its stores, will be eligible for this ...

Deep-pocketed investors have adopted a bearish approach towards Walmart WMT, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in WMT usually suggests something big is about to happen.We gleaned this information from our observations today when Benzinga's options scanner highlighted 9 extraordinary options activities for Walmart. This level o ...

Core Viewpoint - Marks & Spencer's chief digital and technology officer, Rachel Higham, is stepping down following a significant cyberattack that impacted the company's online operations [1][2] Group 1: Leadership Changes - Rachel Higham, who joined Marks & Spencer in June, is taking a career break, prompting a reshuffle in the leadership team [1][2] - Sacha Berendji, a veteran at M&S, will assume responsibility for the digital and technology function alongside his current role in property and store development [2][3] - Thinus Keeve, the new retail director, will now report directly to Chief Executive Stuart Machin instead of Berendji [2][3] Group 2: Financial Impact - The cyberattack is expected to cost Marks & Spencer approximately £300 million ($405 million) in lost operating profit for the 2025/26 financial year, with hopes to mitigate this through insurance and cost controls [2] - M&S shares have declined by 8.5% year-to-date [3]