Miniso initiated with a Buy at Citi

Citi initiated coverage of Miniso with a Buy rating and $26.80 price target Miniso is a global retailer offering a variety of trendy lifestyle products with IP designs, the analyst tells investors in a research note. The firm expects the company’s IP merchandise sales growth, in both China and overseas markets, to drive margin while its expansion of overseas business will fuel group sales at 20% annually through 2026. Any better than expected turnaround of Yonghui will provide option value to the investment case of Miniso, says the firm.