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<Research>JPM Initiates MNSO (09896.HK) at Overweight, TP $59
Recommend 4 Positive 7 Negative 7 |
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JPMorgan wrote in a research report that MNSO (09896.HK) is a fast-growing global lifestyle home products retailer with 6,561 stores. Benefiting from a decade-long partnership with global IP owners, MNSO leads the fast-growing, high-margin IP merchandise market in China. MNSO plans to increase its contribution from IP sales to 50% by 2028, up from 30% last year. The broker expected the IP contribution to the group's revenue and operating profit to rise from 30% and 40% in 2023 to 40% and 55% in 2026 respectively. The company is also accelerating its overseas expansion through its growing scale and streamlined supply chain in the Mainland. The broker expected overseas earnings contribution to rise from 26% in 2023 to 42% in 2026. JPM initiated MNSO at Overweight, with a target price of $59. AAStocks Financial News |
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