Goldman Sachs: Reiterates "buy" rating on MNSO (09896) and raises target price to 54 Hong Kong dollars.
The company's income increased by 22% this year, and the operating profit margin slightly expanded. Due to cost savings in the overseas direct sales market, the company is expected to maintain its operating profit forecast for the next two years after adjustment.
Goldman Sachs released a research report, reaffirming a "buy" rating on MNSO (09896) with a target price raised from HK$50 to HK$54. It is expected that MNSO's sales in the fourth quarter of last year will increase by 25% year-on-year to RMB 4.79 billion. The overseas market is on track to achieve a 45% to 50% year-on-year growth, in line with the company's earlier guidance.
The bank expects MNSO's revenue to grow by 22% this year, with a slight expansion in operating profit margins, supported by cost savings in the overseas direct sales market. The bank roughly maintains its adjusted operating profit forecast for this year and the next.
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