BOFA: Raised MINISO's target price to HK$46.9. Rating upgraded to "Neutral"

Bank of America Securities released a research report stating that Miniso's second quarter performance exceeded expectations, with revenue and non-International Financial Reporting Standards net profit increasing by 23% and 11% respectively, accelerating from the 19% growth and 5% decline in the first quarter. The non-IFRS net profit exceeded the bank's estimate by 14%, benefiting from revenue exceeding expectations by 3% and a better profit margin. The bank raised Miniso's non-IFRS earnings per share forecast for the current and next year by 11% and 2% respectively, and raised the target price from HK$32 to HK$46.9 to reflect higher performance estimates, a valuation benchmark change from 2025 to the average of 2025 and 2026, and the target P/E ratio from 12 times to 15 times. The rating was upgraded from "underperform" to "neutral".