Equity Analyst, Investory

Devi Subhakesan

Equity Analyst

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/miniso-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:36659:1" rel="noopener">MINISO Group Holding (9896 HK)</a> has surged 34% since announcing strong 9M24 results, backed by robust revenue growth, in end November, 2024.</li>
<li>With strong growth prospects, the stock could scale further in 2025, driven by rapid store expansion, blind box toys, ACG goods, and collaborations with top IPs like Harry Potter.</li>
<li>MINISO’s evolution from a value retailer into a lifestyle brand with trademarked IP goods, innovative blind boxes, and creative retail formats enhances its competitive edge and drives growth.</li>
</ul>



MINISO Group Holding (9896 HK) has surged 34% since announcing strong 9M24 results, backed by robust revenue growth, in end November, 2024.
With strong growth prospects, the stock could scale further in 2025, driven by rapid store expansion, blind box toys, ACG goods, and collaborations with top IPs like Harry Potter.
MINISO’s evolution from a value retailer into a lifestyle brand with trademarked IP goods, innovative blind boxes, and creative retail formats enhances its competitive edge and drives growth.


MINISO (9896 HK): From Blind Boxes to ACG Hits—Growth Magic Continues in 2025!

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<p>For our next Corporate Webinar, we are glad to welcome Miniso Group Holding Limited’s Investor Relation Specialist, Ms. Allis-Yueling Chen. </p>
<p>In the upcoming webinar, Allis will share a short company presentation after which, she will engage in a fireside chat with Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/andy-fu" target="_blank" data-smartkarma-citation="accounts:48091" rel="noopener">Andy Fu</a>. The Corporate Webinar will include a live Q&amp;A session.</p>
<h3>The Corporate Webinar will be hosted on Thursday, 20 June 2024, 16:00 SGT.</h3>
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<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=89416289383" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<h3>About Miniso Group Holding Limited</h3>
<p>Miniso Group Holding Limited is a global value retailer offering a variety of trendy lifestyle products featuring IP design. Since Miniso Group opened its first store in China in 2013, they have successfully incubated two brands, “MINISO” and “TOP TOY”. The flagship brand “MINISO” is a globally recognized retail brand and have established a store network worldwide of 6,630 stores in more than 200 countries. The flagship brand “MINISO” offers a frequently-refreshed assortment of lifestyle products covering diverse consumer needs, and consumers are attracted to their products’ trendiness, creativeness, high quality and affordability.</p>

For our next Corporate Webinar, we are glad to welcome Miniso Group Holding Limited’s Investor Relation Specialist, Ms. Allis-Yueling Chen. 
In the upcoming webinar, Allis will share a short company presentation after which, she will engage in a fireside chat with Smartkarma Insight Provider, Andy Fu. The Corporate Webinar will include a live Q&amp;A session.
The Corporate Webinar will be hosted on Thursday, 20 June 2024, 16:00 SGT.


Register for the Webinar here


About Miniso Group Holding Limited
Miniso Group Holding Limited is a global value retailer offering a variety of trendy lifestyle products featuring IP design. Since Miniso Group opened its first store in China in 2013, they have successfully incubated two brands, “MINISO” and “TOP TOY”. The flagship brand “MINISO” is a globally recognized retail brand and have established a store network worldwide of 6,630 stores in more than 200 countries. The flagship brand “MINISO” offers a frequently-refreshed assortment of lifestyle products covering diverse consumer needs, and consumers are attracted to their products’ trendiness, creativeness, high quality and affordability.

Smartkarma Corporate Webinar | Miniso: Leveraging China's Manufacturing Capacity for the Global Market

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>A big structural change to underpin consumer demand goes unnoticed</li>
<li>Efforts to prop up retail sales this year have had the desired effect</li>
<li>We change up the members of the original consumer basket</li>
</ul>


A big structural change to underpin consumer demand goes unnoticed
Efforts to prop up retail sales this year have had the desired effect
We change up the members of the original consumer basket


Low Bar, High Bounce: China’s Consumer Comeback

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/miniso-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:36659:1" rel="noopener">MINISO</a>'s  acquisition of a 29.4% stake in the loss-making supermarket chain <a href="https://www.smartkarma.com/entities/yonghui-superstores-co-ltd" target="_blank" data-smartkarma-citation="entities:15910:1" rel="noopener">Yonghui</a>  for USD 890 million has been viewed negatively by investors, leading to a sharp decline in Miniso's stock.</li>
<li>The deal's size, combined with <a href="https://www.smartkarma.com/entities/yonghui-superstores-co-ltd" target="_blank" data-smartkarma-citation="entities:15910:1" rel="noopener">Yonghui Superstores (601933 CH)</a> unprofitable track record and   <a href="https://www.smartkarma.com/entities/miniso-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:36659:1" rel="noopener">MINISO(9896 HK)</a> 's unexpected move into the low-margin, highly competitive supermarket space, has likely fueled investor concerns.</li>
<li>However, we believe the acquisition provides Miniso with a strategic opportunity for growth and diversification to a sector that remains vital in the offline retail landscape at undemanding valuations.  </li>
</ul>



MINISO's  acquisition of a 29.4% stake in the loss-making supermarket chain Yonghui  for USD 890 million has been viewed negatively by investors, leading to a sharp decline in Miniso's stock.
The deal's size, combined with Yonghui Superstores (601933 CH) unprofitable track record and   MINISO(9896 HK) 's unexpected move into the low-margin, highly competitive supermarket space, has likely fueled investor concerns.
However, we believe the acquisition provides Miniso with a strategic opportunity for growth and diversification to a sector that remains vital in the offline retail landscape at undemanding valuations.  


MINISO Bets Big on Yonghui. Should Investors Be Concerned About the Acquisition?

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-kelun-biotech-biopharm" target="_blank" data-smartkarma-citation="entities:40071:1" rel="noopener">Sichuan Kelun-Biotech Bio (6990 HK)</a>, <a href="https://www.smartkarma.com/entities/techtronic-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:4561:1" rel="noopener">Techtronic Ind. (669 HK)</a>, <a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a>, <a href="https://www.smartkarma.com/entities/chervon-holdings-limited" target="_blank" data-smartkarma-citation="entities:35309:1" rel="noopener">Chervon Hldgs (2285 HK)</a>, and <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> have a very high reliance on the US market.</li>
<li>
<a href="https://www.smartkarma.com/entities/vtech-holdings-ltd" target="_blank" data-smartkarma-citation="entities:18812:1" rel="noopener">Vtech Hldgs (303 HK)</a>, <a href="https://www.smartkarma.com/entities/samsonite-international-sa" target="_blank" data-smartkarma-citation="entities:12790:1" rel="noopener">Samsonite (1910 HK)</a>, <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a>, and <a href="https://www.smartkarma.com/entities/tcl-multimedia-technology" target="_blank" data-smartkarma-citation="entities:15654:1" rel="noopener">Tcl Multimedia (1070 HK)</a> ranked lower on the list, but consumer cutbacks will have a bigger impact. </li>
<li>The spillover effect of a US recession to other countries will pressurise companies that have low direct exposure, like <a href="https://www.smartkarma.com/entities/orient-overseas-international" target="_blank" data-smartkarma-citation="entities:801:1" rel="noopener">Orient Overseas International (316 HK)</a> and <a href="https://www.smartkarma.com/entities/prada-s-p-a" target="_blank" data-smartkarma-citation="entities:889:1" rel="noopener">Prada S.P.A. (1913 HK)</a>.</li>
</ul>



Sichuan Kelun-Biotech Bio (6990 HK), Techtronic Ind. (669 HK), Vesync (2148 HK), Chervon Hldgs (2285 HK), and WuXi AppTec (2359 HK) have a very high reliance on the US market.

Vtech Hldgs (303 HK), Samsonite (1910 HK), Haier Smart Home (6690 HK), and Tcl Multimedia (1070 HK) ranked lower on the list, but consumer cutbacks will have a bigger impact. 
The spillover effect of a US recession to other countries will pressurise companies that have low direct exposure, like Orient Overseas International (316 HK) and Prada S.P.A. (1913 HK).


China & HK Strategy: Who Are the Victims of a US Recession?

China

MINISO Group Holding Limited operates as a holding company. The Company, through its subsidiaries, retails home decor, small electronics, textile, accessories, beauty tools, toys, cosmetics, personal care, snacks, fragrance and perfumes, and stationery and gifts. MINISO Group Holding serves customers worldwide.

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MINISO Group Holding (9896 HK)

MINISO (9896 HK): From Blind Boxes to ACG Hits—Growth Magic Continues in 2025!

Growth in 2025 could pick up pace as MINISO accelerates its transformation from a value retailer into a lifestyle brand with more trademarked IP...

Devi Subhakesan

Smartkarma Corporate Webinar | Miniso: Leveraging China's Manufacturing Capacity for the Global Market

For our next Corporate Webinar, we are glad to welcome Miniso Group Holding Limited’s Investor Relation Specialist, Ms. Allis-Yueling Chen.

Smartkarma Research

Low Bar, High Bounce: China’s Consumer Comeback

We revist the performance of the consumer basket and note structural changes underpinning a consumer revival and add some constituents to the basket

Rikki Malik

MINISO Bets Big on Yonghui. Should Investors Be Concerned About the Acquisition?

Acquisition upsides worth considering - inexpensive valuation for a supermarket chain with turnaround potential, diversification to a segment that...

Devi Subhakesan

China & HK Strategy: Who Are the Victims of a US Recession?

Reliance on the US market varies among HK-listed companies, with some having high direct exposure to a recession. Those with low direct exposure...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MINISO (9896 HK): From Blind Boxes to ACG Hits—Growth Magic Continues in 2025!

Growth in 2025 could pick up pace as MINISO accelerates its transformation from a value retailer into a lifestyle brand with more trademarked IP...

Devi Subhakesan

Smartkarma Corporate Webinar | Miniso: Leveraging China's Manufacturing Capacity for the Global Market

For our next Corporate Webinar, we are glad to welcome Miniso Group Holding Limited’s Investor Relation Specialist, Ms. Allis-Yueling Chen.

Smartkarma Research

Low Bar, High Bounce: China’s Consumer Comeback

We revist the performance of the consumer basket and note structural changes underpinning a consumer revival and add some constituents to the basket

Rikki Malik

MINISO Bets Big on Yonghui. Should Investors Be Concerned About the Acquisition?

Acquisition upsides worth considering - inexpensive valuation for a supermarket chain with turnaround potential, diversification to a segment that...

Devi Subhakesan

China & HK Strategy: Who Are the Victims of a US Recession?

​Reliance on the US market varies among HK-listed companies, with some having high direct exposure to a recession. Those with low direct exposure...

Osbert Tang, CFA

Reliance on the US market varies among HK-listed companies, with some having high direct exposure to a recession. Those with low direct exposure...