0756 GMT - Miniso Group's investment in Yonghui Superstores might not be the best use of cash, Jefferies analysts Anne Ling and Boya Zhen say in a research note. As Miniso is still growing fast with new store openings both in China and overseas, it might be better for the company to invest in its own capacity, they say. Investors would prefer Miniso spend the money on dividend payouts or share buybacks, they add. Jefferies downgrades Miniso to hold from buy as the acquisition poses a risk of Miniso branching out to less favorable and premature investments. The broker also lowers its H-share target price to HK$29.10 from HK$61.90. Shares are last down 25% at HK$24.75. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
September 24, 2024 03:56 ET (07:56 GMT)
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