0554 GMT - Miniso Group's convertible note issuance is likely aimed at business growth and shareholder returns, Nomura analysts say in a research report as the brokerage maintains the stock's buy rating. The Chinese retailer is offering US$550 million of equity-linked convertible securities with seven-year maturity and annual coupon rate of 0.5%, the analysts note. The company plans to use the proceeds to open direct-to-consumer stores faster in overseas markets and to protect shareholder returns via share buybacks. The brokerage raises the target price on Miniso's American depositary receipts to US$28.10 from US$26.30, based on a target forward 12-month adjusted price-to-earnings ratio of 20.0X. The ADRs closed 5.4% higher at US$25.38 on Tuesday. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
January 08, 2025 00:54 ET (05:54 GMT)
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