Chinese low-cost retailer Miniso hit new record high in Hong Kong, bring gains since earnings announcement to 40%

 

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Chinese low-cost retailer Miniso continue to rally, surging more than 5% to hit a new record high of HK$58.25 at one point. The stock has surged by 40% after it reported stronger-than-expected earning results for the first half and the quarter ended on June 30. 

The company reported a revenue of 3.25 billion yuan for the quarter ended June 30, marking a new record high and surging 40% from a year earlier, higher than market expected 3.17 billion yuan. 

After the results, several banks raised target prices of the stock. BofA Securities raised the target price to HK$49.5 from HK$46.6, maintaining a Buy rating. Goldman Sachs raised the target price to HK$54, reiterating a Buy rating and keeping it on the Conviction Buy List. CICC raised the target price of the company’s US-traded shares by 8% to $27.05, maintaining an Outperform rating.