DBS Group Research says Miniso’s 2026-27 core profit could be pressured by slower-than-expected overseas sales growth and larger-than-expected margin dilution as the company shifts to directly operated stores. Miniso’s latest guidance is more cautious and reflects a European restructuring that will close about 100-110 underperforming distributor-run stores. Analysts cut 2026-27 core profit forecasts by 23-32%; profitability may remain weighed down by the overseas direct-store transition and risi

DBS Group Research says Miniso’s 2026-27 core profit could be pressured by slower-than-expected overseas sales growth and larger-than-expected margin dilution as the company shifts to directly operated stores. Miniso’s latest guidance is more cautious and reflects a European restructuring that will close about 100-110 underperforming distributor-run stores. Analysts cut 2026-27 core profit forecasts by 23-32%; profitability may remain weighed down by the overseas direct-store transition and rising selling expenses. DBS lowers its ADR target from $20 to $12 but maintains a buy rating, noting market concern over margins may already be reflected in the share price.