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    Kin Shun (Anne) Ling

    Senior Equity Analyst at Jefferies

    Anne Kin Shun Ling is a Senior Equity Analyst at Jefferies, specializing in Consumer Discretionary with a primary focus on companies such as MINISO Group Holding and Yum China Holdings. She has demonstrated an outstanding performance track record, maintaining a 100% success rate across 4 stock ratings with an average return of 135.44%, placing her among the top 25% of nearly 4,800 analysts. Anne Ling began her analyst career prior to joining Jefferies, where she has been recognized for her in-depth industry coverage and insightful corporate engagement, particularly within the Asian specialty retail and restaurant sectors. She holds relevant professional credentials, including SFC regulatory licenses in Hong Kong.

    Kin Shun (Anne) Ling's questions to Samsonite International SA/ADR (SMSEY) leadership

    Kin Shun (Anne) Ling's questions to Samsonite International SA/ADR (SMSEY) leadership • Q1 2025

    Question

    Kin Shun (Anne) Ling of Jefferies asked about the strategy for the American Tourister brand, given its 10% decline, and inquired about the timing of U.S. wholesale orders for the peak holiday season amidst tariff uncertainty.

    Answer

    Executive Kyle Gendreau explained that American Tourister's decline was not due to a flawed strategy but rather cautious ordering from its heavily wholesale customer base in the U.S. amid tariff concerns, noting the brand was up 11% in Europe. Executive Reza Taleghani added that the brand's performance is improving in Q2. Regarding U.S. wholesalers, Gendreau confirmed they are in 'constant communication' to manage order timing for the peak season and expressed confidence they will be in a 'fine place.'

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    Kin Shun (Anne) Ling's questions to MINISO Group Holding (MNSO) leadership

    Kin Shun (Anne) Ling's questions to MINISO Group Holding (MNSO) leadership • FY 2024

    Question

    Kin Shun Ling from Jefferies requested specific 2025 store opening targets for China, overseas markets, and directly-operated stores. She also asked about the strategy and financial impact of introducing third-party brands into MINISO stores.

    Answer

    Executive Guofu Ye stated the 2025 new store count will be flat with 2024, prioritizing quality over quantity. Executive Eason Zhang added plans include 10 new 'IP Lands' in China and expanding the U.S. footprint to 350-400 total stores. Guofu Ye explained that selling third-party beauty products attracts the target demographic and diversifies the portfolio, which positively impacts same-store sales and profitability.

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    Kin Shun (Anne) Ling's questions to Yum China Holdings (YUMC) leadership

    Kin Shun (Anne) Ling's questions to Yum China Holdings (YUMC) leadership • Q4 2024

    Question

    Kin Shun Ling (Anne Ling) from Jefferies asked about the trend in ticket average (TA), specifically for KFC, questioning when the negative TA might turn positive given the offsetting strength in transaction count (TC).

    Answer

    CEO Joey Wat clarified that the current ticket average trend is an intentional strategy to drive traffic, which has successfully resulted in eight consecutive quarters of transaction growth while protecting margins. She stated the long-term goal is a balanced approach for a steady TA, noting the Q4 TA of RMB 38 is stable versus Q3 and still above pre-pandemic levels. For the short term, the focus will remain on value to drive traffic with no material changes planned. For Pizza Hut, the strategy is to continue driving the TA down to broaden its mass-market appeal.

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