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<Research>M Stanley Raises POP MART (09992.HK) TP to $382, Rating Overweight
Recommend 12 Positive 23 Negative 17 |
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Morgan Stanley rebuilt the model drivers for POP MART (09992.HK), estimating 2025's sales at RMB34.8 billion, a YoY leap of 167%; net profit at RMB11.1 billion, a YoY surge of 257%. The broker also estimated Pop Mart's sales for 2026 at RMB45 billion, equivalent to a YoY increase of 30%; net profit at RMB14.6 billion, reflecting a YoY hike of 31%. Morgan Stanley raised the company's net profit forecasts for 2025-27 by 15%/ 5%/ 4%, on the back of heightened revenue forecasts in Greater China and overseas markets, as well as a reduction in opex ratios. Sales in Greater China YTD hit RMB17.3 billion, indicating a YoY spike of 96%. Morgan Stanley revised up the stock’s target price by 5%, from HKD365 to HKD382, due to a 15% elevation in the 2025 net profit forecast. The rating was Overweight. AASTOCKS Financial News Website: www.aastocks.com |
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