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<Research>Jefferies Cuts POP MART (09992.HK) Mid-term Sales Assumptions; TP Cut to HKD227.6; Rating Buy Kept
Recommend 6 Positive 13 Negative 10 |
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Based on POP MART (09992.HK)'s FY25 results, Jefferies lowered its net profit forecasts for 2026 and 2027 by 17% and 25%, respectively, and sales forecasts by 16% and 23%. The broker also introduced forecasts for FY28. It expected net profit to grow by 15% and sales to grow by 21% in 2026. Assuming that the pressure from raw material prices and logistics costs is only a short-term impact, the broker expected sales growth of 86%/ 12%/ 10%/ 12% for 1Q/ 2Q/ 3Q/ 4Q26, respectively. The new target price was cut from HKD383.2 to HKD227.6, down 41%, with half of the reduction reflecting adjustments in earnings forecasts for 2026 and 2027, and the other half reflecting lowered mid-term sales assumptions. The Buy rating was kept. AASTOCKS Financial News Website: www.aastocks.com |
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