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POP MART Tumbles ~3% as Overseas Craze Taps off; Multiple Brokers Cut TPs, Earnings Forecasts
Recommend 15 Positive 14 Negative 17 |
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POP MART (09992.HK) will hold a 1Q operating update conference call tomorrow (13th). The market shed light upon slackening overseas demand, as multiple brokers lowered their TPs and earnings forecasts. The stock last quoted at HKD162.5 this morning (12th), down 2.9%, with turnover of HKD1.015 billion. UBS expected POP MART's 1Q revenue to grow 60-65% YoY, above the consensus of RMB6-10 billion. Mainland China operations remained resilient, with revenue rising 10% QoQ and 80-85% YoY. However, overseas business declined 40-50% QoQ, though still up 30-35% YoY, due to the moderating initial hype surrounding Labubu and seasonal weakness in Western markets. The broker lowered its 2026-28 adjusted net profit forecasts by 7-9%, reducing its TP from HKD278 to HKD237.5. Morgan Stanley likewise noted that the popularity of Labubu is gradually fading, and POP MART's overseas sales are facing adjustment pressure. It slashed its 2026-28 overseas sales forecasts by 18-19%, leading to a corresponding 9-10% reduction in overall revenue estimates, and axed its TP by 11% to HKD247. Deutsche Bank took a more cautious stance, projecting a 27% QoQ decline in 1Q overseas sales and estimating total 1Q revenue at RMB8.9 billion, up 73% YoY. It assigned a Sell rating and lowered its TP from HKD157 to HKD140. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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