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<Research>CLSA Hikes POP MART (09992.HK) TP to $318, Keeps Outperform Rating
Recommend 6 Positive 11 Negative 9 |
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CLSA's research report covered POP MART (09992.HK), which held the Beijing Pop Toy Show (PTS) in August, showcasing its devotion to building a compatible IP platform. The broker observed robust demand for Twinkle Twinkle, Crybaby, emerging IPs like KeyA, and its iconic IPs. It also noted the lifestyle category expansion into sweets and home collections. CLSA updated its model ahead of 1H25 results release, forecasting a 202% YoY sales upsurge in 1H25, galvanized by a 113% and 412% YoY leap at home and abroad, respectively. CLSA revised up the stock's target price from HKD300 to HKD318 and maintained an Outperform rating. Pop Mart's sales drivers include the monetization of emerging IPs like Twinkle Twinkle and Crybaby, in addition to IP products like The Monsters, Skullpanda, and Molly; persistent overseas expansion; and category expansion further penetrating the customer life cycle. CLSA estimated that with the increase in overseas sales proportion, tariff-related price adjustments, and leverage gain, Pop Mart's 2025 GPM will improve by 4.4 ppts YoY to 71.2%. AASTOCKS Financial News Website: www.aastocks.com |
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