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<Research>Macquarie: POP MART Still Has Further Upside in Americas, Europe; TP Raised to $400
Recommend 11 Positive 15 Negative 14 |
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Macquarie's research report covered POP MART (09992.HK), which was projected to achieve revenue of approximately RMB33 billion in FY2025, with a non-IFRS net profit margin of 35%. The broker maintained an Outperform rating. As growth was expected to slow down by 2026, with the broker’s PER multiple of 33x, down from 34.5x, the target price was increased by 11% to HK$400. Given the company's revenue spike of 1,142% YoY in the Americas market, the broker foresaw considerable upside potential still in the company. The current 59% contribution from online sales suggested more room for opening physical stores. Regardless, as the company eyes on store quality and productivity, Macquarie believed the company remains disciplined. The broker also viewed that store openings in premium locations will further raise brand awareness among celebrities and influencers by expanding the potential customer base. Besides, expansion in Europe and other regions has just kicked off, while there is also longer-term potential to drive localization. AASTOCKS Financial News Website: www.aastocks.com |
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