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<Research>G Sachs Raises MNSO's TP to HKD56, Keeps Neutral on POP MART
Recommend 9 Positive 24 Negative 11 |
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After POP MART (09992.HK) released its 1H25 results, its stock price rallied on a strong outlook but then traveled through turbulence, which is believed to have reflected sentiment swings tied to slowing high-frequency data, particularly in the secondary market prices, Goldman Sachs wrote in its research report. The broker saw the correction as more related to POP MART's increased monetization efforts. For example, the first batch of mini Labubu dolls was released in significantly larger quantities than the previous series, which could support earnings growth. Meanwhile, another IP retailer, BLOKS (00325.HK), has accelerated product launches compared with July, though mainly based on its existing IPs. The company's new products are expected to play a key role in driving growth in 2H25, but Goldman Sachs emphasized that channel penetration of these new product lines and their ability to capture mindshare among new customer groups will be areas that warrant close attention. As for MNSO (09896.HK) (MNSO.US), the company's valuation rebounded to a forecasted 2025 P/E ratio in the high teens (around 16-19x) after its 2Q25 results beat expectations, which has boosted market confidence, though Goldman Sachs still viewed its growth outlook as relatively modest. Goldman Sachs set a target price of HKD350 for POP MART with a Neutral rating. The broker also raised the 12-month target prices for MNSO's US shares from USD25.3 to USD29 and for its H-shares from HKD49 to HKD56, with a Buy rating remaining in place. In contrast, BLOKS' target price was cut from HKD106 to HKD93, with a Neutral rating. AAStocks Financial News |
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