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2025-10-28 10:45:23
HSBC Research: Pop Mart Can Achieve Growth Through Internationalization, Maintaining a Buy Rating at a Target Price of HK$392.5. HSBC Global Research reports that it believes that after Pop Mart (09992.HK) released strong third-quarter operating data, its share price fell 8%, underperforming the Hang Seng Index over the same period, and short selling on the stock reached a new high. Based on investor feedback, the bank believes the market's price reaction to Pop Mart stems from diverging interpretations of the same data. The bank believes that Pop Mart (09992.HK) is proactively deflating the secondary market bubble by increasing supply to end users and cracking down on scalpers, thereby lowering resale prices and restoring the secondary market's function as an indicator. The bank believes that Pop Mart is still in its growth stage and is promoting the globalization of its IP products. The stock's current valuation is equivalent to a forecast price-to-earnings ratio of 15.4 times in 2026, and its earnings per share are expected to grow at a compound annual growth rate of 26% from 2025 to 2027. The bank maintains Pop Mart's target price of HK$392.5 (equivalent to a price-to-earnings ratio of 34.3 times and 26.6 times this year and next year respectively) and a "buy" rating.
