Citi has significantly upgraded its profit forecasts for Pop Mart (09992), boosting projections for 2025-2027 by 43.6%, 41.4%, and 41.8% respectively. The investment bank now expects the company's full-year revenue to skyrocket 156% year-on-year, driven by explosive 289% overseas growth and 71% domestic expansion. Citi maintains its "Buy" rating while lifting the target price from HK$308 to HK$384.5, citing attractive valuations after recent stock adjustments.
This optimism follows Pop Mart's July 15 profit alert projecting interim revenue growth exceeding 200% and profit surging at least 350%. Preliminary estimates indicate net profit surpassing RMB 4.17 billion and revenue exceeding RMB 13.7 billion, outperforming both Citi's and market expectations.
The stellar second-quarter results were fueled by growing global recognition of IPs like LABUBU. Despite challenging year-ago comparisons, Citi predicts sustained robust growth through year-end, powered by ongoing IP popularity, international market penetration, inventory replenishment initiatives, and new product launches. North American and European expansions remain pivotal growth catalysts.
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