Morgan Stanley has upgraded its price target for Pop Mart International Group Ltd. (09992) from HK$302 to HK$365, maintaining an "Overweight" rating. The firm projects third-quarter revenue growth between 150% and 160%, while raising its 2025-2027 revenue and net profit forecasts by 19%-23% and 32%-34% respectively. Current estimates indicate Pop Mart could achieve 140% revenue growth and 210% profit growth in 2025.
This revision follows Pop Mart's positive profit alert indicating first-half revenue and profit growth exceeding 200% and 350% year-on-year respectively – surpassing Morgan Stanley's projections by 8% and 20%. The exceptional performance stems primarily from better-than-expected results in Greater China and Asia-Pacific markets.
The interim adjusted net profit margin is anticipated to reach 32%, beating expectations by four percentage points. This margin expansion likely originates from improved overseas business gross margins and enhanced operational efficiency. Given these strong indicators, Morgan Stanley anticipates Pop Mart's share price will reach new highs in the near term.
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