0814 GMT - Pop Mart's earnings visibility remains weak as overseas growth slows, given that the Labubu maker doesn't have any near-term catalysts to drive upgrades to results estimates, say HSBC Global Investment Research analysts in a note. While the analysts remain confident in Pop Mart's intellectual-property incubation capabilities, the timing of the next blockbuster IP remains uncertain, the analysts say. "A softer-than-expected 2Q outlook [increases] our conviction that weaker demand is now feeding through to earnings and may prompt management to reset [2026] guidance," they say. The analysts cut their 2026 estimates for net profit by 4% and for revenue by 3%. HSBC downgrades its rating on Pop Mart to hold from buy and trims its target price to 168.90 Hong Kong dollars from HK$189.50. Shares rise 0.4% to HK$164.20. (megan.cheah@wsj.com)

(END) Dow Jones Newswires

July 20, 2026 04:14 ET (08:14 GMT)

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