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<Research>BofAS Downgrades POP MART (09992.HK) to Neutral as 2026 Rev. Growth Guidance Below Mkt Consensus
Recommend 10 Positive 14 Negative 22 |
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POP MART (09992.HK)'s FY2025 results missed investors' higher expectations, primarily due to lower-than-expected revenue, BofA Securities published a research report saying. Revenue for the period surged by 185% YoY to RMB37 billion, below the market consensus of approx. RMB40 billion, while adjusted net profit margin was broadly in line with estimation. Management guided a revenue growth of no less than 20% for 2026, missing the market consensus of 30%, and hinted that, due to a high base in 3Q25, 2H25 revenue may record a YoY decline. BofA Securities believed that 2026 will be a transition year for POP MART, facing challenges such as the cooling of the Labubu craze in the European and US markets and increasing pressure on profit margins. Therefore, the broker downgraded POP MART from Buy to Neutral, and slashed its target price from $300 to $170. AASTOCKS Financial News Website: www.aastocks.com |
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