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<Research>HSBC Research: Labubu Remains Viable for Sustainable Development; Rating Kept at Buy for POP MART (09992.HK)
Recommend 18 Positive 35 Negative 17 |
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POP MART (09992.HK)'s share price underperformed the HSI since its peak in August, mainly due to the decline in Labubu's resale prices and weakening momentum in the US market during the low-season, HSBC Global Research issued a research report saying. Moreover, the broker believed that Labubu has become a global pop toy icon, comparable to Kaws and Bearbrick, which have experienced development cycles of over 10 years. Labubu will only begin actively collaborating with global brands in 2024, making it too early to call for a peak now. Therefore, HSBC Global Research kept rating at Buy and a target price of $379 for POP MART, equivalent to projected 2025/ 2026 PE ratios of 41.5x/ 30.8x each. AASTOCKS Financial News Website: www.aastocks.com |
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