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<Research> Bernstein Reiterates Underperform on POP MART (09992.HK); 1Q In Line but Margin and Sustainability in Doubt
Recommend 10 Positive 6 Negative 12 |
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Bernstein said in a report that POP MART (09992.HK) posted 1Q revenue growth of 75% to 80%, at the high end of market expectations of 70% to 80% and above the brokers conservative forecast. Mainland China market growth reached 100% to 105%, while overseas market performance was in line with expectations. The broker noted that although 1Q revenue met expectations, it did not reflect whether the growth is profitable or sustainable, nor whether demand represents healthy expansion or merely benefited from last years seasonal low base effect. The broker pointed out that 1Q momentum exceeded its earlier conservative forecast mainly because it underestimated the acceleration of online channels in China. It maintained a cautious view on POP MARTs FY2026 outlook, remaining vigilant on the margin trajectory following increased investment, and expects growth to slow from 2Q to 4Q as base effects fade. Despite strong overseas revenue growth, the broker still has questions regarding the timeline for profitability of its international business. Bernstein maintained an Underperform rating on POP MART (09992.HK) with a TP of HKD181. The broker believes 1Q benefited from the dissipation of one-off headwinds, and subsequent quarters may face demand pullback risks. (da/u) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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