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2026-10-23 10:47:32 Morgan Stanley published a research report expecting POP MART (09992.HK) sales in 3Q26 to decline 40% to 45% YoY, but only edge down slightly QoQ, with the QoQ decline having continued to narrow since 4Q25. During the period, sales visibility remains relatively low due to the reset in Labubu demand, but margins are expected to be more resilient than market forecasts. The broker maintained its "Overweight" rating and kept its TP at HKD203. Morgan Stanley noted that the comparison base in 3Q25 was unusually high due to large-scale Labubu pre-sales. It expects sales in the China market for the same period this year to decline 20% to 25% YoY, while overseas market sales are forecast to fall 65% to 70% YoY. Morgan Stanley said investor concerns over the slowdown in China have increased compared with three to four months ago, and the broker believes China sales in 3Q26 will remain flat QoQ or decline by up to 5%. Overseas operations have reset in scale, but remain the key growth driver for 2027 to 2028. Overseas sales are expected to reach RMB10 billion in 2026, implying a CAGR of 60% from 2024 to 2026.(sl/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese 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. | |