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<Research>Citi Expects POP MART (09992.HK) Breakthrough in IP Diversification/ Others to Drive Growth as Top Pick in CN Consumer Sector
Recommend 20 Positive 43 Negative 3 |
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Citi Research issued a research report predicting that POP MART (09992.HK)'s IP-centric diversification strategy can enhance its ability to withstand IP cyclical risks and rejuvenate new demand. The broker's weekly data tracking shows a recent uptrend in app downloads, particularly in China and the US, which the broker attributed to the release of the new Skullpanda x My Little Pony series. Citi Research also observed high consumer interest in the new series on Instagram. Looking ahead to 2026, Citi Research forecasted that breakthroughs in IP diversification, product innovation and monetization capabilities across a wide range of areas will drive growth. With the launch of the next blockbuster IP and the popularity of non-LABUBU IPs in overseas markets, investor confidence is expected to strengthen. POP MART is one of the broker's Top Buys in the China consumer sector. Therefore, Citi Research rated POP MART at Buy, with a target price of $415, based on a projected 2026 PE ratio of 28x. The Group trades at a premium to most global toy and IP peers, possibly due to its rapid growth driven by overseas expansion. Compared to domestic peers, the broker also believed that POP MART should enjoy a premium due to its leading position. AASTOCKS Financial News Website: www.aastocks.com |
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