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<Research>CMBI Downgrades POP MART to Sell as Worse-Than-Expected Results Spark Concerns Over Earnings Visibility
Recommend 8 Positive 17 Negative 14 |
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CMBI has issued a report downgrading POP MART (09992.HK)'s rating from Buy to Sell and slashing its target price from HKD380 to HKD127, citing that the company's worse-than-expected 2H25 results and 2026 guidance have sparked concerns about growth sustainability and earnings visibility. Due to anticipated sales slowdowns in the US and Thai markets, CMBI has also lowered its overseas revenue forecasts for POP MART by 52% and 60% for 2026 and 2027. The gross margin forecasts have been reduced by 6 and 10 ppts accordingly to reflect the declining proportion of overseas sales. AAStocks Financial News |
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