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<Research>HSBC Research Expects POP MART to Grow Through Internationalization; Rating Kept Buy w/ TP HKD392.5
Recommend 36 Positive 56 Negative 39 |
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Following the release of its strong 3Q25 operational data, POP MART (09992.HK) fell by 8%, underperforming the HSI during the same period, with short interest on it hitting new highs, according to a HSBC Global Research report. From investor feedback, the broker attributed the market price reaction to opposing interpretations of the same data. Citing the collapse of the US trend toy bubble in the 1990s, the bears viewed any sales exceeding expectations and secondary market price pullbacks as a short signal indicating the peaking of the Labubu IP cycle. In contrast, the bulls saw POP MART as an IP-based trend toy platform company actively engaging in product development, IP-based storytelling, and direct-to-consumer sales. In HSBC Global Research's opinion, POP MART, as a company established 15 years ago, can overcome challenges, develop globally, and grow through D2C expansion and internationalization. The broker kept its target price for POP MART at HKD392.5, with a Buy rating. AAStocks Financial News |
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