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<Research>Nomura: POP MART (09992.HK) 3Q Growth Accelerates Again; TP Kept at $372
Recommend 17 Positive 35 Negative 12 |
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POP MART (09992.HK)'s 3Q25 total revenue growth further accelerated to 245-250%, higher than market consensus, according to Nomura's research report. In terms of segmented markets, sales in the Chinese market accelerated significantly, with 3Q25 sales increasing by 185-190% YoY, compared to 135% in 1H25. The broker believed that POP MART's sustained strong growth momentum is mainly attributed to its robust IP development and operational capabilities. Besides its largest revenue source, THE MONSTERS, other major IPs have also established unique recognition and targeted customer groups. For example, Twinkle Twinkle showed strong growth momentum, while IPs like SKULLPANDA and HIRONO recently strengthened their collaborations. More balanced growth across different IPs could help mitigate the risk of the Company's concentration on THE MONSTERS. Therefore, Nomura kept its target price/ rating at $372/ Buy. AASTOCKS Financial News Website: www.aastocks.com |
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