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<Research>M Stanley: POP MART 1Q APAC Sales Miss; Share Price to Hinge on High-frequency Data in Coming Weeks
Recommend 6 Positive 15 Negative 15 |
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Morgan Stanley said in a report that POP MART (09992.HK) charted APAC sales in 1Q26 that missed the broker's expectations, becoming a key investor focus. Among the markets, Thailand, which accounted for a relatively high proportion of APAC sales last year, is facing relatively large YoY pressure this year, while Japan and Singapore continued to deliver solid performance. The broker attributed the weakness in Thailand to three factors, including softer demand from speculators; slower tourist demand as POP MART has expanded into other markets; and the fact that POP MART's per capita sales in Thailand are already the highest globally, estimated at about 3x higher than in China (though this figure was inflated by scalpers and tourists). Although sell-side analysts are expected to lower their forecasts, buy-side expectations are already low, and the stock price is expected to be driven by high-frequency data in the coming weeks. Morgan Stanley maintained its Overweight rating on POP MART, with a TP of HKD247. Auto-translated by AI This article was automatically translated by AI, the original language 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. More Details
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