JP Morgan raises the target price of POP MART to 350 yuan, expects holiday season to boost fourth-quarter sales

AASTOCKS
2025.10.22 03:55

JP Morgan published a research report indicating that POP MART (09992.HK) sales in the third quarter grew by 245% year-on-year to 250%, far exceeding the bank's expectation of 140% and the market's expectation of 180%, with a quarter-on-quarter increase of 64% expected for the third quarter.

Morgan Stanley predicts that POP MART's sales in the fourth quarter will grow by 184% year-on-year, primarily driven by increased production capacity and a series of upcoming traditional holidays such as Halloween, Thanksgiving, Black Friday, and Christmas. Consequently, it has raised its earnings forecasts for 2025 to 2027 by 9% to 17%. The current forecast predicts that this year's sales and profits will grow by 209% and 340% year-on-year, respectively, with the target price raised from 320 yuan to 350 yuan, maintaining an "overweight" rating

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