Bernstein Reiterates Underperform on POP MART ; 1Q In Line but Margin and Sustainability in Doubt
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Bernstein has reiterated an Underperform rating on POP MARTdespite a strong 1Q revenue growth of 75% to 80%, which met market expectations. The report raises concerns about the sustainability of this growth and profitability, particularly in light of increased investments and potential demand pullback risks in subsequent quarters. The broker noted that while mainland China market growth was robust, the overseas performance was merely in line with expectations. Bernstein maintains a cautious outlook for FY2026 with a target price of HKD181.
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