CMSI Reiterates Underweight on POP MART ; Lacks Blockbuster IP After LABUBU Craze
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China Merchants Securities International (CMSI) has reiterated its Underweight rating on POP MART, citing concerns over profit margins and growth prospects. The company's first-quarter results met lowered expectations, but full-year margins are expected to decline due to rising raw material costs and unfavorable changes in the sales mix. CMSI noted that POP MART lacks a blockbuster IP following the LABUBU craze, with limited contributions from other business segments. The report suggests that the current share price does not fully reflect the anticipated slowdown in growth.
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