BOCOM International Cuts POP MART TP to HKD218.9, Lowers Earnings Forecasts
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BOCOM International has cut its target price for POP MARTto HKD218.9 and lowered its earnings forecasts for 2026-2028 due to rising raw material and transportation costs, as well as slower overseas growth. Despite a strong 75-80% YoY revenue increase in Q1, with the China market growing 100-105% YoY, the broker anticipates a decline in gross margin by 1-2 percentage points in 2026. The Buy rating remains, citing ongoing core growth drivers and a relatively high margin of safety with a 2026 P/E ratio of approximately 14x.
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