BOCOM International Downgrades POP MART to Neutral, Cuts Earnings Forecasts and Lowers TP to HKD174.8; 1H Results Miss Expectations
AASTOCKS News·
- BOCOM International downgraded POP MART to Neutral and lowered its target price to HKD174.8 due to 1H results missing expectations and higher-than-expected operating pressures.
- The company recorded 1H revenue of RMB17.17 billion and an adjusted net profit of RMB5.16 billion, while management indicated that 2H pressures will exceed those in 1H.
- The broker cut 2026 to 2028 earnings forecasts by 21% to 23% as overseas adjustments, inventory digestion, and restructuring are expected to delay short-term profit release.
