Morgan Stanley: Raises the target price for Bubble Mart to HKD 302, the scale-up pace of IP exceeds expectations.
On June 27, Jin10 reported that Morgan Stanley released a research report stating that it has raised its earnings per share forecasts for Pop Mart (09992.HK) for 2025, 2026, and 2027 by 6%, 15%, and 21% respectively, to reflect the company's clearer growth path in North America and Europe. For 2025, the most optimistic profit expectations in the industry still significantly exceed the bank's adjusted forecasts. The bank believes that Pop Mart's combination of a rich and diverse IP matrix with operational skills is expected to create sustainable growth, and the current stock price does not reflect the potential for long-term scale.