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UBS Trims Adj. NP Forecast for POP MART; TP Cut to HKD278
2026-03-26 10:24:17
POP MART (09992.HK) was foreseen to achieve revenue and net profit of RMB37.1 billion and RMB13 billion respectively for FY25, representing a YoY leap of 185% and 299%, UBS said in a research report. This implies that revenue and net profit for 2H25 would be RMB23 billion and RMB8 billion, which were 8% and 6% below the broker's expectations.

The broker noted that management had a cautious tone for 2026, expecting revenue growth of no less than 20% to address the high base in 2025. Owing to uncertainties in raw material and logistics costs, the company planned to provide more details on margins in May.

UBS trimmed its adjusted net profit forecast for the group for 2026-28 by 7-13%, reflecting a decelerated overseas growth, partially offset by higher domestic forecast. The target price was reduced from HKD326 to HKD278, with a Buy rating.
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