BofA: POP MART Strengthens U.S. Market Operations, Expects Strong Q4 Seasonality to Boost Annual Performance

Deep News11-28

BofA Securities released a report stating that POP MART's IP operations in the U.S. market continue to strengthen, emerging as a new highlight. Following its participation in the Macy's Thanksgiving Day Parade, Labubu has gained increasing exposure during New York's Performance Days, sparking widespread attention on social media. Since Q4 this year, the company has strategically launched more offline IP activities, including Skullpanda's pop-up store in New York and a collaboration with the U.S. series "Wednesday." The bank believes the strong U.S. Q4 holiday season could provide robust support for the company's annual performance.

BofA maintains a "Buy" rating on POP MART with a target price of HK$400, noting its current valuation reflects only 15x forward 2025 P/E. The bank projects a 34% CAGR in net profit from 2025 to 2027. Revenue estimates for 2025–2027 stand at RMB37.08 billion, RMB52.14 billion, and RMB65.99 billion, respectively, with adjusted net profit forecasts of RMB13.06 billion, RMB18.52 billion, and RMB23.48 billion. EPS projections for 2025–2027 are RMB9.8 (up 280% YoY), RMB13.9 (up 41.8% YoY), and RMB17.63 (up 26.8% YoY).

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