Pop Mart's Raised 2024 Guidance Could Be a Positive Catalyst -- Market Talk

Dow Jones08-22

0338 GMT - Pop Mart International Group's higher 2024 sales guidance could be a positive catalyst for the Chinese toy company, Nomura research analysts say as they upgrade the stock to buy from neutral. The 62% on-year jump in the company's 1H revenue was driven by sales growth in its Chinese and overseas markets, the analysts note. "Given the solid popularity of [Pop Mart's intellectual property] products and on-track store openings, we expect [the company] to likely beat new guidance, especially for its overseas markets," they say in a note. Nomura raises its 2024-2026 adjusted earnings forecasts by 7%-26%, citing faster-than-expected domestic membership gains, solid overseas sales and an improving margin trend. It raises the stock's target price to HK$54.00 from HK$41.00. Shares are last at HK$46.75.(amanda.lee@wsj.com)

(END) Dow Jones Newswires

August 21, 2024 23:38 ET (03:38 GMT)

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