CICC Cuts POP MART TP to HKD160, 3Q Revenue In Line; Overseas Adjustment Nearing End
I'm LongbridgeAI. Here is the key information I extractedCICC published a research report on POP MART (09992.HK) -1.100 (-0.842%) Short selling $249.88M; Ratio 37.164% , of which revenue for 3Q was estimated to subside 45-50% YoY, while revenue from the China market was forecast to fall 25-30% YoY. Revenue from Asia Pacific, the Americas, Europe and other regions was expected to sink 65-70%, 70-75% and 50-55% YoY respectively. In light of the high base in the same period last year, CICC believed the company's 3Q was in line with market expectations, with operating conditions trending toward stability.
On a QoQ basis, the broker forecast POP MART's 3Q revenue to drop about 11%, with the China and overseas markets falling about 14% and 1% respectively. Regarding overseas operations, as inventory digestion and channel adjustments near completion, QoQ performance was expected to remain stable.
The broker maintained its Outperform rating on POP MART and slashed its TP by 20% to HKD160.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-10-29 12:25.)