BofA Securities Report: BofA Securities has released a report indicating that POP MART (09992.HK) is expected to have multiple growth drivers in 2026, maintaining a growth forecast of over 30%.
Market Sentiment: The report suggests that the market's revenue and adjusted net profit forecasts for POP MART have limited downside risk due to previous stock price declines reflecting lower performance expectations.
Buy Rating and Target Price: BofA Securities has maintained a Buy rating for POP MART with a target price of HKD300, highlighting confidence in the company's future performance.
Growth Drivers: Key growth drivers for POP MART include the monetization of existing IPs, globalization efforts for brands like Skullpanda, and the introduction of new variants of popular IPs such as Molly.
Wall Street analysts forecast 09992 stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for 09992 is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
0 Analyst Rating
Wall Street analysts forecast 09992 stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for 09992 is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
0 Buy
0 Hold
0 Sell
Current: 192.000
Low
Averages
High
Current: 192.000
Low
Averages
High
Citi
Citi Research
Buy
maintain
$415
Al Analysis
2026-01-07
Reason
Citi
Citi Research
Price Target
$415
Al Analysis
2026-01-07
maintain
Buy
Reason
The analyst rating from Citi Research is maintained at "Buy" due to expectations of breakthroughs in IP diversification, product innovation, and cross-sector monetization that are anticipated to support continued growth for POP MART beyond the LABUBU craze. Despite concerns about sustaining long-term growth if the LABUBU novelty fades, the broker remains optimistic about the company's future prospects, setting a target price of $415.
Morgan Stanley
Morgan Stanley
maintain
$300 -> $325
2026-01-06
Reason
Morgan Stanley
Morgan Stanley
Price Target
$300 -> $325
2026-01-06
maintain
Reason
Morgan Stanley's analyst rating for POP MART (09992.HK) is based on the expectation that the company's sales growth will be more resilient in the US, with overall sales performance anticipated to exceed market expectations. The broker believes that by 2026, the market focus may shift from the US market and Labubu products to the Group's overall development momentum. As a result, Morgan Stanley reaffirmed POP MART as its top pick, assigning a target price of $325 and an Overweight rating.
Unlock Full Analyst Thesis， Get the complete breakdown of rating reason for 09992
Unlock Now
BofA Securities
BofA Securities
Buy
maintain
$400 -> $300
2026-01-06
Reason
BofA Securities
BofA Securities
Price Target
$400 -> $300
2026-01-06
maintain
Buy
Reason
The analyst rating for Pop Mart (09992.HK) is a Buy, based on several factors outlined in the BofA Securities' research report. The reasons for this rating include:
1. Long-term Growth Potential: The broker has a positive view on Pop Mart's long-term growth and its intellectual property (IP) ecosystem, which is seen as a key factor for the company's success.
2. Potential Catalysts: There are several potential catalysts that could positively impact the stock, such as the anticipated robust annual results to be announced in March, historically positive performance guidance from the company, and the potential release of Labubu 4.0.
3. Top Pick Status: The broker considers Pop Mart to be one of its top picks for China's consumer stocks this year, indicating strong confidence in the company's prospects.
Despite these positive factors, the report acknowledges short-term challenges related to market debates on valuation, sentiment, and flows, which led to a 25% reduction in the target price to HKD300 while maintaining the Buy rating.
UBS
UBS
Buy
to
Buy
downgrade
$435 -> $380
2025-12-01
Reason
UBS
UBS
Price Target
$435 -> $380
2025-12-01
downgrade
Buy
to
Buy
Reason
The analyst rating for POP MART (09992.HK) is a "Buy" based on several factors highlighted in the UBS research report. Despite the company's sales exceeding expectations, management is prioritizing long-term development over reckless expansion. They are addressing weaknesses related to rapid growth by optimizing internal structures, channel operations, IP management, and supply chain capabilities. This strategic focus aims to align the internal system with current sales and establish a solid foundation for future growth.
Additionally, the company plans to launch new product series during the peak season in the fourth quarter, although some product launches, such as Labubu 4.0, are postponed to next year due to a decline in popularity. UBS has adjusted the target price to HKD 380 from HKD 435, reflecting updated higher Beta coefficient assumptions based on the cash flow discount model. Overall, the combination of strategic management focus and planned product launches supports the "Buy" rating.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
