The analyst rating for POP MART (09992.HK) is maintained at Overweight by CMSI due to the company's impressive financial performance in 3Q25, with overall revenue surging by 245-250% year-over-year. This strong performance is attributed to both domestic and international market success. Additionally, CMSI has raised its 2025 sales and net profit forecasts for POP MART by 16% and 13%, respectively, reflecting the positive data. The target price of $380 is based on a 21x PE valuation for the end of 2026, which is considered above the average valuation since 2025.
