Morgan Stanley has upgraded Pop Mart’s (9992.HK) target price from HK302, citing the company’s strong IP diversification and scalable operations as key drivers for sustained growth. While near-term earnings momentum may already be priced in, the firm believes the market still underestimates Pop Mart’s long-term expansion potential in China’s booming collectibles market.
The analyst note highlights Pop Mart’s successful franchise model, with new character lines and global retail expansion (including Southeast Asia and Europe) fueling revenue stability. Morgan Stanley expects 20%+ annual sales growth through 2026, supported by high-margin direct sales and licensing deals.
This bullish outlook reflects confidence in Pop Mart’s ”IP ecosystem” strategy, which combines limited-edition releases with evergreen franchises like Molly and Dimoo. The raised target implies 30% upside from current levels, assuming successful execution in premiumization and overseas markets
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