HSBC cut its PT for Pop Mart (09992.HK) to HK$136.5 from HK$168.9, a 19%
reduction, and retained a Hold rating after lowering EPS forecasts. The bank
cited disappointing 1H results, limited earnings visibility following
adjustments to Labubu IP products, and Q2 FY2026 revenue and overseas sales that
missed expectations. HSBC said its post-adjustment revenue/earnings CAGRs for
2026 and 2028 remain roughly unchanged at 16% and 20%, but it trimmed 2027 and
2028 profit forecasts by 16% and 18%. HSBC’s 2026 and 2027 earnings estimates
are now about 27% and 23% below consensus.
