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CMB International says Pop Mart International Group (09992.HK) reported H1 profit 15–20% below market expectations, driven by a 10% drop in Americas sales. An adverse product mix compressed gross margin and intensified margin pressure. CMBI cuts Pop

2026-08-21

CMB International says Pop Mart International Group (09992.HK) reported H1 profit 15–20% below market expectations, driven by a 10% drop in Americas sales. An adverse product mix compressed gross margin and intensified margin pressure. CMBI cuts Pop Mart 2026–2028 earnings forecasts by an average 25% and trims 2026–2028 sales forecasts by an average 17%, reflecting further downgrades to overseas sales after the H1 miss. It lowers gross-margin assumptions to reflect a structurally smaller overseas business share and raw-material cost pressure, reducing 2026/2027 gross-margin forecasts by 0.2ppt and 1.0ppt respectively. PT HK$121 based on 14x 2027 P/E. Recommendation: sell.

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2026-08-20

U.S. Treasury Secretary Bessent vowed the U.S. will impose the harshest sanctions in history and will "overthrow this regime".

U.S. Treasury Secretary Bessent vowed the U.S. will impose the harshest sanctions in history and will "overthrow this regime".
2026-08-21

UK July seasonally adjusted retail sales m/m -0.5% (expected -0.5%); June revised to 0.7% from 1.0%.

UK July seasonally adjusted retail sales m/m -0.5% (expected -0.5%); June revised to 0.7% from 1.0%.
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