China Merchants Securities International cut its target price for Pop Mart (09992.HK) by 6.6% to HKD113 from HKD121 and maintained an Overweight rating. The broker weaker cited-than-expected Q3 results, with domestic and overseas sales under pressure

2026-10-29

China Merchants Securities International cut its target price for Pop Mart (09992.HK) by 6.6% to HKD113 from HKD121 and maintained an Overweight rating. The broker weaker cited-than-expected Q3 results, with domestic and overseas sales under pressure, stalled sales growth and margin compression. It expects net profit to continue declining in 2027 and 2028, lowering 2026–2028 net profit forecasts by about 28% and trimming 2026–2028 revenue forecasts by an average 22%, reflecting softer-than-expected growth momentum in both domestic and international markets.