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<Research>JPM Continues to Favor POP MART (09992.HK) w/ Rating Overweight/ TP $340
Recommend 16 Positive 37 Negative 16 |
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Recent discussions with a leading toy OEM supplier have revealed supply chain insights, JPMorgan published a research report saying. The conclusion is that more IP brands are moving their OEM procurement out of China, leading to current OEM supply shortages. This explains the persistent shortage of POP MART (09992.HK)'s Labubu and Crybaby, despite strong demand. Once the supply shortage normalizes, it is expected that super IPs will have stronger bargaining power (bearing less tariff), implying better future profit margin, the broker noted. Based on a projected PEG ratio of 1.5x, JPMorgan kept its target price at $340 for POP MART, equivalent to an estimated 2026 PE ratio of 34x, with rating at Overweight. AASTOCKS Financial News Website: www.aastocks.com |
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