Zhongshan Securities International: Initiates "Buy" rating on Pop Mart with a target price of 272 HKD.

Golden Ten Data reported on June 4 that China Merchants Securities International issued a report pointing out that the first to Bubble Mart (09992. HK) has an “overweight” rating based on a mid-2026 P/E ratio of 40x and PEG of about 0.9x, with a target price of HK$272. According to the report, the bank expects the group’s revenue and net profit to reach 25 billion yuan and 7 billion yuan respectively in 2025, 15% higher than market expectations. The bank believes that the main reason is that the market underestimates the scale and speed of Pop Mart’s overseas expansion. The bank believes that there is still room for Pop Mart to raise its earnings in the future, and the market is expected to begin to digest a more positive earnings growth path, especially in international business, which can support the further increase in the group’s valuation.