Zhi Tong Cai Jing·2026-02-06 03:53Core Viewpoint - Morgan Stanley has set a target price of HKD 325 for Pop Mart (09992), based on a projected 26x price-to-earnings ratio for 2026, and has rated the stock as "Overweight" [1] Group 1: Market Performance and Projections - The company is expected to experience significant earnings growth compared to large global consumer companies, driven by sustained sales momentum in both domestic and overseas markets, as well as successful product line expansions and new IP-focused initiatives [1] - The stock buyback program is viewed as an effective catalyst for the company's performance, with new IP products like Twinkle Twinkle and Skullpanda expected to maintain strong popularity and drive IP product operations [1] - There is potential for the stock to rise further in March and April, considering investor positioning [1] Group 2: Product Development and Collaborations - Morgan Stanley anticipates more surprises in product design from the company this year, with collaborations between IP products Labubu and Moynat, and a reported Labubu movie being produced by Sony Pictures [1] - The addition of the LVMH China CEO to the company's board indicates growing recognition of Pop Mart's cultural influence by top industry leaders, which is believed to enhance marketing resources for upcoming product launches, crucial for increasing IP popularity [1] Group 3: Investor Sentiment and Market Feedback - Some investors remain skeptical about the company's stock buyback, believing it does not alter the pessimistic outlook, influenced by factors such as U.S. credit card data, resale prices, and social media attention [2] - As a result, short positions may remain elevated ahead of the company's financial report release in late March [2]