Core Viewpoint - Morgan Stanley forecasts that Pop Mart (09992) will experience multiple consumption peaks in the coming months, driven by sufficient inventory of popular products, new product launches, and store expansions [1] Group 1: Sales Forecast - The firm expects sales for Pop Mart in Q3 to grow over 180% year-on-year, compared to 235% in the previous quarter [1] - Morgan Stanley maintains a target price of HKD 382 for Pop Mart, corresponding to projected P/E ratios of 42x, 32x, and 26x for 2025 to 2027 [1] Group 2: Market Sentiment and Demand - Despite recent cautious sentiment in the market towards Pop Mart, Morgan Stanley's outlook remains positive, drawing parallels to Pokémon's strategy in 2021-2022 to increase card production to address speculation and enhance customer experience [1] - The report addresses investor concerns regarding the sustainability of Pop Mart, asserting that the IP collectibles market is substantial and continues to grow, with Pop Mart's differentiated business model poised to capture the increasing "kidult" consumer demand [1] Group 3: Earnings Projections - Morgan Stanley projects adjusted earnings per share for Pop Mart to be HKD 2.58, 9.90, 11.87, and 14.67 for the years 2025 to 2027 [2] - The company is estimated to hold a 5.7% market share in the global IP products market this year, compared to Disney's 43.1% and Sanrio's 8.2% [2]