Pop Mart (9992 HK)_Initiate at Buy_ The start of an even bigger growth story
2025-02-18 05:16
Pop Mart (9992 HK) Initiate at Buy: The start of an even bigger growth story A strong comeback. Pop Mart's share price soared 4.5x in 2024 on strong earnings beats (vs HSI up 22% over the same period) returning to its peak level in 2021. If the stock was overhyped in 2021, the current share price is on a firmer footing – fivefold growth in profit and revenue in 2024e vs 2020. While the broader industry narrative remains the same – cute consumer goods (collectable pop toys) that appeal to young consumers are ...