Morgan Stanley: Initiates "Overweight" rating on POP MART (09992) with a target price of HK$113.

Morgan Stanley released a research report stating that POP MART (09992) plans to replenish inventory, potentially boosting sales for the fourth quarter of last year and the first half of this year, while taking measures to enhance customer experience. The investment themes suggested by the bank, namely "overseas expansion extending popularity" and "IP product rotation," are still valid. Morgan Stanley's rating and target price for the company are "hold" and 113 Hong Kong dollars. The bank advises investors to take advantage of the opportunity to buy low. It is projected that sales will increase by 35% this year, and POP MART is expected to achieve the fastest sales growth among large consumer companies tracked by the bank. With overseas sales and profit composition expected to account for more than half this year, the bank believes the company's valuation premium is reasonable.