Nomura raises the target price of POP MART (09992) to HK$204, increases sales and profit forecasts.

Nomura released a research report stating that POP MART (09992) first-quarter performance in 2025 significantly exceeded expectations once again, with all market sales growth accelerating, driving overall revenue to increase by 165% to 170% year-on-year, faster than the 143% growth in the second half of last year, significantly higher than the company's guidance of over 100% growth. The bank maintained its "buy" rating on the company, raising its target price from HK$163 to HK$204, and increasing its sales forecasts for 2025 to 2027 by 19% to 22% and profit forecasts by 22% to 25%. Nomura pointed out that POP MART has a sound IP ecosystem, and with the expansion of product categories, visibility for high-speed sales growth is expected. In addition to frequently launching new products, the company continues to collaborate with well-known third-party IPs, successfully expanding its customer base. The global layout also enhances brand awareness.