Goldman Sachs raises target price of Pinduoduo (09992.HK) to 151 Hong Kong dollars, with better performance in the first quarter.

According to the Zhineng Finance APP, Goldman Sachs released a research report stating that Pop Mart (09992.HK) has shown positive performance in the first quarter. Taking into consideration the fluctuation of consumer sentiment since the beginning of the year, the strong growth in the offline market has come as a pleasant surprise. Looking ahead, the visibility of growth in the second quarter is relatively high. The sales momentum of IP products is impressive, and it is expected that the launch of new products will act as a catalyst, leading to an upward adjustment of profit forecasts for 2025 to 2027 by 14% to 17%. Based on valuation, Goldman Sachs has raised Pop Mart's target price from HK$132 to HK$151, corresponding to a forecasted P/E ratio of approximately 25 times in 2027.