Daiwa: Expecting that increased production of Pinduoduo (09992.HK) will expand customer base, with positive impact. Maintaining "Buy" rating with a target price of HK$382.

According to the Zhitong Finance APP, Morgan Stanley released a research report stating that Pop Mart (09992.HK) will enter several peak consumption seasons in the coming months, including the National Day in mainland China and Western holidays such as Halloween, Thanksgiving, and Christmas. Based on sufficient inventory of popular products, new product launches, and store expansions, the bank expects sales momentum to continue. For the third quarter, the bank expects sales for Pop Mart to increase by over 180% year-on-year, compared to 235% in the previous quarter. The bank maintains a target price of HK$382 for Pop Mart (equivalent to forecast P/E ratios of 42 times, 32 times, and 26 times for 2025 to 2027) and a "buy" rating, listing it as the preferred choice in the industry.