Chinese toymaker Pop Mart expects first-half profit jump of at least 350%
Beijing-based firm attributes first-half growth to the increased global recognition of the Pop Mart brand and its intellectual properties
In a filing to the Hong Kong stock exchange on Tuesday, the Beijing-based company said that it expected net profit for the first half to rise by at least 350 per cent from a year ago and revenue to increase by more than 200 per cent.
The company attributed its first-half growth to “the increased global recognition of the Pop Mart brand and its [intellectual properties], and diversified product categories”, noting that revenue from all regional markets rose “rapidly and continuously”.
Nomura on Wednesday lifted Pop Mart’s share-price estimate by 13 per cent to HK$330 from HK$291. The Japanese investment bank said in a report that the management would offer a positive business outlook in the interim earnings call and that the stock was its favourite consumer name.
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Meanwhile, US investment bank Jefferies raised the target price by 55 per cent to HK$315.20 from HK$203 to reflect the stronger-than-expected first-half profit and maintained a buy rating on the stock.