DBS: Upgrade Bubble Mart (09992.HK) Target Price to 368 Hong Kong Dollars, Maintain "Buy" Rating.

Caijing APP learned that DBS released a research report stating that Pop Mart (09992.HK) had an excellent performance in the first half of the year, accelerating its global expansion. The company plans to open 200 new stores this year, surpassing their earlier target of 100 new stores. It is expected that by the end of 2025, overseas sales will exceed domestic sales. Due to the increase in profit margin, DBS has raised the company's profit forecast for the fiscal years 2025/2026 by 20% and 18%. They have also raised the target price from HK$312 to HK$368, maintaining a "buy" rating. The report pointed out that with the growth in scale, regional optimization, and cost efficiency, the company's annual revenue target has been revised from 20 billion RMB to over 30 billion RMB, with a net profit margin of around 35%.