DBS: Raises Bubble Mart's target price to HK$368, maintains "buy" rating.

OCBC released a research report stating that Pop Mart's performance in the first half of the year was ideal, accelerating its global expansion. They are planning to open 200 new stores this year, compared to the previous target of 100 stores, and they expect that by the end of 2025, overseas sales will exceed domestic sales. Due to the increase in profit margin, OCBC has raised the company's profit forecast for the 2025/2026 fiscal year by 20% and 18%. Due to the strong business prospects and ample space for revenue diversification, the target price has been raised from HK$312 to HK$368, with a maintained "buy" rating. The report indicates that driven by scale, regional optimization, and cost efficiency, the annual revenue target has been revised from 20 billion RMB to more than 30 billion RMB, with a net profit margin of approximately 35%.