"We expect 30 retail store openings this year in China and China market sales to grow 21% YoY in 2024."
Raised target Morgan Stanley raised its price target to HK$52, up from HK$45 previously, after Pop Mart's profit alert.
"Strong pickup in online channels and Pop Land were the key drivers, while offline sales growth also accelerated (driven by teens% [same-store sales growth])."
Pop Land is a theme park that Pop Mart opened near a major city park in Beijing in September 2023.
"The company is well-prepared to sustain its high sales growth momentum into 2H24F, in our view (we estimate 2H24F total sales growth of 39% y-y)," the Nomura analysts said.
Persons:
Morgan Stanley, Pop Mart, they've, Michael Bloom
Organizations:
Pop Mart, Pop, Mart, Disney, Hong, Apple, Starbucks, HK, China Renaissance, Nomura, U.S, Jefferies, Comcast, CNBC, NBCUniversal, NBC Sports, NBC Olympics, NBC, Games
Locations:
Hong Kong, China, Beijing, Pop, Thailand, NBCUniversal, U.S