Jin10 data reported on April 28 that Goldman Sachs published a research report last Tuesday indicating that Pop Mart (09992.HK) had a positive performance in the first quarter. Considering the fluctuation in consumer sentiment since the beginning of the year, the strong growth in the offline market is a pleasant surprise. Looking ahead, the visibility of growth in the second quarter is relatively high, and the sales momentum of IP products is strong. The launch of new products is expected to become a catalyst, leading to an upward revision of profit forecasts for 2025 to 2027 by 14% to 17%. Based on valuation, Goldman Sachs maintains a “neutral” rating on Pop Mart, with a target price raised from 132 HKD to 151 HKD, corresponding to a forecasted price-to-earnings ratio of about 25 times for 2027.
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