Citi Research rated POP MART as a Buy due to its IP-centric diversification strategy, which is expected to enhance the company's ability to withstand cyclical risks associated with intellectual property (IP) and rejuvenate demand. The report highlighted a recent uptrend in app downloads, particularly in China and the US, attributed to the successful release of the new Skullpanda x My Little Pony series, indicating strong consumer interest. Looking ahead to 2026, Citi Research anticipates that advancements in IP diversification, product innovation, and monetization will drive growth. The broker also noted that investor confidence is likely to strengthen with the launch of new blockbuster IPs and the popularity of non-LABUBU IPs in overseas markets. Consequently, Citi set a target price of $415 for POP MART, based on a projected 2026 PE ratio of 28x, reflecting the company's rapid growth and leading position in the market.

Macquarie

maintain

$470

2026-02-10

Reason

Macquarie

Price Target

$470

2026-02-10

maintain

Reason

The analyst rating from Macquarie is based on the expectation that POP MART will benefit from an increased proportion of plush toys, which typically have a higher unit price than trendy toys, as well as growth in overseas markets where products are priced higher than in mainland China. This combination is anticipated to push up the average selling price in 2025. Macquarie remains optimistic about POP MART's potential for expansion into overseas markets through balanced IP development, leading to their Outperform rating and a target price of HKD470.

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Valuation Metrics

The current forward P/E ratio for (09992.HK) is 16.00, compared to its 5-year average forward P/E of 28.74. For a more detailed relative valuation and DCF analysis to assess 's fair value, Click here.

Forward PE

The forward P/E ratio is a valuation metric that divides a company's current stock price by its estimated future earnings per share over the next 12 months.

5Y Average PE

28.74

Current PE

16.00

Overvalued PE

44.35

Undervalued PE

13.12

Forward EV/EBITDA

The forward EV/EBITDA ratio is a valuation metric that divides a company's enterprise value (EV) by its estimated future earnings before interest, taxes, depreciation, and amortization (EBITDA) over the next 12 months.

5Y Average EV/EBITDA

16.30

Current EV/EBITDA

10.54

Overvalued EV/EBITDA

25.77

Undervalued EV/EBITDA

6.84

Forward PS

The forward P/S ratio is a valuation metric that divides a company's current stock price by its estimated future sales (or revenue) per share over the next 12 months.

5Y Average PS

6.50

Current PS

5.38

Overvalued PS

10.30

Undervalued PS

2.71

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The current price of 09992 is 225 USD — it has decreased -2.09

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