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<Research>UBS: POP MART Mgmt Eyes LT Development, Actively Addressing Weaknesses Behind Rapid Growth
Recommend 2 Positive 18 Negative 5 |
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POP MART (09992.HK)'s management attended the Asian Consumer, Internet & Gaming Corporate Day held in Hong Kong, UBS research report said. Despite the company's sales far exceeding expectations this year, the management's focus remained on long-term development. The management is actively addressing weaknesses behind rapid growth, such as optimizing the internal organizational structure, channel operations, IP management, and supply chain capabilities. Such measures aim to align the internal system with the current sales scale and lay a solid foundation for the future, rather than pursuing reckless expansion, UBS said. In terms of product strategy, the 4Q is the annual peak season, during which the company plans to launch new product series for top IPs as scheduled, with gradual weekly releases. However, given the decline in Labubu's popularity, the company intends to resolve these issues before launching more new products. For example, the launch of Labubu 4.0 is postponed to next year, and the launch of other new IP products, including the market darling Twinkle, may also be delayed, with more plans for next year. Due to updated higher Beta coefficient assumptions, based on the cash flow discount model, UBS set the target price at HKD380, previously HKD435, with a Buy rating. AASTOCKS Financial News Website: www.aastocks.com |
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