Goldman Sachs lowered Chinese designer toymaker Pop Mart to Neutral from Buy, and lowered the forecast of the company’s net profit in 2022 – 2024 by 24% – 37%, cut the stock price target by 47% to HK$24 from previous HK$45.
CLSA lowers the rating for Chinese designer toymaker Pop Mart to Outperform from Buy and slashed the highest stock price target by 48% to HK$26 from HK$50.
Pop Mart edged down 0.2% on Tuesday after slumping 12.9% one day earlier, bringing the loss for the recent five trading days to 31.6% and 30-day loss to 34.5%. Pop Mart had forecast its first-half revenue to grow by no less that 30% on year and net profit to decline by no more than 35% from a year ago.
The broker expects the company’s sales in 2022 and 2023 to grow by 27% and 28%, respectively, while adjusted net loss to slid by 13% this year.
Jefferies maintains a Buy rating for Pop Mart and cut the company’s stock price target to HK$33 from HK$41.6. The bank lower the company’s net profit in 2022 – 2024 by 33%/16%/3%, respectively. It also lowered the forecast of Pop Mart’s net profit margin in the three years to 13%/16%/19% from previous 18%/20%/20%.
