《大行》野村升泡泡瑪特(09992.HK)目標價至291元 短期負面消息締切入良機
野村研究報告,指儘管泡泡瑪特(09992.HK)在過去一周股價回調,但認為其強勁的增長勢頭依然持續,短期的負面新聞為投資者提供了良好的入場機會。野村維持泡泡瑪特「買入」評級,目標價從204元上調至291元。
野村認為,泡泡瑪特股價在上周(16至20日)累計回調12%,受到幾項負面因素驅動,包括產品供應策略改變下,旗下熱門IP Labubu的二手交易價格在一周內顯著下跌約60%;官媒《人民日報》刊文批評有商戶向未成年人銷售盲盒/交易卡。
野村認為,Labubu產品二手價格的下跌主要由於供應增加,而非需求減少;亦預期官方媒體的主要信息是保護未成年人免於過度/非理性消費交易卡,而非限制泡泡瑪特的發展(因此對泡泡瑪特的進一步政策行動影響有限)。野村認為泡泡瑪特的快速銷售增長軌跡未發生實質改變(特別是美國/歐洲市場的強勁銷售表現支持);其短期股價疲軟為投資者提供了良好的入場點。
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