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《大行》麥格里升泡泡瑪特(09992.HK)目標價至360元 評級「跑贏大市」
阿思達克 06-26 11:06
麥格里研究報告指,預期泡泡瑪特(09992.HK)今年海外收入按年升2.45倍至175億元人民幣,佔總收入的57%,因市場對以The Monsters為首的IP產品有強勁需求。而根據市場資料,目前Labubu系列的二手價較官方發售價有2.6倍的溢價。該行又認為Sanrio(8136.JP)的授權及合作經驗,反映泡泡瑪特長遠可延長IP周期,甚至強化粉絲基礎及現有IP內容,以進一步變現。 該行將泡泡瑪特的今明兩年每股盈利預測分別上調60%及61%,以反映需求強過預期,以及支出比例降低的預測。目標價由223元升至360元,由2024至28年盈利年均複合增長率達56%,予其「跑贏大市」評級。
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