《大行》大摩升泡泡瑪特(09992.HK)目標價至365元 料股價短期創新高
摩根士丹利發表研究報告指出,泡泡瑪特(09992.HK)發盈喜,預料上半年收入及溢利分別按年增長不少於200%及不少於350%,分別較大摩預期高出8%及20%,主要受到大中華區及亞太市場表現超出預期的推動。中期經調整淨利潤率預料達到32%,較預期高出4個百分點,相信是來自於海外業務毛利率提升及營運效率改善。
盈喜公告利好,大摩預期泡泡瑪特的股價短期將創新高,但隨後可能因動量投資者獲利了結而出現調整,因其通常在銷售增長達到頂峰時退出。大摩將泡泡瑪特目標價由302元上調至365元,評級「增持」,預測第三季收入增幅介乎150%至160%,將2025至2027年收入及淨利預測上調19%至23%及32%至34%。大摩目前預測泡泡瑪特2025年收入及盈利將分別增長140%及210%。
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