You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行》大摩料泡泡瑪特(09992.HK)增產可令客戶基數擴大影響正面 籲「增持」目標價382元
摩根士丹利研究報告指,市場近期對泡泡瑪特(09992.HK)的情緒轉趨謹慎,將公司提高供應視爲負面因素,但該行的看法則相反,參考寶可夢(Pokemon)在2021至2022年大幅增加卡牌產能以解決炒賣與客戶體驗問題,雖然二手價格有所下跌,但客戶基數擴大,推動需求持續強勁。 報告提到,有投資者質疑泡泡瑪特的持續性,認爲IP收藏品並非主流愛好。然而,該行認爲IP產品市場規模已相當可觀且持續成長,相信泡泡瑪特差異化的商業模式與競爭優勢,可以把握日益增長的「kidult」消費需求。 報告又提到,有投資者反映泡泡瑪特8月美國銷售不及7月強勁,且9月按月有所下跌,該行指可能涉及公司透過庫存分配調整渠道結構、預付訂單收入延遲確認,以及季節性因素等。該行認爲美國銷售有其自身的季節節奏,而非按月持續增長。 催化劑方面,該行指未來幾個月將迎來多個消費旺季,包括內地的國慶及西方的萬聖節、感恩節和聖誕節。基於熱門產品庫存充足、新品推出及門店擴張,該行預期銷售勢頭將持續,從而扭轉市場悲觀情緒。針對泡泡瑪特(第三季,該行預期銷售將按年增長逾180%,相比次季爲235%。該行維持泡泡瑪特目標價382元(相當於預測2025年至2027年市盈率各42倍、32倍及26倍)及「增持」評級,並列爲行業首選。 大摩料泡泡瑪特2025年至2027年每股經調整盈利預測各2.58、9.90、11.87及14.67港元,估計公司在全球IP產品今年市場份額爲5.7%(對比迪士尼43.1%、Sanrio的8.2%)。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account