Pop Mart has already priced in a lot of good news this year — strong H1, Uniqlo collab, index inclusion — so I get why JPM cut the target to HK$300. Without fresh catalysts in the short term, it may be tough to keep the same investor excitement.
That said, Labubu & Friends and the interactive toy segment could expand their IP value meaningfully over time, but it’s more of a mid-to-long-term play. Personally, I’d look to buy closer to HK$250–260 on weakness, where risk/reward looks more attractive.
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