By Jiahui Huang
Pop Mart International's shares rose sharply in Hong Kong after the Chinese toy maker guided for third-quarter revenue to more than double.
Shares of the Beijing-based company climbed 18% to 75.00 Hong Kong dollars, or US$9.65, early Wednesday, on track for their largest one-day jump since November 2022.
Pop Mart said its third-quarter revenue rose between 120% to 125% from a year earlier. The company said sales jumped 440% to 445% in Hong Kong, Macau, Taiwan and overseas markets.
The results were "strongly ahead of our already-high sales performance expectation across domestic and overseas markets," Nomura analysts Jizhou Dong and Riley Jin wrote in a note. The analysts said Pop Mart is likely to exceed its full-year sales guidance of 60% growth.
Pop Mart, initially known for its "mystery box" toys, has expanded its portfolio to include designer toys and characters targeted at younger consumers. The company also has maintained momentum through new store openings and strong restocking demand in foreign markets.
Nomura forecasts 2024 sales will grow 93% to 12.2 billion yuan, or $1.7 billion. The brokerage maintains a buy rating on the stock and raises its target price to HK$75.00 from HK$54.00.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
October 23, 2024 00:21 ET (04:21 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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