Citi: Raises Bubble Mart's target price by 22%, maintains "outperform"

GoldenOctober2024

2024-07-19 02:50:11

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Jinshi Data News on July 19th, Citic Securities issued a report stating that it raised the target price of Pao Pao Ma Te (09992.HK) by 21.6%, from HK$37 to HK$45, and maintained a ‘outperform’ rating. Pao Pao Ma Te released a profit forecast for the first half of 2024, expecting sales and net profit to increase by no less than 55% and 90% year-on-year, exceeding market expectations. The rapid rise in revenue and profit benefited from Pao Pao Ma Te’s continuously improving brand equity and cost optimization measures. Therefore, Citic Securities raised its sales forecast for 2024-2026 by 5-7% and also increased the net profit forecast by 18-26%, reflecting better-than-expected profitability in the first half of this year and improved full-year prospects.

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