Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Pop Mart (9992 HK): New Options Listing Poised for a Volatile Start

TOP TOY IPO: From China To The World — Rapid Growth and Solid Profitability Under MINISO Group

Pop Mart (9992 HK) - 2025 High Growth Is a Done Deal, but How About 2026?

Index Changes and Rate Cuts: Key Events in September 2025

Pop Mart (9992 HK): Index Inclusion & Beyond. Toy Craze or Emerging ACG Play?

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In this insight, we discuss Pop Mart (9992 HK)'s valuation using Peter Lynch's PEGY ratio.</li>
<li>If Pop Mart misses current consensus estimates in 2026 and 2027 by 5%, this would result in PEGY ratio of 1.4x in 2026 which would make current valuations unattractive.</li>
<li>WE EXPECT A HIGHER PROBABILITY OF POP MART'S VALUATION DECLINING BY 50% TO ABOUT US$25 BILLION, RATHER THAN INCREASING BY 50% TO $75 BILLION FROM CURRENT LEVELS OVER THE NEXT 1-2 YEARS.</li>
</ul>


In this insight, we discuss Pop Mart (9992 HK)'s valuation using Peter Lynch's PEGY ratio.
If Pop Mart misses current consensus estimates in 2026 and 2027 by 5%, this would result in PEGY ratio of 1.4x in 2026 which would make current valuations unattractive.
WE EXPECT A HIGHER PROBABILITY OF POP MART'S VALUATION DECLINING BY 50% TO ABOUT US$25 BILLION, RATHER THAN INCREASING BY 50% TO $75 BILLION FROM CURRENT LEVELS OVER THE NEXT 1-2 YEARS.


Pop Mart International - Valuation Using Peter Lynch's PEGY Ratio