Report
EUR 88.24
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Pop Mart (PM) is the largest and fastest growing pop toy company in China, in terms of 2019 revenue and revenue CAGR over 2017-19. PM had a 8.5% market share by retail value, making it the largest player in the pop toy retailing market, as per Frost & Sullivan.
Earnings growth has been stupendous, to say the least, as revenue has increased by a factor of 10.6x over 2017-19, while PAT increased by 281x. Revenue growth has been driven by both an increase in its IP portfolio, as well as rapid expansion of its distribution network.
However, the company has not been very forthcoming with a lot of granular information regarding costs and margins across its segments and distribution channels.
In my previous note, Pop Mart Pre-IPO - Earnings growth has been stellar, but is it a retailer or brand owner?, I spoke about the positive and negative aspects of the company.
In this note, I’ll talk about peers and valuation.
Pop Mart Pre-IPO
Pop Mart plans to raise around US$200-300m in its Hong Kong IPO.Pop Mart (PM) is the largest and fastest growing pop toy company in China, in terms of 2019 revenue and revenue CAGR over 2017-19. PM had a 8.5% market share by retail value, making it the largest player in the pop toy retailing market, as per Frost & Sullivan.
Earnings growth has been stupendous, to say the least, as revenue has increased by a factor of 10.6x over 2017-19, while PAT increased by 281x. Revenue growth has been driven by both an increase in its IP portfolio, as well as rapid expansion of its distribution network.
However, the company has not been very forthcoming with a lot of granular information regarding costs and margins across its segments and distribution channels.
In my previous note, Pop Mart Pre-IPO - Earnings growth has been stellar, but is it a retailer or brand owner?, I spoke about the positive and negative aspects of the company.
In this note, I’ll talk about peers and valuation.
Underlying
Pop Mart
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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