Abstract: Consensus revisions have been mild and still sit above management's own guidance floor. The next leg of the de-rating needs earnings cuts, not multiple compression. Mainland southbound money is now trapped above the current price, while foreign shorts have rebuilt the position post-results. The post-results buyback is the main incremental bid in the current trading range. It is a near-term risk to the short, but not large enough to matter if the stock breaks lower.
Bandai Namco, Sanrio, MINISO, Pop Mart Intl, Hasbro, Mattel
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