Abstract: Pop Mart provided 1Q26 business update, consistent with our earlier expectation, which adds no directional news. Our key thesis points from April note is still valid. Labubu normalization is now visible in primary data. Consensus remains too high. Margin risk has not yet arrived in reported numbers. Southbound net bought USD 991m since the results week, net buyer in 5 of 7 weeks but stops buying in the last week.
Bandai Namco, Sanrio, MINISO, Pop Mart Intl, Hasbro, Mattel
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