Morgan Stanley: Pinduoduo plans to replenish inventory, which may boost sales in the fourth quarter of last year and the first half of this year

Golden Ten Data reported on January 6 that Morgan Stanley's research report pointed out that Bubble Tema (09992. HK) is likely to boost sales in the fourth quarter of last year and the first half of this year, while reducing resale activity and improving the customer experience. The bank's investment themes, namely "Overseas Expansion Extends Popularity" and "IP Product Rotation", remain in effect. The bank advises investors to take advantage of the dip amid fears of another drop in resale prices. The bank expects a 35% sales rise this year, believing that Pop Mart can record the fastest sales rise among the large consumer companies it tracks. And because the overseas sales and earnings portfolio is expected to account for more than half this year, it is believed that the company's valuation premium is reasonable. Da Mo has an "overweight" rating and target price of HK$113.