According to a research report published by UBS, the bank continued to be optimistic about the development of Bubble Mart products in the global market in September of last year, and listed the company as the first choice in the report in January of this year. UBS raised adjusted earnings per share by 12% to 17% from 2024 to 2026, as the bank is more optimistic about Bubble Mart's overseas business expansion opportunities and believes that domestic sales are resilient with support from category expansion.

The bank believes that potential share price catalysts include speeding up store expansion in the US, Thailand, and other ASEAN countries, releasing the Bubble Mart mobile game, and launching new product categories or intellectual property (IP). The report predicts that overseas expansion will become Bubble Mart's second growth engine, and it is optimistic that the company will use its IP cashability, omnichannel strategy, and increase supply chain productivity. In overseas markets, UBS believes that Bubble Mart can be favored by young consumers by using social media, including through collaboration with celebrities and KOLs.

UBS raised its target price from HK$31.3 to HK$48, maintaining a “buy” rating.