HYBE: Likely stable 2Q to alleviate concerns about near-term earnings downside

研报英文原文证据摘录

HYBE: Likely stable 2Q to alleviate concerns about near-term earnings downside

months of its debut, implying a rising

earnings contribution as cumulative album sales of 1mn are considered as a new artist’s

BEP level. Cortis also announced its first tour ‘PUT YOUR PHONE DOWN’ starting 18 Stock Data

July, consisting of 13 shows (five shows in the US), expected to attract 115k attendees

Price 214,000 KRW

(c.9k attendees per show), which we believe implies its entry into the global market.

Price Objective 350,000 KRW

Date Established 14-Jul-2026Reiterate Buy with a lower PO of W350,000

HYBE trades at 24x 12MF P/E, -0.9x SD below historical avg. While share corrected by Investment Opinion C-1-7

34% YTD on concerns about margin downside and limited growth catalysts post-BTS 52-Week Range 172,000 KRW-417,411

comeback, we view solid 2Q would alleviate concerns about earnings in next 12 months, KRW

and junior artists’ performance would offer higher visibility on L-T earnings. We lower Mrkt Val / Shares Out (mn) 6,141 USD / 43.1

PO to W350k (vs. prior W400k), applying a target P/E of 35x (vs. prior 44x), at historical Market Value (mn) 9,223,881 KRW

average on moderate earnings outlook post-BTS comeback and sector derating. Average Daily Value (mn) 66.46 USD

Estimates (Dec) (W) 2024A 2025A 2026E 2027E 2028E Free Float 49.2%

Net Income (Adjusted - mn) 9,370 (237,280) 171,589 403,491 450,763 BofA Ticker / Exchange XBGOF / KSC

EPS 224.96 (5,569) 3,981 9,361 10,458 Bloomberg / Reuters 352820 KS /

EPS Change (YoY) -95.0% NM NM 135.1% 11.7% 352820.KS

Consensus EPS (Visible Alpha) 5,154.40 10,292.51 11,408.57

ROE (2026E) 5.0%

Dividend / Share 200.00 500.00 1,100 2,600 3,400

Free Cash Flow / Share 2,850 1,786 5,320 13,086 16,766 Net Dbt to Eqty (Dec-2025A) -24.9%

Valuation (Dec)