JYP Ent. 2Q preview; Stray Kids tour upside vs. continued young IP softness; Maintain OW

研报英文原文证据摘录

JYP Ent. 2Q preview; Stray Kids tour upside vs. continued young IP softness; Maintain OW

Benjamin Kim AC Asia Pacific Equity Research

(82-2) 758-5580 16 July 2026 J P M O R G A N

benjamin.kim@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

JYP is a leading Korean entertainment company that has built a

strong global artist portfolio through its multi-label system. We

expect K-pop Demon Hunters’ breakout hit to enhance global

visibility for leading K-pop artists, and see JYP’s TWICE/Stray

Kids as well positioned to benefit given their scale (the second-

largest K-pop girl/boy group by global fan base) and TWICE’s

direct participation in the animation soundtrack, which should

support the next earnings upcycle that we expect in 2027.

Separately, we remain watchful on whether JYP can translate

YTD 1m 3m 12m renewed momentum in its girl group IPs into meaningful

Abs -38.0% -16.8% -26.4% -36.4% fanbase expansion.

Rel -99.8% 5.1% -35.9% -150.5%

Valuation

Company Data

We derive our Jun-27 PT of W68K based on a 16.5x 2027E target

Shares O/S (mn) 33

52-week range (W) 105,100-46,500 P/E, c.1SD below the 5-year historical average of 23x, which we

Market cap ($ mn) 1,037 believe is well justified by the muted progress of the young IPs.

Exchange rate 1,485.97

Free float (%) 72.4%

3M ADV (mn) 0.33 Performance Drivers

3M ADV ($ mn) 12.8

Volatility (90 Day) 50

Index KOSPI

BBG ANR (Buy | Hold | Sell) 25|5|0

Key Metrics (FYE Dec)

W in billions FY25A FY26E FY27E FY28E

Financial Estimates

Revenue 822 828 975 930

Adj. EBIT 155 161 199 184

Adj. EBITDA 176 184 223 210

Adj. net income 161 125 144 132

Adj. EPS 4,846 3,769 4,339 3,990

BBG EPS 4,622 3,888 4,349 4,667

Cashflow from operations 124 138 156 138

FCFF 102 23 46 28

Margins and Growth