HYBE: Strong 2Q results on BTS-led top-line momentum; maintain OW

研报英文原文证据摘录

HYBE: Strong 2Q results on BTS-led top-line momentum; maintain OW

J P M O R G A N Asia Pacific Equity Research

28 July 2026

HYBE Overweight

352820.KS, 352820 KS

Strong 2Q results on BTS-led top-line momentum; Price (28 Jul 26):W191,800

maintain OW Price Target (Jun-27):W340,000

2Q OP of W171B met our Street-high-end estimate (W175B), as strong BTS IP Internet and Telco

ACrevenue momentum offset a GPM decline to ~32% amid an accelerated mix shift Benjamin Kim

toward concert revenue. Despite the solid print, the stock traded weak today (-16% (82-2) 758-5580

vs. KOSPI -11%), which we attribute mainly to limited upside surprise against benjamin.kim@jpmorgan.com

elevated expectations. Following a ~50% correction from the YTD peak (vs Stanley Yang AC

KOSPI’s +6%), the stock trades at a 24.4x 1yr fwd P/E, near the trough level of (82-2) 758-5712

~21x seen around the BTS activity hiatus and NewJeans split reports, implying that stanley.yang@jpmorgan.com

J.P. Morgan Securities (Far East) Limited, Seoul

the market is pricing the BTS comeback as largely cyclical/one-off and assigning Branch

limited value to HYBE’s proven ability to scale IP across genres/markets. We see

a favorable risk/reward, supported by a compounding IP portfolio and the potential

for an extended BTS monetization cycle. Maintain OW.

• Strong 2Q results. 2Q revenue of W1.45T (+106% y/y) beat our/Street

estimates by 8%/19%, driven by strong BTS IP monetization. Recorded music

revenue of W327B beat our estimate by 10%, with solid streaming and physical

album revenue on the back of BTS and other IPs’ strong comeback

performance. Concert revenue of W648B also came in 30% above our estimate

(W497B), driven by strong ticket pricing for BTS’s Western market concerts,