[Click eStock] "HYBE BTS, Newcomers, Weverse: 3 Major Momentums in 2025"

NH Investment & Securities maintained its investment opinion of 'Buy' and a target price of 300,000 KRW for HYBE on the 23rd.

Immediate overall revenue growth is expected with the release of a new full-group BTS album in the second half of 2025. The world tour is anticipated to begin in 2026. An unprecedented scale of performances and benefits from ATP (Average Ticket Price) are expected.

With fandoms secured for 1-2 year artists, the deficit per new album is expected to decrease, entering a phase of strengthened overall profitability. In the case of 2nd-year Boy Next Door, the recently released new album has surpassed 1 million copies sold. Their first world tour is also successful.

Weverse has completed the introduction of DM, monthly membership subscription services, and advertising. For DM, where HYBE artists are sequentially joining from March (Anthem in March, Eilet in July, Cats Eye in August, TXT in September), it is estimated that more than 200,000 net subscribers have already been secured. Since DM subscribers correspond to the core fandom, there is a strong incentive for overlapping membership subscriptions as well. When additional fandoms of large artists such as Enhypen and Le Sserafim join in the future, significant revenue expansion is expected to be confirmed.

Consolidated Q4 sales of 660.8 billion KRW and operating profit of 92.8 billion KRW are expected to meet consensus. Major quarterly activities include new releases from Seventeen, Enhypen, TXT, Jin (BTS), TWS, and Eilet, as well as world tours by Seventeen and Enhypen. Since overall artist activities were active, strong sales across segments are expected; however, content sales are inevitably expected to be affected by BTS's inactivity. Costs were conservatively reflected considering seasonal factors (personnel incentives).

This content was produced with the assistance of AI translation services.