Equity Analysis /
South Korea

KR : HYBE - Permission to build momentum

    Mike HONG
    CGS-CIMB
    25 March 2022
    Published by

    PTD Seoul saw 2.5m audience over four nights. We project W77bn revenue from ticket sales, assuming HYBE received 15% of live-viewing revenue. We expect tours to continue to boost merchandise sales, and project W56bn revenue from tour-related merchandise in 1Q22F. Reiterate Add. Our TP of W400k is based on 45x FY22-23F P/E.