KR : JYP Entertainment Corp - Record-high OP margin in 1Q21

JYP Entertainment (JYP) recorded a positive earnings surprise in 1Q21, thanks to record-high margins from content sales. We expect 20% topline growth in FY21F, backed by a full house line-up, namely Twice, ITZY, NiziU, Stray Kids and 2PM (comeback in 2Q). We reiterate Add with a higher TP of W45k (32.5x 12MF P/E). The stock closed up 7.3% on 14 May following the strong earnings announcement.

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