The animated film 'Demon Slayer: Infinity Train (Demon Slayer)' has surpassed 3 million cumulative viewers in just 10 days since its release, achieving commercial success, but the stock of ANIPLUS, the largest shareholder of the company responsible for film revenue and distribution, is struggling to keep pace.
Experts suggest that if one intended to invest in ANIPLUS, they should have made their investment when revenue was determined. Recently, ANIPLUS has seen an increase in outstanding loan balances, indicating a potential rise in short selling.
On the 1st, ANIPLUS shares closed at 4,475 won, down 6.87% (330 won) from the previous trading day on the KOSDAQ market. The stock price of ANIPLUS, which was trading around 5,000 won last month, is currently showing a downward trend.
ANIPLUS has a subsidiary that imports 'Demon Slayer,' called Animax Broadcasting Korea, and is classified in the stock market as a relevant stock related to 'Demon Slayer.'
The film has recorded a cumulative audience of 3.15 million as of the previous day. However, despite its commercial performance, the stock price of ANIPLUS has dropped more than 15% since the release of 'Demon Slayer.' It has shown a declining trend for four consecutive trading days since the release date.
This stands in contrast to the upward trend observed at the beginning of the year. ANIPLUS, which was 2,580 won on Jan. 2, rose 129% to 5,900 won in July. It is analyzed that expectations for the release of 'Demon Slayer' stimulated investment sentiment, driving the stock price higher just before its release.
A contact in the financial investment sector noted, "The stock price rose on expectations, and now that there are signs of commercial success, investors are moving to realize profits." He added, "For media content corporations, a successful release is often a sell-off timing," pointing out that since 'Demon Slayer' had premiered in Japan, investors may have had an easier time speculating on the film's box office potential.
The stock price may remain sluggish for some time. The outstanding loan balance is also gradually increasing. Loan transactions involve investors who hold stocks lending them to other investors, traditionally interpreted as an indicator of short selling.
On the release date, July 22, ANIPLUS's outstanding loan balance was 1.08 million shares, but as of July 29, five trading days later, the loan balance had increased to 1.22 million shares. In July alone, the proportion of short selling in total transactions was about 0%, but since the film's release, 2-6% of daily transaction volumes have been short selling.
The lack of upcoming events that could drive up the stock price is also identified as a concern. Jang Ji-hye, a researcher at DS Investment & Securities, explained, "If 'Demon Slayer' performs well this year, there needs to be content capable of matching that performance next year, but there appears to be uncertainty and burden associated with that."
However, regarding 'Demon Slayer,' which has been released this time, there are plans for at least two sequels, and there are also secondary revenue models to focus on. ANIPLUS owns all rights related to the film, and revenue models such as the sale of online video service (OTT) rights, merchandise sales, and exhibitions or events could materialize in the latter half of this year.
Concerns over the overhang that had suppressed the stock price until last year are also transitioning into a resolution phase. ANIPLUS's unsold convertible bonds were valued at about 40 billion won at the end of last year, but most common stock conversions have now been completed.
Shim Ui-seob, a researcher at NH Investment & Securities, projected, "Currently, the convertible bonds that can be issued are less than 1 billion won," and noted that "with the announcement of a cash dividend of 70 won per share for the first time since listing, combined with shareholder return policies, a reevaluation of corporate value is expected to continue."