LS Securities said on the 15th that HYBE's earnings are expected to rise because the overseas tour by the boy band BTS is larger than expected. It maintained a Buy rating and raised its target price to 430,000 won from 390,000 won. HYBE's previous session closing price was 331,000 won.
Park Seong-ho, an analyst at LS Securities, said, "BTS's comeback tour schedule is a mega tour that far exceeds the initially expected 65 to 70 shows," adding, "Assuming a total of 79 shows, including dates where the venue has not yet been finalized, the total audience is estimated to reach about 4.7 million." He projected, "Earnings momentum will be strongest in the third quarter of this year, when shows in Europe and North America are concentrated."
Park projected HYBE's 2026 consolidation revenue at 3.7296 trillion won and operating profit at 459.3 billion won. Those figures represent increases of 40.9% and 825.1%, respectively, from a year earlier. He estimated the operating margin (OPM) at 12.3%.
Earlier, on the 14th, HYBE released part of BTS's comeback tour schedule. Starting with three shows at Goyang Stadium on Apr. 9, a total of 79 dates will roll out sequentially.
However, the company expected weak results in the fourth quarter of 2025. Park estimated HYBE's fourth-quarter 2025 revenue at 713.8 billion won and operating profit at 4.3 billion won. Those are declines of 1.7% and 93.3%, respectively, from a year earlier.
In the albums institutional sector, &TEAM's domestic debut album logged cumulative sales of 1.3 million, and Kordis topped 1 million, lifting sales from the third quarter, but overall sales and revenue are expected to decline due to the absence of a major IP comeback.
Regarding the performances institutional sector, it explained that "centered on the tours by TXT and SEVENTEEN, revenue in the performances institutional sector increased from a year earlier," but added, "as the number of large-scale shows decreased, MD and licensing revenue, including concert MD, is expected to show a slight year-over-year contraction."
Park said, "The fourth quarter of 2025 is a time to lay the groundwork for 2026," adding, "as improving investor sentiment across the industry aligns with expanding upside potential for the stock, we maintain our top pick view."