"BTS World Tour Exceeds Expectations" Hybe Target Price Raised - IBK Securities

[Financial News] IBK Securities Co., Ltd. raised its target price for Hybe Co., Ltd. from 370,000 won to 420,000 won, saying that the estimated number of attendees and other metrics for the BTS World Tour have exceeded expectations.
On the 14th, Kim Yuhyuk, an analyst at IBK Securities Co., Ltd., said, "At midnight today, the first leg of the BTS World Tour schedule was announced," adding, "Starting with three shows at Goyang Stadium on April 9 this year, a total of 79 concerts are scheduled to be held in 35 cities across 23 countries by the first half of 2027."
Kim said, "Based on the 43 shows for which venues have been disclosed so far, the estimated total number of attendees is about 2.8 million, or roughly 65,000 per show," and added, "Considering that additional dates are expected to be announced, we project around 3.5 million attendees in 2026 and approximately 4.5 million for the entire tour."
He went on to say, "This is a scale that significantly exceeds our previous estimate of 3.0 to 3.5 million attendees," and judged that "the average ticket price and sponsorship revenue also have a high likelihood of surpassing earlier expectations."
For Hybe Co., Ltd.'s fourth quarter of last year, he forecast revenue of 729.0 billion won, up 0.4% year-on-year, and operating profit of 3.6 billion won, down 94.5% from a year earlier, expecting it to fall short of the market consensus (operating profit of 33.9 billion won).
For this year, he projected revenue of 3.851 trillion won and operating profit of 44.6 billion won, increases of 44.6% and 948% year-on-year, respectively.

koreanbae@fnnews.com Bae Han-geul Reporter