External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>For 3Q25, we expect HYBE to report revenue of W691.5bn and operating profit of W35.9bn, with the latter missing the consensus (W62.8bn).</li><li>We expect recorded music revenue to be slightly sluggish at W165.3bn, as releases were mostly centered on new artists and Japanese albums (aside from TXT’s album).</li><li>Meanwhile, we estimate concert revenue at W230bn. Jin from BTS held fan concerts in Japan and the US. Additionally, TXT and Enhypen, which boast significant drawing power, and Le Sserafim, which performs well on the US charts, also held US tours. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q25, we expect HYBE to report revenue of W691.5bn and operating profit of W35.9bn, with the latter missing the consensus (W62.8bn).We expect recorded music revenue to be slightly sluggish at W165.3bn, as releases were mostly centered on new artists and Japanese albums (aside from TXT’s album).Meanwhile, we estimate concert revenue at W230bn. Jin from BTS held fan concerts in Japan and the US. Additionally, TXT and Enhypen, which boast significant drawing power, and Le Sserafim, which performs well on the US charts, also held US tours. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HYBE (352820 KS/Buy)Investments to Begin Paying off in 2026

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we discuss a pair trade between SM Entertainment Co (041510 KS) (long) vs HYBE (352820 KS) (short).</li>
<li>There is an increasing probability that HYBE's founder Bang Si-hyuk could face some jail time in which case there could be some vacuum of management leadership at HYBE.</li>
<li>Despite its recent outperformance, SM Entertainment's valuation is much more attractive than HYBE (SM is trading at 9.6x EV/EBITDA vs 18.5x for HYBE in 2026).</li>
</ul>


In this insight, we discuss a pair trade between SM Entertainment Co (041510 KS) (long) vs HYBE (352820 KS) (short).
There is an increasing probability that HYBE's founder Bang Si-hyuk could face some jail time in which case there could be some vacuum of management leadership at HYBE.
Despite its recent outperformance, SM Entertainment's valuation is much more attractive than HYBE (SM is trading at 9.6x EV/EBITDA vs 18.5x for HYBE in 2026).


A Pair Trade Between SM Entertainment (Long) Vs HYBE (Short)

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Nov 28th. The aggregated short interest was USD11.5bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Hanwha Ocean, SK Hynix, kakaopay, NAVER, HD HYUNDAI HEAVY INDUSTRIES.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Nov 28th. The aggregated short interest was USD11.5bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Hanwha Ocean, SK Hynix, kakaopay, NAVER, HD HYUNDAI HEAVY INDUSTRIES.


KRX Short Interest Weekly (Nov 28th): Hanwha Ocean, SK Hynix, Kakaopay, NAVER

<ul>
<li>We analysed the earning revision of component stocks of MSCI South Korea in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER, Samsung Elec (PREF), KIA, LG Chem, Naver, Korea Electric Power, Samsung Electronics Non Voting Pre, Kia, Orion.</li>
</ul>


We analysed the earning revision of component stocks of MSCI South Korea in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER, Samsung Elec (PREF), KIA, LG Chem, Naver, Korea Electric Power, Samsung Electronics Non Voting Pre, Kia, Orion.


MSCI South Korea Index Earning Revision (Nov): ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER

Cross Asset Strategy

<ul>
<li>Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.</li>
<li>In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.</li>
<li>The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.</li>
</ul>


Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.
In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.
The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.


Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

South Korea

HYBE Co., Ltd. operates as an entertainment company. The Company provides music production, album distribution, entertainers management, publicity, planning, training, and other services. HYBE also makes television shows.

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HYBE (352820 KS)

HYBE (352820 KS/Buy)Investments to Begin Paying off in 2026

Investments to begin paying off in 20263Q25 preview: Revenue of W691 5bn and OP of W35 9bn For 3Q25, we expect HYBE to report revenue of...

Mirae Asset Securities

A Pair Trade Between SM Entertainment (Long) Vs HYBE (Short)

In this insight, we discuss a pair trade between SM Entertainment (long) vs HYBE (short). There is an increasing probability that HYBE's founder...

Douglas Kim

KRX Short Interest Weekly (Nov 28th): Hanwha Ocean, SK Hynix, Kakaopay, NAVER

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Ocean, SK Hynix, kakaopay, NAVER, HD...

Ke Yan, CFA, FRM

MSCI South Korea Index Earning Revision (Nov): ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER

We analyzed MSCI South Korea's consensus for Nov 2025 and highlighted changes of EPS in ORION (271560 KS), KEPCO (015760 KS), LG Energy Solution...

Ke Yan, CFA, FRM

Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the...

Douglas Kim

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