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

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

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><p><em>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.</em></p>

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

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

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