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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>For 2Q25, JYP Entertainment posted revenue of W215.8bn (+126% YoY) and operating profit of W52.9bn (+466% YoY), with the latter beating the consensus (W42.0bn) by 26%.</li><li>The merchandise business remained a key contributor to earnings, and a change in the accounting method for North American concert revenue also had a significant impact.</li><li>Merchandise revenue came in at W66.9bn, 5% higher than the consensus (W63.3bn) and 24% above our estimate (W51bn).</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 2Q25, JYP Entertainment posted revenue of W215.8bn (+126% YoY) and operating profit of W52.9bn (+466% YoY), with the latter beating the consensus (W42.0bn) by 26%.The merchandise business remained a key contributor to earnings, and a change in the accounting method for North American concert revenue also had a significant impact.Merchandise revenue came in at W66.9bn, 5% higher than the consensus (W63.3bn) and 24% above our estimate (W51bn).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.

JYP Entertainment (035900 KQ/Buy)Solid Merchandise Sales

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>JYP Entertainment reported an explosive growth in sales and profits in 2Q 2025. It achieved sales of 215.8 billion won (up 125.5% YoY and 6.4% higher than consensus).</li>
<li>JYP also had an operating profit of 52.9 billion won (up 466.5% YoY and 23.3% higher than consensus in 2Q 2025.</li>
<li> JYP's much better than expected results in 2Q 2025 confirms its ability to monetize the growing popularity of K-Pop globally.  </li>
</ul>


JYP Entertainment reported an explosive growth in sales and profits in 2Q 2025. It achieved sales of 215.8 billion won (up 125.5% YoY and 6.4% higher than consensus).
JYP also had an operating profit of 52.9 billion won (up 466.5% YoY and 23.3% higher than consensus in 2Q 2025.
 JYP's much better than expected results in 2Q 2025 confirms its ability to monetize the growing popularity of K-Pop globally.  


JYP Entertainment: Explosive Earnings Growth in 2Q 2025

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Korea Stock Exchange KOSPI 200 / Event-Driven

<ul>
<li>Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. </li>
<li>Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.</li>
<li>There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.</li>
</ul>


Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. 
Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.
There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.


Korea: Short Selling Is Back in March; Trade Ideas

Head of ESG Intelligence, Who's Good

Soo Young Kim

Head of ESG Intelligence

ASIA’S FIRST AI-DRIVEN ESG INSIGHT PROVIDER

Who's Good

Using AI technologies and public data, Who’s Good provides objective and up-to-date corporate ESG insights on Asian companies.

WHY WHO'S GOOD

* Time-sensitive: Time is the essence in finance. Artificial Intelligence (AI) can process vast amount of information in a short span of time. Our powerful algorithm offers real-time in-depth corporate ESG analysis with out compromising its quality.
* Objective: We turned to public big data and news big data as source to base our analysis on and to preserve impartiality. We leverage 350 public big data sources and 93 news data sources in Korea to uncover insights.
* Insightful: Who’s Good ESG analysis coverage extends to all listed and non-listed companies in Korea. This allows us to provide a comprehensive insight into the Korean market.
* Global approach to ESG: Our ESG research framework is built on international standards and principles including UN Global Compact, ISO 26000, ICGN and CFA Guidelines on Corporate Governance to meet the global standards.

<ul>
<li>JYP Entertainment (035900), one of the major entertainment companies in Korea, just released its very first ESG report in the industry</li>
<li>As climate change issues grow among fandom, likely to see growing risk for environmental issues. For social issues, anti-competitive practices and consumer issues became material</li>
<li>'Business Ethics' issues at YG Entertainment (122870) has pulled down its stock price in 2019, causing its main artist to disband</li>
</ul>


JYP Entertainment (035900), one of the major entertainment companies in Korea, just released its very first ESG report in the industry
As climate change issues grow among fandom, likely to see growing risk for environmental issues. For social issues, anti-competitive practices and consumer issues became material
'Business Ethics' issues at YG Entertainment (122870) has pulled down its stock price in 2019, causing its main artist to disband


K-Pop Industry Finally Starts to Pay Attention to ESG

<ul>
<li>One of the big thematic events on the Korean stock market has been the expectation that China could lift ban on Korean popular culture (Hallyu) as early as May 2025. </li>
<li>China's President Xi recently stated "Cultural exchanges are a valuable part of our bilateral relations [between China and Korea]. We should avoid any problems occurring in handling such matters.” 
</li>
<li>We provide a list of 40 stocks in Korea that could most benefit from the end of lifting ban of Korean popular culture. </li>
</ul>


One of the big thematic events on the Korean stock market has been the expectation that China could lift ban on Korean popular culture (Hallyu) as early as May 2025. 
China's President Xi recently stated "Cultural exchanges are a valuable part of our bilateral relations [between China and Korea]. We should avoid any problems occurring in handling such matters.” 

We provide a list of 40 stocks in Korea that could most benefit from the end of lifting ban of Korean popular culture. 


China Could Lift Ban on Korean Popular Culture (Hallyu) As Early As May 2025

South Korea

JYP Entertainment Corp plans, produces, promotes, and markets Korean singers both in Korean and overseas market. The Company's also engages in licensing, merchandizing, and artist management business including the commercial flim contracts of the artists.

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Jyp Entertainment (035900 KS)

JYP Entertainment (035900 KQ/Buy)Solid Merchandise Sales

For 2Q25, JYP Entertainment posted revenue of W215.8bn (+126% YoY) and operating profit of W52.9bn (+466% YoY), with the latter beating the...

Mirae Asset Securities

JYP Entertainment: Explosive Earnings Growth in 2Q 2025

JYP Entertainment reported an explosive growth in sales and profits in 2Q 2025. It achieved sales of 215.8 billion won (up 125.5% YoY and 6.4%...

Douglas Kim

Korea: Short Selling Is Back in March; Trade Ideas

Short selling in Korea commences from Monday. There will be a lot of interest in shorting stocks/sectors depending on how they have performed since...

Brian Freitas

K-Pop Industry Finally Starts to Pay Attention to ESG

This insight explains how K-pop industry behaves from the ESG perspective and defines the types of ESG issues in the industry, based on news text...

Soo Young Kim

China Could Lift Ban on Korean Popular Culture (Hallyu) As Early As May 2025

One of the big thematic events that have impacted the Korean stock market this week has been the expectation that China could lift ban on Korean...

Douglas Kim

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