SEOUL – Hana Securities has raised its target price for HYBE Corporation from 280,000 KRW to 310,000 KRW, maintaining a "buy" rating. The investment firm cited the anticipated comeback of BTS this year, as well as the full-fledged revenue generation from HYBE's new growth businesses, as key factors driving improved profitability.

Analyst Lee Ki-hoon drew parallels between HYBE's current stock trajectory and the past performance of SM Entertainment and YG Entertainment around the time of TVXQ's and Big Bang's respective comebacks. "The stock price and valuation of these companies surged significantly before and after the members' return from military service, and HYBE's recent stock performance is following a similar pattern," Lee noted.

While acknowledging potential short-term concerns about the stock's recent surge of over 50%, Lee believes that this won't be a major obstacle. "Considering the full-year impact of BTS's revenue in 2026, the potential announcement of a world tour with around 3 million attendees, and the current exchange rate of 1,400 KRW per dollar, we estimate HYBE's annual operating profit to reach nearly 500 billion KRW," he stated. "This implies a market capitalization of around 15 trillion KRW and a potential stock price of 350,000 KRW."

Lee also highlighted the positive stock reactions to recent North American tour announcements by Stray Kids, J-Hope, and Blackpink, suggesting that BTS's upcoming tour announcement could further boost investor sentiment.

"We have raised our target price by increasing the target price-to-earnings ratio (PER)," Lee explained. "We plan to apply this upward adjustment to all agencies in the future, reflecting the trend of the leading company, HYBE."

Hana Securities reiterated its "most preferred sector" and "most preferred stock" designations for HYBE.