Heungkuk Securities issued a new report on JYP Entertainment (035900) on November 14, assigning a Buy (New) rating and a target price of 100,000 won. The note projects 2025 annual revenue of 807.1 billion won, up 34.1% year over year, and operating profit of 160.4 billion won, up 25.0% YoY, slightly below the market consensus of 161.6 billion won.

Nevertheless, profitability across the group is expected to expand driven by tours for veteran IPs such as TWICE and Stray Kids. Stray Kids, on a single-tour basis, drew audiences about 1.4 times that of peers SEVENTEEN (840,000) and ENHYPEN (830,000), underscoring its outsized touring power relative to its peers. The North American Google Trends index also rose more than fourfold, reaffirming its fanbase advantage in North America.

TWICE has kicked off its world tour in July with 360-degree performances, and is projected to attract around 2 million attendees, signaling the company’s largest-ever tour. ENmix began its first world tour in November, entering the monetization phase.

In October, ENmix’s first regular album Blue Valentine sold 640,000 copies in its first week, marking its first domestic chart-topper since debut, and the SNS buzz suggests a visible expansion of the light-fandom, a development viewed as pivotal in dispelling concerns about early-stage profitability.