HYBE’s stock rose amid expectations of record earnings next year driven by BTS’s return. As of 9:28 a.m. on November 18, HYBE traded at 303,500 won, up 9,000 won (3.06%) from the previous session.

Analysts at Hana Securities said next year’s BTS world tour could help HYBE deliver record results and kept a Buy rating with a target price of 400,000 won.

Lee Ki-hoon, a Hana Securities analyst, noted that costs exceeding 100 billion won had already been reflected cumulatively through the third quarter and that some impact would spill into the fourth quarter, but he described this as a restructuring-related issue and not a fundamental hurdle. He added that the company should see the biggest earnings and momentum next year.

He also indicated that there is potential for next year’s record earnings and momentum, noting that beyond BTS, Cats Eye and Cortis are among other groups growing rapidly, and that the NewJeans issue has largely been settled.