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Meritz Securities, in its report on January 16, analyzed that HYBE (352820) has a wealth of momentum this year, including BTS members' solo activities, the full group’s return after military service, and the continued growth of younger fan demographics. The target stock price was raised to 280,000 KRW, an increase of 20,000 KRW from the previous forecast.

The report states, "Expectations for BTS’s solo activities and full group return, shortened monetization period for younger artists, and strong growth of localized groups will lead to a rise in the growth and performance contribution of various intellectual properties (IPs)."

Meritz Securities also noted, "The total daily streaming for the fourth quarter increased by 10.5% year-on-year, reaching 12.6 billion plays, showing that global exposure and fandom for individual IPs, including younger artists, are steadily growing." They also predicted, "Despite a decline in album sales and the absence of major IPs in 2024, HYBE is expected to achieve results comparable to last year."

For last year’s fourth quarter, they forecasted sales of 663.3 billion KRW and operating profit of 83.7 billion KRW, representing a 9.0% increase in sales and a 6.1% decrease in operating profit year-over-year.

Meritz Securities added, "In February 2024, BTS’s J-Hope will have a solo tour, and in April, Seventeen and ENHYPEN will appear at global festivals (Palnorte, Coachella)." They also highlighted, "The monetization period for younger artists will begin in earnest with solo concerts, starting with BOYNEXTDOOR."

The report continued, "Major artists like BTS Jin, TXT, Seventeen, I-LAND, and T.O. are making comebacks, and the world tours of Seventeen, ENHYPEN, and TXT will be reflected in the performance. With stronger appeal from individual artists, the total audience count is expected to reach a record-breaking 970,000, even in the absence of BTS."