[talk] It's a bit surprising that the target stock price went down despite BTS doing so well.

Looking at this report, it seems difficult to view the situation at HYBE simply as good or bad.

They say the performance itself is not bad, as first-quarter sales increased significantly to 698.3 billion won and adjusted operating profit was better than expected.

The reason it appeared to be in the red was due to one-time costs, so the actual flow actually feels quite good.

But I found it quite interesting that the reason the target stock price went down was due to the increase in royalty rates following BTS's contract renewal.

The interpretation is that as the artist's share increases, the company's profit margin could be lower than before.

I think they took a conservative approach, especially since the cost structure could be affected as the proportion of performance revenue increases in the future.

Still, the music and content sectors are definitely strong, so it seems they still have the power to drive overall sales.

With rookie groups showing good growth, there are also opinions emerging that view the long-term outlook positively.

Ultimately, since BTS's influence is so immense, it seems like a structure where both the positives and the burdens are reflected together, so it feels like a realistic analysis.