[Korea] Entertainment August 12, 2022

YG Entertainment Buy
(122870 KQ) (Maintain)

Blackpink to make long-awaited comeback TP: W77,000

Upside: 29.4%

Mirae Asset Securities Co., Ltd.

Bumyong Song bumyong.song@miraeasset.com

2Q22 review Revenue of W76bn (-9% YoY) and above-consensus OP of W9.3bn (-11% YoY)
 On a non-consolidated basis, YG Entertainment posted 2Q22 revenue of W53.8bn (+9% YoY)
and operating profit of W7.8bn (+16% YoY), helped by the release of Big Bang’s digital comeback
single, which performed especially well in China.
 The company recorded net profit of W8.6bn (turning to profit YoY), boosted by: 1) valuation
gains resulting from Tencent Music Entertainment’s share price appreciation; and 2) profits
from the disposal of subsidiary shares (Greenworks).

Blackpink to make long-awaited Revising down 2022 and 2023 earnings estimates due to Blackpink’s delayed comeback and
comeback low likelihood of Big Bang’s return
 Our 2H22 estimates previously modeled 30 shows for Blackpink’s world tour (vs. 20 shows
confirmed) and a potential full-fledged comeback by Big Bang.
 Given Blackpink’s delayed comeback and the low likelihood of Big Bang’s full-fledged return, we
revised down our 2022 revenue and operating profit estimates by 9.5% (to W417.6bn) and 6.5%
(to W57.2bn), respectively.
 That said, we revised up our OP margin forecast by 0.1%p, in light of the increasing size of
concerts by Blackpink and Treasure (Treasure: 24 shows vs. 17 shows previously).
Treasure’s strong growth and new artist debuts in 2023 point to revenue upside
 Treasure has a Japanese tour planned for 4Q22, which suggests the group is likely to release a
new album in 3Q22. We think album sales could exceed 1mn copies, given previous trends
(around 800,000 copies).
 New female groups have recently displayed strong album sales (400,000 copies), suggesting
the company’s new girl group debuting in early 2023 could make a meaningful contribution to
earnings.

Maintain TP of W77,000 Maintain Buy and TP of W77,000

 We switched our valuation basis from 2022F net profit attributable to owners of the parent to
our 12-month forward estimate, in light of Blackpink’s delayed comeback. We applied a target
P/E of 35x.
 Our target P/E is the stock’s 12-month forward average multiple in 2019, when the company’s
major artists were active prior to the pandemic.
 Trading at a 2023F P/E of 25x, the stock looks undervalued, considering new artists set to debut
in 1H23 and the increasing scale of major artists’ concerts.

Key data
Current price (8/11/22, W) 59,500 Market cap (Wbn) 1,108
140 YG Entertainment KOSDAQ
OP (22F, Wbn) 57 Shares outstanding (mn) 19
120
Consensus OP (22F, Wbn) 57 Free float (%) 74.3
100 EPS growth (22F, %) 412.8 Foreign ownership (%) 7.4
80 P/E (22F, x) 32.1 Beta (12M) 0.82

60
Market P/E (22F, x) 10.1 52-week low (W) 41,850
8.21 12.21 4.22 8.22
KOSDAQ 832.15 52-week high (W) 73,100

Share performance Earnings and valuation metrics

(%) 1M 6M 12M (Dec.) 2019 2020 2021 2022F 2023F
Absolute 17.1 8.2 7.8 Revenue (Wbn) 254 255 356 418 493
Relative 8.0 14.1 36.3 OP (Wbn) 4 6 29 57 75
OP margin (%) 1.6 2.4 8.1 13.6 15.2
NP (Wbn) -22 9 7 34 44
EPS (W) -1,118 515 361 1,852 2,361
ROE (%) -6.2 2.7 1.8 8.8 10.3
P/E (x) - 86.8 154.2 32.1 25.2
P/B (x) 1.5 2.3 2.7 2.7 2.5
Div. yield (%) 0.0 0.0 0.4 0.4 0.4
Notes: Under consolidated K-IFRS; NP is attributable to owners of the parent
Source: Company data, Mirae Asset Securities Research estimates
Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the US.
PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES AND DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.
August 12, 2022 YG Entertainment

Table 1. TP calculation
Value Notes
12MF NP attr. to owners of the parent (Wbn) 41
The stock’s average 12MF P/E in 2019, when major
Target P/E (x) 35
artists were active
Target market cap (Wbn) 1,418
No. of shares (‘000) 18,454
TP (W) 77,000
CP (W) 59,500
Upside potential 29.4%
Source: Mirae Asset Securities Research

Table 2. 2Q22 review (Wbn, %)

2Q22P 2Q21 YoY Mirae Asset Diff. Consensus Diff.
Revenue 76.0 83.6 -9.1 100.1 -24.1 88.4 -14.0
OP 9.3 10.4 -10.7 13.3 -30.1 8.4 +10.7
OP margin 12.3 12.5 -0.2 13.3 -1.0 9.5 +2.8
NP attr. to owners of the parent 5.9 -2.2 TTB 7.9 -25.3 6.4 -7.8
Source: FnGuide, Mirae Asset Securities Research

Table 3. Earnings forecast revisions (Wbn, %, %p)

Previous Revised Change
Notes
22F 23F 22F 23F 22F 23F
Revenue 462 530 418 493 -9.5 -7.0 Blackpink’s delayed return and low
likelihood of full-fledged Big Bang
OP 62 76 57 75 -6.5 -1.3 comeback
Increasing concert size to improve
OP margin 13.5 14.2 13.6 15.2 +0.1 +1.0
margins
Source: Mirae Asset Securities Research

Table 4. Quarterly and annual earnings (Wbn, %)

1Q21 2Q21 3Q21 4Q21 1Q22 2Q22P 3Q22F 4Q22F 2021 2022F 2023F
Revenue 97 84 86 89 76 76 113 153 356 418 493
Products 44 34 34 29 31 29 52 52 141 164 195
Album/digital content 34 24 22 25 22 24 40 33 106 120 145
Goods, etc. 10 10 12 4 9 5 12 19 36 43.9 50
Management 53 50 52 60 45 47 61 101 214 254.0 298
Concert 0 0 0 2 0 4 1 33 2 38 50
Ads 11 13 13 16 15 15 15 18 52 62 69
Royalties 4 2 7 5 2 3 8 8 18 21 25
Appearance 6 6 3 5 3 3 5 8 19 19 20
Commissions 6 11 10 7 9 4 9 8 35 30 30
Production 16 1 0 0 0 0 0 0 17 0 13
Music service 10 17 19 26 16 19 23 26 71 83 92
GP 28.7 28.5 28.7 26.1 22.1 27.0 39.8 43.0 112 132 148
OP 9.5 10.5 17.3 13.2 6.1 9.3 21.1 20.7 51 57 75
OP margin (%) 9.8 12.5 20.2 14.9 8.1 12.3 18.7 13.5 14.2 13.6 15.2
YoY
Revenue 83.7 51.7 28.6 10.6 -22.2 -9.1 31.4 72.1 39.3 17.4 18.1
Products 170.6 117.1 17.5 -32.3 -30.4 -14.8 53.4 78.3 36.0 15.8 19.4
Management 45.2 31.0 42.8 47.9 -15.2 -5.3 17.0 69.1 41.8 18.5 17.2
GP 65.9 42.5 32.2 19.8 -23.1 -5.4 38.7 65.0 38.6 17.7 12.2
OP TTB 483.4 445.4 68.3 -36.0 -10.7 21.9 56.0 370.4 13.2 31.0
Source: Company data, Mirae Asset Securities Research

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August 12, 2022 YG Entertainment

YG Entertainment (122870 KQ)

Income statement (summarized) Balance sheet (summarized)

(Wbn) 2020 2021 2022F 2023F (Wbn) 2020 2021 2022F 2023F
Revenue 255 356 418 493 Current assets 245 244 361 453
Cost of revenue 174 244 286 345 Cash & equivalents 52 44 100 168
GP 81 112 132 148 AR & other receivables 24 44 75 86
SG&A expenses 75 83 85 87 Inventory 33 11 19 23
OP (adj.) 6 29 57 75 Other current assets 136 145 167 176
OP 6 29 57 75 Non-current assets 297 378 387 388
Non-operating profit 14 10 2 3 Investments in associates 17 31 54 63
Net financial income 0 1 1 2 PP&E 165 193 184 173
Net income from associates 0 0 0 0 Intangible assets 47 44 42 41
Pretax profit 20 39 59 78 Total assets 543 621 747 840
Income tax 7 15 6 16 Current liabilities 104 105 177 208
Profit from continuing operations 14 24 48 63 AP & other payables 38 44 75 89
Profit from discontinued operations -10 -2 4 0 Short-term financial liabilities 13 9 13 14
NP 3 23 52 63 Other current liabilities 53 52 89 105
Attributable to owners 9 7 34 44 Non-current liabilities 16 34 42 46
Attributable to minority interests -6 16 18 19 Long-term financial liabilities 15 21 20 20
Total comprehensive income 3 26 51 63 Other non-current liabilities 1 13 22 26
Attributable to owners 9 7 -6 -7 Total liabilities 120 139 219 254
Attributable to minority interests -6 19 57 70 Equity attributable to owners 352 378 406 445
EBITDA 22 43 60 73 Capital stock 9 9 9 9
FCF -6 5 82 85 Capital surplus 218 218 218 218
EBITDA margin (%) 8.6 12.1 14.4 14.8 Retained earnings 125 131 161 201
OP margin (%) 2.4 8.1 13.6 15.2 Minority interests 71 105 122 141
Net margin (%) 3.5 2.0 8.1 8.9 Shareholders' equity 423 483 528 586

Cash flow statement (summarized) Key valuation metrics/ratios

(Wbn) 2020 2021 2022F 2023F 2020 2021 2022F 2023F
Operating cash flow 26 37 85 85 P/E (x) 86.8 154.2 32.1 25.2
NP 3 23 52 63 P/CF (x) 48.2 16.9 15.4 12.6
Non-cash income/expenses 14 38 19 25 P/B (x) 2.3 2.7 2.7 2.5
Depreciation 14 13 12 11 EV/EBITDA (x) 39.6 25.9 17.4 13.6
Amortization 2 1 1 1 EPS (W) 515 361 1,852 2,361
Other -2 24 6 13 CFPS (W) 927 3,297 3,852 4,715
Chg. in working capital 9 -17 23 11 BPS (W) 19,082 20,471 21,822 23,935
Chg. in AR & other receivables -6 -23 -28 -12 DPS (W) 0 250 250 250
Chg. in inventory -22 1 -9 -4 Dividend payout ratio (%) 0.0 20.0 8.8 7.4
Chg. in AP & other payables 10 10 20 6 Dividend yield (%) 0.0 0.4 0.4 0.4
Income tax -4 -8 -9 -16 Revenue growth (%) 0.4 39.6 17.4 17.9
Cash flow from investing activities -11 -77 -10 -5 EBITDA growth (%) 4.8 95.5 39.5 21.7
Chg. in PP&E -32 -32 -3 0 OP growth (%) 50.0 383.3 96.6 31.6
Chg. in intangible assets 0 1 1 0 EPS growth (%) - -29.9 413.0 27.5
Chg. in financial assets 3 4 -11 -5 AR turnover (x) 14.2 12.2 8.2 7.0
Other 18 -50 3 0 Inventory turnover (x) 10.3 15.9 27.2 23.3
Cash flow from financing activities -10 32 1 -4 AP turnover (x) 11.7 12.9 10.1 8.9
Chg. in financial liabilities -2 2 2 1 ROA (%) 0.6 3.9 7.7 7.9
Chg. in equity 8 0 0 0 ROE (%) 2.7 1.8 8.8 10.3
Dividends 0 0 0 -5 ROIC (%) 1.9 8.3 25.8 31.9
Other -16 30 -1 0 Debt-to-equity ratio (%) 28.5 28.7 41.5 43.3
Chg. in cash 4 -8 56 68 Current ratio (%) 236.2 232.8 203.4 217.6
Beginning balance 48 52 44 100 Net debt-to-equity ratio (%) -6.0 -3.9 -35.3 -43.4
Ending balance 52 44 100 168 Interest coverage ratio (x) 8.5 36.3 67.3 83.9
Source: Company data, Mirae Asset Securities Research estimates

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August 12, 2022 YG Entertainment

Appendix 1

Important disclosures and disclaimers

Two-year rating and TP history
Company Date Rating TP (W)
(W) YG Entertainment
YG Entertainment (122870) 04/25/22 Buy 77,000 100,000
12/15/21 No Coverage
80,000
08/13/21 Buy 77,000
07/02/21 Buy 69,000 60,000
02/25/21 Buy 56,000
40,000
08/13/20 Trading Buy 51,000
05/14/20 Trading Buy 36,000 20,000

02/27/20 Buy 40,000 0

May 20 May 21 May 22

Stock ratings Sector ratings

Buy Expected 12-month performance: +20% or greater Overweight Expected to outperform the market over 12 months
Trading Buy Expected 12-month performance: +10% to +20% Neutral Expected to perform in line with the market over 12 months
Hold Expected 12-month performance: -10% to +10% Underweight Expected to underperform the market over 12 months
Sell Expected 12-month performance: -10% or worse

Rating and TP history: Share price (─), TP (▬), Not Rated (■), Buy (▲), Trading Buy (■), Hold (●), Sell (◆)
* Our investment rating is a guide to the expected return of the stock over the next 12 months.
* Outside of the official ratings of Mirae Asset Securities Co., Ltd., analysts may call trading opportunities should technical or short-term material developments arise.
* The TP was determined by the research analyst through valuation methods discussed in this report, in part based on estimates of future earnings.
* TP achievement may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions.

Ratings distribution and investment banking services

Buy Trading Buy Hold Sell
Ratings distribution 82.90% 8.50% 7.80% 0.80%
Investment banking services 75.00% 15.00% 10.00% 0%
* Based on recommendations in the last 12-months (as of March 31, 2022)

Disclosures
As of the publication date, Mirae Asset Securities Co., Ltd. and/or its affiliates do not have any special interest with the subject company and do not own 1% or more
of the subject company's shares outstanding.

Analyst certification
The research analysts who prepared this report (the “Analysts”) are registered with the Korea Financial Investment Association and are subject to Korean
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members of their households from owning securities of any company in the Analyst’s area of coverage, and the Analysts do not serve as an officer, director,
or advisory board member of the subject companies. Except as otherwise specified herein, the Analysts have not received any compensation or any other
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