Hybe Analysts Predict Positive Surprises for BTS Parent Company

HSBC raises target price for Hybe, citing strong BTS tour demand and new artist growth

Mar. 29, 2026 at 11:38pm

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HSBC has raised its target price for Hybe, the company behind K-pop sensation BTS, despite the band's recent comeback concert in Seoul drawing a smaller crowd than expected. The bank reiterated its 'buy' rating for the stock, increased its target price to 500,000 won ($332) from 420,000 won, and gave it a 31% upside potential. HSBC cited the strength of demand for BTS's forthcoming world tour, predicting a total audience of 3.5 million, as well as robust interest in Hybe's 'rookie artists' like Cortis and Katseye.

Why it matters

Hybe's success is closely tied to BTS, one of the world's biggest music acts. Analysts' positive outlook on the company's future performance, despite a smaller-than-expected concert turnout, suggests investors see potential for Hybe to diversify its revenue streams and continue growing through new artist signings and global expansion.

The details

HSBC addressed 'the market's three big questions' for Hybe. First, the bank increased its estimation of the audience for BTS's upcoming world tour from 3 million to 3.5 million, with ticket prices rising from 220,000 won to 300,000 won. Second, HSBC predicted 18% operating profit growth in 2027 due to increased BTS shows and 'robust' interest in Hybe's new artists like Cortis and Katseye. Third, the bank said Hybe is gaining valuable experience in the global pop music market through Katseye, a girl group based in Los Angeles, and expects the company to monetize music genres beyond K-pop more efficiently.

  • Hybe's stock fell 15% on Monday following the smaller-than-expected BTS concert crowd.
  • HSBC maintained its March 18 target price for Hybe's stock as of March 25.

The players

HSBC

A multinational investment bank and financial services company that has raised its target price and reiterated its 'buy' rating for Hybe.

Junhyun Kim

An HSBC analyst who wrote a note to investors addressing key questions about Hybe's future performance.

Jiwoo Oh

An analyst at CGS International who retained an 'Add' call on Hybe with a target price of 480,000 won.

BTS

The hugely popular K-pop group that is the main driver of Hybe's success.

Cortis

A South Korean boy band signed to Hybe that is considered one of the company's 'rookie artists.'

Katseye

A global girl group based in Los Angeles that is also signed to Hybe, giving the company 'valuable experience in the global pop music market.'

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What they’re saying

“As the BTS comeback is well-known, where can positive surprises come from?”

— Junhyun Kim, HSBC Analyst

“We expect the company to manage production costs more efficiently in the future, while monetising global IPs by hosting offline concerts at a faster pace than K-pop artists' usual path for world tours.”

— Junhyun Kim, HSBC Analyst

“Based on our estimates, we forecast yoy growth of 98% merchandise and licensing, 6% in content, 22% in fan club, and 8% in advertising and appearance, which we attribute primarily to the BTS comeback effect.”

— Jiwoo Oh, Analyst, CGS International

What’s next

HSBC is closely monitoring Hybe's ability to maintain momentum during the 2027 leg of BTS's tour, as well as the company's efforts to monetize music genres beyond K-pop.

The takeaway

Hybe's diversification strategy, including signing new global artists like Katseye and expanding BTS's world tour, has analysts optimistic about the company's ability to sustain growth beyond its reliance on the hugely popular K-pop group.