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SM Entertainment: Time For A Change Of Tune

Summary

We maintain BUY on SM Entertainment but reduce our target price to KRW50,000.

We believe parent earnings were modest thanks to new albums released by a string of artists including Red Velvet as well as NCT127’s world tour.

SM is expected to respond to the request of activist funds to enhance shareholder value.

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Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Additional disclosure: Hyundai Motor Company is a passive shareholder in our bank.