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JYP Entertainment: The Problem Is Outside

Summary

We maintain BUY on JYP Entertainment but revise down our target price to KRW30,000.

In 2H19, ITZY’s comeback and the NIZI project in Japan should provide momentum.

Overseas digital music sales generated through The Orchard have begun to be recognized in May.

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.