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JYP Ent.(035900)’ 발행주식을 1% 이상 보유하고 있지 않습니다

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JYP Ent.(035900)’ 발행주식을 1% 이상 보유하고 있지 않습니다 2Q21 Preview 2021.7.22 BUY(Maintain) JYP Ent. (035900) 목표주가: 58,000원(상향) 주가(7/21): 40,150원 우려할 필요가 없다 시가총액: 14,252억원 미디어/엔터/레저 Analyst 이남수 음반 판매량 호조의 지속과 글로벌 시장의 음원 강세는 전분기에 이어 지속될 02) 3787-5115 [email protected] 것으로 추정합니다. 활동 아티스트의 글로벌 확장과 성장이 계속되고 있고, 꾸 RA 이한결 준한 신인 데뷔와 빠른 수익화 달성, 현지 아이돌 런칭이라는 잠재력 높은 비 02) 3787-3759 [email protected] 즈니스 포맷이 더욱 강화되며 성장으로 이어질 것으로 전망합니다. Stock Data KOSDAQ (7/21) 1,042.03pt 2분기 영업이익 118억원(yoy +29.8%) 52 주 주가동향 최고가 최저가 최고/최저가 대비 43,250원 29,700원 아티스트 활동 증가로 1분기 32만장의 앨범 판매보다 개선된 출고량을 보이며 등락률 -7.2% 35.2% 수익률 절대 상대 113만장의 앨범 판매량을 기록할 것으로 보인다. 앨범 판매량 호조에 따라 2 1M -6.7% -9.5% 분기에는 매출액 419억원(yoy +22.7%), 영업이익 118억원(yoy +29.8%, 6M 6.1% -0.1% OPM 28.1%)을 달성할 것으로 전망한다. 1Y -32.8% -18.8% 전년 2분기 44만장의 앨범을 판매한 GOT7의 공백을 ITZY 국내 35만장, Company Data NiziU 일본 37만장으로 갭을 훌륭히 메꾸고 있다. 발행주식수 35,497 천주 일평균 거래량(3M) 725천주 다만 아티스트 컴백 규모 확대를 감안할 때 1분기 보다 컨텐츠 제작비 상향을 외국인 지분율 23.3% 예상하여 매출원가 증가도 동반해 영업이익은 전분기 대비 다소 하락할 것으로 배당수익률(21E) 0.4% BPS(21E) 6,074원 전망한다. 주요 주주 박진영외 3인 15.8% 투자지표 아티스트에 집중될 메타버스와 글로컬라이제이션의 성공 (십억원, IFRS) 2019 2020 2021F 2022F 매스 미디어에 노출 되는 그들을 연예인이라 부른다. 메타버스에서도 연예인의 매출액 155.4 144.4 154.8 214.8 영업이익 43.5 44.1 50.1 80.1 행보는 더욱 빨라질 것이다. 메타휴먼과의 공존은 물론 콘텐츠를 선보이기 위 EBITDA 47.0 48.2 54.6 84.5 한 아티스트의 끊임없는 실연이 필요하기 때문이다. 내년에는 라우드 프로젝 세전이익 43.0 38.0 50.8 81.1 순이익 31.2 29.6 38.8 59.5 트, 신인 걸그룹, 일본 오디션 보이그룹이 데뷔할 것으로 보인다. TWICE, 지배주주지분순이익 31.3 29.5 38.7 59.3 NiziU에서 보여준 오디션 프로그램을 통한 팬덤 형성 역량은 라우드와 일본 EPS(원) 883 832 1,089 1,671 증감률(%,YoY) 28.9 -5.7 30.9 53.4 보이그룹에게 그대로 전달될 것으로 전망한다. PER(배) 27.4 46.2 36.4 23.7 동사는 플랫폼 디어유, 두나무의 지분투자 등 본업에 충실했던 모습은 유지하 PBR(배) 5.39 7.46 6.52 5.22 EV/EBITDA(배) 16.3 26.3 23.0 14.3 며 비즈니스 확장도 동시에 꾀하고 있다. 또한 국내 기획사 중 가장 많은 현지 영업이익률(%) 28.0 30.5 32.4 37.3 그룹을 보유할 가능성이 높아 현지 내수 시장 공략과 확장에 유리한 고지를 점 ROE(%) 21.9 17.3 19.4 24.5 순차입금비율(%) -59.3 -53.5 -69.3 -73.4 할 것으로 판단한다. 자료: 키움증권 Price Trend 투자의견 BUY, 목표주가 58,000원으로 상향 엔터테인먼트의 시계는 콘서트와 같은 컨택트 비즈니스 재개 타이밍과 플랫폼 (원) 수정주가(좌) 상대수익률(우) (%) 비즈니스에 쏠려있다. 동사는 코로나19 기간 글로벌로 팬덤을 확장 시킨 트와 50,000 30 이스와 ITZY, 스트레이키즈 등 신인의 성장, 성공적 현지 데뷔한 NiziU의 팬덤 40,000 20 10 효과가 기대된다. 30,000 0 또한 공연에서 내수 시장 공략으로 확장 가능한 현지 그룹의 추가적 데뷔도 기 20,000 -10 대되는 점은 긍정적이다. 이에 2022F 지배주주순이익 기준 EPS에 Target 10,000 -20 P/E 35배를 적용하여 목표주가를 58,000원으로 상향하고 투자의견 BUY는 유 0 -30 지한다. 20.07 20.10 21.01 21.04 JYP Ent. 2021.7.22 JYP Ent. 실적 추이 및 전망 (K-IFRS 연결 기준) (십억원) 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21F 3Q21F 4Q21F 2020 2021F 2022F 매출액 34.0 34.1 34.6 41.7 32.3 41.9 37.8 42.8 144.4 154.8 214.8 (YoY) 28.9% -12.8% -24.1% -6.0% -4.9% 22.7% 9.2% 2.6% -7.1% 7.2% 38.8% 음반 5.8 16.5 12.1 13.5 7.2 16.7 12.6 17.0 47.8 53.5 87.8 음원 4.7 5.8 5.7 10.9 7.8 9.0 8.9 9.2 27.1 35.0 40.7 매니지먼트 23.5 11.9 16.9 17.3 17.3 16.2 16.3 16.6 69.5 66.3 86.3 매출원가 13.8 18.1 16.5 19.1 11.3 22.5 17.3 18.6 67.5 69.7 95.9 (YoY) -2.9% -17.8% -25.8% -8.6% -18.1% 23.9% 5.1% -2.5% -14.9% 3.3% 37.5% 매출총이익 20.2 16.0 18.1 22.6 21.0 19.4 20.4 24.2 76.9 85.0 118.9 (YoY) 65.9% -6.5% -22.5% -3.6% 4.1% 21.4% 13.0% 6.9% 1.1% 10.6% 39.8% GPM 59.5% 46.8% 52.3% 54.2% 65.1% 46.3% 54.1% 56.5% 53.3% 55.0% 55.4% 판관비 6.8 6.9 7.0 12.1 7.3 7.6 8.2 11.8 32.8 35.0 38.8 (YoY) 5.7% -9.7% -18.9% 21.4% 7.5% 10.3% 18.3% -2.4% 0.4% 6.7% 11.0% 영업이익 13.4 9.1 11.1 10.5 13.8 11.8 12.2 12.4 44.1 50.1 80.1 (YoY) 132.3% -3.9% -24.6% -22.1% 2.5% 29.8% 9.6% 17.6% 1.6% 13.5% 59.9% OPM 39.6% 26.5% 32.2% 25.2% 42.6% 28.1% 32.3% 28.9% 30.6% 32.4% 37.3% 순이익 11.3 4.7 7.7 5.9 12.0 8.6 9.0 9.1 29.6 38.8 59.5 (YoY) 78.6% -32.4% -34.0% -5.2% 6.4% 84.1% 16.1% 54.8% -5.1% 30.9% 53.4% NPM 33.3% 13.8% 22.3% 14.2% 37.2% 20.6% 23.7% 21.4% 20.5% 76.4% 73.4% 자료: JYP Ent, 키움증권 2 JYP Ent. 2021.7.22 JYP 아티스트별 주요 활동 내역 그룹명 활동내역 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 미니 8집: 37만 미니 9집: 56만 정규 2집: 48만 미니 10 집: 52 만 Album (초동 15만) (초동 33만) (초동 24만) (초동 28 만) 해외: 해외: 해외: 온라인: 8.9/1회 온라인: Concert 7.13~8.17/6회 10.12~12.1/11회 2.11~23/4회 (Beyond LIVE) 3.6/1회 (동남아, 북미) (일본 5개도시) (일본 2개도시) (일본) 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: TWICE 5,730,000 6,260,000 6,630,000 7,780,000 8,540,000 9,540,000 10,300,000 11,100,000 Youtube 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 20,166,658 23,869,293 19,806,809 59,921,274 32,199,651 56,112,261 193.6M 97,680,434 Oricon Weekly: Billboard 200: Billboard 200: Billboard 200: 3위 200위 72위 6위 Global Chart Oricon Weekly: Oricon Weekly: Oricon Weekly: 1위 3위 2위 미니 10집: 30만 미니 11집: 44만 정규 4집: 34만 Album (초동 22만) (초동 28만) (초동 27만) 해외: 해외: 7.3~8.25/7회 10.8~26/6회 (북중미 7개도시) (유럽 등 6개도시) Concert 해외: 7.30~9.8/11회 GOT7 해체 (일본, 태국) 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 4,260,000 4,490,000 4,670,000 5,040,000 5,340,000 5,670,000 Youtube 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 9,210,556 9,511,551 7,163,512 12,250,973 7,486,082 8,717,780 Oricon Weekly: Oricon Weekly: Oricon Weekly: Global Chart 16위 20위 21위 미니 5집: 18만 정규 1집: 24만 정규 1집 Album (초동 8만) (초동 13만) 리패키지: 33만 (초동 23만) 해외: 국내: 해외: 온라인: Concert 7.28~8.4/4회 11.23~24/2회 1.29~2.16/8회 11.22/1회 STRAY (유럽 4개도시) (올림픽홀) (미주 8개도시) (Beyond LIVE) KIDS 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 2,110,000 2,400,000 2,640,000 3,170,000 4,290,000 5,150,000 5,870,000 6,560,000 Youtube 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 12,479,596 11,721,377 10,704,097 19,404,469 36,159,060 38,760,962 85,216,245 45,423,168 Oricon Weekly: Oricon Weekly: Global Chart 28위 6위 미니 1집: 11만 미니 2집: 13만 미니 3집: 22만 미니 4 집: 33 만 Album (초동 3만) (초동 6만) (초동 14만) (초동 20 만) Concert 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 1,710,000 1,890,000 2,330,000 2,930,000 3,750,000 4,160,000 4,620,000 5,300,000 Youtube ITZY 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 17,129,752 8,181,757 20,792,382 30,970,156 38,846,818 24,108,571 74,860,056 59,669,274 Oricon Weekly: Oricon Weekly: Oricon Weekly: Billboard 200: 12위 13위 8위 148위 Global Chart Oricon Weekly: 6위 Album 싱글 1집: 38만 싱글 2 집: 36 만 Concert 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 449,000 1,400,000 1,660,000 1,750,000 1,940,000 NiziU Youtube 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 8,772,565 40,808,746 25,236,751 23,500,354 32,403,068 Oricon Weekly: Oricon Weekly: Global Chart 1 위 1위 자료: JYP Ent, 언론보도, SocialBlade, 키움증권 3 JYP Ent.
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