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In the stock market on the 16th, Big Hit closed the market at 20,500 won, down 22.29% (57,000 won) compared to the previous trading day. During the intraday, it fell to 199,000 won and even the 200,000 won line collapsed. On that day alone, the market capitalization evaporated by about 2 trillion won.
This is a completely different move than what the market expected. Big Hit set the record for the KOSPI standard, raising a margin of 58.43 trillion won with a competition rate of 606.97: 1 on underwriting public offering shares. On the day of subscription, men and women of all ages gathered at the branch of the supervising securities company, making the ‘subscription frenzy’.
In particular, after SK Biopharmaceuticals and Kakao Games won a series of awards, it was expected that they would subsequently set an upper limit for three consecutive business days and two consecutive business days. .
Big Hit was also successful. On the first day of trading, the initial price was formed at 270,000 won, which is double the public offering price (135,000 won), and at the same time as the opening, it skyrocketed to the price cap of 351,000 won. At around 8:59 a.m. that day, a maximum buy order of 270,000 won and about 9.72 million shares was produced. It’s a whopping 2.6 trillion won. Immediately after opening, a static volatility (VI) mitigation device was initiated.
But it was only a while. Shortly thereafter, for-profit sales spilled out and the gain slowed, and around noon the stock price fell to the initial level. In the afternoon, it was even lower than this, and the transaction ended at 258,000 won, down 4.4%. This day, the second trading day, it also plunged by more than 20%.
As circumstances are like that, in the market, the fringe theory of entertainment stocks is raising its head again. It is logical that there is a high dependence on earnings for characteristic artists, and that there is inevitably a limit to growth due to external variables like Han Han-ryeong (限 韓 令). In particular, Big Hit has an absolute proportion of BTS. In other words, if bad news breaks out at BTS, it can affect companies immediately.
Hyundai Motor Securities analyst Kim Hyun-yong said: “It is estimated that even after Big Hit debuted on ‘TXT’ last year and added ‘Seventeen’ this year, BTS ‘quantitative share still reaches 70%. and the profit ratio is 80 ~ 90%. ” Big Hit’s long-term task is to reduce high dependency on him. “
Samsung Securities analyst Choi Min-ha also said: “The high dependence on Big Hit, as 97% of Big Hit’s sales last year came from BTS, is Big Hit’s biggest risk.” “Also, BTS is made up of members born between 1992 and 1997. According to the current 1992 Military Service Law” Jin, who was born in Korea, can only postpone enlistment until the end of next year, so it can be difficult. work completely after. “
Some point out that even though he is an artist with clear boundaries, the public offering price itself was too high due to recent enthusiasm for underwriting stocks.
According to Shinyoung Securities, this year’s ‘market value (EV / EBITDA)’ based on Big Hit’s market capitalization based on public offering price and converted operating income before tax (EBITDA) is 44.7 times . This is a number used to determine the fair price of a company’s stock. Last year, the top three entertainment stocks in Korea (SM, JYP, and YG) were 11.3 times, and the Internet industry (Naver and Kakao) 24.4 times. Taking this into account, it can be seen that Big Hit received a relatively high multiple.
Shin Soo-yeon, an analyst at Shin Young Securities, said: “The main variable that will determine whether Big Hit is overvalued will eventually be next year’s performance.” Court.
Reporter Han Soo-yeon [email protected]
