J P M O R G A N Asia Pacific Equity Research 28 July 2026 HYBE Strong 2Q results on BTS-led top-line momentum; maintain OW 2Q OP of W171B met our Street-high-end estimate (W175B), as strong BTS IP revenue momentum offset a GPM decline to ~32% amid an accelerated mix shift toward concert revenue. Despite the solid print, the stock traded weak today (-16% vs. KOSPI -11%), which we attribute mainly to limited upside surprise against elevated expectations. Following a ~50% correction from the YTD peak (vs KOSPI ...