Source Facts: Korea IR Council / June 30, 2026
Investment Opinion and Target Price: None
Key Momentum: Revenue rebound due to normalized drama production volume and 수익 structure diversification through the ‘Infinite IP’ strategy.
📊 1. [Valuation Metrics and Investment Indicators Analysis]
- Current price (as of June 29, 2026): 19,760 KRW.
- 2026 projected performance: Revenue of 627.7 billion KRW (YoY +18.3%), operating profit of 49 billion KRW (OPM 7.8%).
- 2026 projected valuation: PER 18.9x, PBR 0.7x, EV/EBITDA 2.7x.
🚀 2. [Market Opportunity (TAM) and Detailed Performance Estimates]
- Factors for Performance Improvement:
- Normalization of production volume: Expansion of supply to terrestrial channels and resumption of tvN Wednesday-Thursday drama slots.
- Strengthening profitability: Improvement in revenue structure through increased production volume, production efficiency efforts, and platform diversification.
- Tentpole work programming: Anticipated positive impact on revenue and profitability due to the concentration of major works such as and <Lies 100 Days of> in the second half of the year.
- Mid-to-Long Term Strategy (Core Reset):
- ‘Infinite IP’ strategy: Aiming for IP longevity, scalability, and expansion of monetization options.
- Business model transformation: Shifting from a structure where revenue ended after a drama finished, to a structure that creates continuous revenue by re-processing a single IP into various forms such as digital, commerce, characters, and human IP.
📝 Editor’s Comment (by K-STOCK Editor)
The company appears to have broken the revenue decline trend of the past two years and has grasped an opportunity for a rebound alongside the normalization of production volume. Studio Dragon’s true value lies in its business transformation into an ‘integrated IP studio’ that utilizes a single IP in diverse ways, moving beyond being a simple production house. If the performance of major tentpole works is realized in the second half of the year, the market is expected to continue its assessment that the company has built a sustainable growth model, moving away from past revenue structures.
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