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Shinhan Securities Cuts D&C Media Price Target Amid Webtoon Market Headwinds
Consumer Services · Publishing: Books/Magazines · yonhap_finance · 2026-08-23
263720
Shinhan Securities has lowered its price target for D&C Media to 12,000 KRW, citing a sluggish webtoon market, while maintaining a 'Buy' rating on IP strength.
What Happened
Earnings Miss and Target Cut: Shinhan Securities reported that D&C Media's second-quarter revenue and operating profit fell short of expectations, leading to a 29% reduction in the target price to 12,000 KRW. The adjustment reflects broader market valuation compression and a challenging environment for KOSDAQ-listed content firms.
Webtoon Market Slowdown: Analyst Kim A-ram noted that the webtoon industry is facing intensified competition and slowing growth following the post-pandemic reopening. The firm's market capitalization has dropped below 100 billion KRW as investor interest in the content sector has waned.
IP Pipeline Potential: Despite current headwinds, the brokerage remains optimistic about the company's long-term prospects due to its robust intellectual property portfolio. Key upcoming projects, including the 'Solo Leveling' theatrical film and a Netflix live-action adaptation, are expected to drive future value.
Investment Outlook: Shinhan Securities maintains a 'Buy' rating, characterizing the company as a consistent profit generator capable of earning 8-10 billion KRW annually. The firm believes that a recovery in market sentiment toward content stocks could trigger a significant rebound in the share price.