On September 4, Daishin Securities said that Studio Dragon (253450) is beginning to deliver the anticipated strong performance in the second half. The brokerage maintained a “Buy” rating with a target price of 64,000 won.
Kim Hoe-jae, an analyst at Daishin Securities, noted, “The company’s first major second-half production, The Tyrant’s Chef, achieved a 11.1% viewership rating in its fourth episode, significantly exceeding Studio Dragon’s long-term average of 6.3% and marking the highest rating among this year’s productions. The drama also posted strong ratings despite simultaneous broadcasting on Netflix, which typically disperses viewership.”
Kim explained that Studio Dragon’s weak first-quarter operating profit of 4.3 billion won was due to the underperformance of Ask the Stars, which recorded a peak rating of only 3.9% and an average of 2.4%. “The low ratings reduced tvN’s advertising revenue, which in turn led to penalties on Studio Dragon’s broadcasting fees,” he said. “In contrast, with The Tyrant’s Chef achieving strong ratings, the company is likely to receive not only its base broadcasting fee but also additional incentives.”
He added, “The ongoing simultaneous broadcasting on Netflix offers high earnings potential. Compared with the first half, we expect more productions, higher ratings, and improved production efficiency in the second half.”
*[KOSDAQ] Studio Dragon(253450) is a spin-off of CJ ENM's drama division and engages in drama content planning, distribution, etc. Representative works include Goblin, Mr. Sunshine, and Crash Landing on You. The market capitalization is 1.293 trillion won (as of September 3, 2025, closing price).
On September 4, Daishin Securities said that Studio Dragon (253450) is beginning to deliver the anticipated strong performance in the second half. The brokerage maintained a “Buy” rating with a target price of 64,000 won.
Kim Hoe-jae, an analyst at Daishin Securities, noted, “The company’s first major second-half production, The Tyrant’s Chef, achieved a 11.1% viewership rating in its fourth episode, significantly exceeding Studio Dragon’s long-term average of 6.3% and marking the highest rating among this year’s productions. The drama also posted strong ratings despite simultaneous broadcasting on Netflix, which typically disperses viewership.”
Kim explained that Studio Dragon’s weak first-quarter operating profit of 4.3 billion won was due to the underperformance of Ask the Stars, which recorded a peak rating of only 3.9% and an average of 2.4%. “The low ratings reduced tvN’s advertising revenue, which in turn led to penalties on Studio Dragon’s broadcasting fees,” he said. “In contrast, with The Tyrant’s Chef achieving strong ratings, the company is likely to receive not only its base broadcasting fee but also additional incentives.”
He added, “The ongoing simultaneous broadcasting on Netflix offers high earnings potential. Compared with the first half, we expect more productions, higher ratings, and improved production efficiency in the second half.”
*[KOSDAQ] Studio Dragon(253450) is a spin-off of CJ ENM's drama division and engages in drama content planning, distribution, etc. Representative works include Goblin, Mr. Sunshine, and Crash Landing on You. The market capitalization is 1.293 trillion won (as of September 3, 2025, closing price).