[Click e-Stock] "Aniplus Anticipates Growth Ahead of 'Demon Slayer' Theatrical Release"

On August 21, DS Investment & Securities analyzed that expectations for growth are rising for Aniplus ahead of the release of the "Demon Slayer" theatrical film.

Aniplus is a One Source Multi Use (OSMU) company that imports Japanese animation IP and distributes it through its own TV channel, OTT service, and both domestic and international platforms, while also operating a merchandise (MD) and event business. With the upcoming theatrical releases of major titles such as and , content revenue is expected to increase, along with an expansion of additional revenue streams such as MD.

Jang Ji-hye, a researcher at DS Investment & Securities, stated, "We forecast Aniplus's consolidated sales for this year at 158 billion KRW (up 21% year-on-year), and operating profit at 29 billion KRW (up 15% year-on-year, with an operating margin of 18.4%)."

There are three main investment points for Aniplus. The first is animation IP leverage. Jang explained, "Aniplus is expanding the leverage effect of animation IP through vertical and horizontal integration, internalizing the value chain. Consolidated content sales have grown from 13.1 billion KRW in 2019 to 84.7 billion KRW in 2024, representing a CAGR of 45%." She added, "Going forward, the leverage effect is expected to further expand with increased overseas distribution, including in Southeast Asia, and the full-scale launch of its animation production business."

The second point is the growth of the theatrical film market. Recently, the growth of the domestic animation market has been led by theatrical releases. She said, "With rising domestic demand for theatrical animation and an increase in cinema screens, we expect content revenue to be maximized."

The third point is hidden value. Subsidiary Rown Company operates the official MD shop for the virtual idol "Plave," while Media & Art is expanding its art exhibition platform both domestically and internationally. As a result, subsidiaries are expected to contribute to earnings and increase corporate value.

Jang stated, "Reflecting the business structure of importing and distributing Japanese animation IP rather than producing content directly, we set a target price of 7,500 KRW. If overseas market expansion, in-house animation production, or convertible bond cancellation takes place, there is a high possibility of raising the target price."

She added, "Aniplus is also attractive in terms of shareholder returns, as it is repaying convertible bonds and conducting its first quarterly dividend."