PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Keyeast changed its controlling shareholder from SM Entertainment to Ero Investment Association No.1 (linked to Zenith C&M chairman Kang Jung-hyun) in December 2025, and while quarterly consolidated revenue has been recovering, the company remains in an operating and net loss position.
In December 2025, SM Entertainment sold its stake to Ero Investment Association No.1, ending an eight-year period of ownership.
Consolidated revenue rose sequentially from KRW 8.5bn in 1Q26 to KRW 10.7bn in 2Q26, but operating and net losses continued.
Full-year 2025 revenue fell sharply to KRW 15.7bn from KRW 75.8bn in 2024, reflecting a change in business structure.
Zenith C&M, linked to the new controlling shareholder, is pursuing a China joint-venture idol group debut and a K-pop academy franchise expansion.
The company maintains a no-dividend policy, and shareholders' equity has been declining annually due to accumulated losses.
Keyeast is a media and entertainment company focused on artist management and video content production, including dramas and films. The company discovers and manages actors and singers, generating revenue through its talent's appearances in broadcast, film, and advertising.
Recently, contracted actress Chae Jung-an appeared in the film 'For the Present,' Cho Hye-won was confirmed for a new tvN drama, and actor Lee Ki-taek won his first award trophy since debut in 2026.
Other affiliated performers, including Jung Ra-el, continue to be active in theater and drama, illustrating a management lineup spanning multiple genres.
The company was an SM Entertainment affiliate from May 2018 until December 2025, when management control transferred to Ero Investment Association No.1 and Zenith C&M, led by chairman Kang Jung-hyun.
Zenith C&M, an agency founded by Kang, who previously headed an SM-affiliated travel company, is pursuing a joint venture with Chinese entertainment firm ZCO Entertainment to debut a Chinese idol group, alongside a K-pop training academy franchise business called Zenith Glocal Academy.
Market attention centers on how Zenith C&M will leverage Keyeast's management and content production capabilities along with its listed-company status going forward.
Competitively, Keyeast is a smaller management company relative to major agencies such as HYBE, SM, JYP, and YG, positioning itself in niche segments through its own roster of actors and artists and content production capabilities.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩3B | -₩1.3B | −42.6% |
| 2025Q3 | ₩3.6B | -₩1B | −27.9% |
| 2025Q4 | ₩4.6B | -₩600M | −13.0% |
| 2026Q1 | ₩8.5B | -₩1B | −11.5% |
| 2026Q2 | ₩10.7B | -₩1B | −9.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩62B | -₩2.4B | -₩1.7B | −3.9% | −2.8% | 44.9% |
| 2023 | ₩52B | -₩1.5B | -₩5.4B | −2.8% | −9.2% | 41.9% |
| 2024 | ₩75.8B | ₩700M | -₩11B | 0.9% | −26.1% | 69.9% |
| 2025 | ₩15.7B | -₩3.9B | -₩2.6B | −25.1% | −6.7% | 48.9% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Keyeast's consolidated revenue fluctuated from KRW 62.0bn in 2022, KRW 52.0bn in 2023, and KRW 75.8bn in 2024, before dropping sharply to KRW 15.7bn in 2025.
Over the same period, operating profit was in the red at -KRW 2.4bn in 2022 and -KRW 1.5bn in 2023, turned positive at KRW 0.65bn in 2024, then reversed to an operating loss of -KRW 3.9bn in 2025, with the operating margin deteriorating to -25.1%.
Net income attributable to owners remained negative every year from 2022 through 2025, and notably in 2024 the company posted a net loss of -KRW 11.0bn despite positive operating profit, suggesting a significant one-off impact.
Looking at recent quarters, revenue rose steadily from KRW 2.95bn in 2Q25 to KRW 3.63bn in 3Q25, KRW 4.62bn in 4Q25, KRW 8.54bn in 1Q26, and KRW 10.72bn in 2Q26.
However, operating losses narrowed from -KRW 1.26bn in 2Q25 to -KRW 1.01bn in 3Q25 and -KRW 0.60bn in 4Q25, before widening again to -KRW 0.98bn in 1Q26 and -KRW 1.04bn in 2Q26.
On the net income side, 4Q25 posted a net profit of KRW 0.36bn despite the operating loss, likely reflecting a one-off gain, while 1Q26 and 2Q26 reverted to net losses of -KRW 0.52bn and -KRW 1.72bn respectively, widening the loss again.
Over the trailing four quarters (3Q25-2Q26), net income attributable to owners totaled approximately -KRW 3.0bn, indicating that despite the expanding revenue base, a clear improvement in profitability has yet to materialize.
Owners' equity declined gradually from KRW 59.1bn in 2022 to KRW 39.2bn in 2025, reflecting the cumulative impact of several years of net losses.
Korea's artist management and content production industry has grown on the back of the global spread of K-pop and K-dramas, but recent industry consolidation has concentrated capital and IP around major agencies such as HYBE, SM, JYP, and YG.
Smaller management companies are pursuing survival strategies through distinctive artist discovery capabilities and specialized business models such as global joint ventures and education franchises.
Drama production, which relies heavily on OTT and broadcaster programming, can see significant earnings volatility depending on broadcasters' financial conditions or schedule changes.
In fact, even as JTBC entered rehabilitation proceedings, industry sources indicated that the planned second-half drama lineup would not be significantly affected.
While direct entry into the Chinese market has been limited for major Korean agencies due to regulatory and censorship issues, joint ventures with local partners have emerged as an alternative strategy.
Zenith C&M's pursuit of a China joint-venture idol group under Keyeast's new controlling shareholder group aligns with this trend.
In terms of competitive positioning, Keyeast lags major agencies in revenue scale and artist IP power, but its long-standing management track record and actor-centered content production know-how are cited as differentiating factors.
Keyeast's future business direction will largely depend on the strategy of Ero Investment Association No.1 and Zenith C&M (chaired by Kang Jung-hyun), which secured management control in December 2025.
Zenith C&M is pursuing a joint venture with Chinese entertainment firm ZCO Entertainment to debut a Chinese idol group locally, and the market has speculated that Keyeast's management and content production capabilities could be incorporated into this business.
In addition, Zenith C&M has stated plans to establish numerous K-pop academy franchises worldwide by 2030, starting with its first location on Yeongjong Island, Incheon.
On the talent roster side, JTBC's drama 'Gold Digger' is scheduled to air in the second half of 2026, and continued appearances in new dramas and films such as tvN's upcoming series will serve as indicators of whether content and management revenue can recover further.
However, the market has also noted the possibility that the new controlling shareholder group could use Keyeast's listed-company status as a fundraising vehicle, warranting continued monitoring of any future rights offerings or business restructuring disclosures.
While revenue expansion for two consecutive quarters in early 2026 is a positive sign, the renewed widening of both operating and net losses makes it important to watch whether profitability actually improves going forward.
Because Keyeast has posted net losses for several consecutive years, its price-to-earnings ratio is not meaningfully calculable. In terms of price-to-book ratio, the stock trades at a level below its per-share net asset value, indicating that the market value reflects a notable discount to accounting book value.
The company currently pays no dividend, so a dividend-yield comparison carries little relevance.
Over multiple years, operating profit has alternated between gains and losses while net income has remained persistently negative, leaving the pace of any earnings recovery as a key variable for future book-value assessment.
With the recent change in controlling shareholder coinciding with new business initiatives such as the China joint venture and academy franchise plan, how any resulting business restructuring affects the financial structure and equity trend will likely be a central factor in interpreting valuation going forward.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
Consolidated revenue grew steadily each quarter from 2Q25 to 2Q26, expanding from KRW 2.95bn to KRW 10.72bn. This can be interpreted as a signal that the content and management business is regaining scale.
However, whether this revenue expansion translates into improved profitability needs to be confirmed through further quarterly results.
Zenith C&M, affiliated with the new controlling shareholder, is pursuing an idol group debut in joint venture with China's ZCO Entertainment, alongside a K-pop academy franchise business.
If Keyeast's management and content production capabilities are integrated into these new ventures, there is room for business scope expansion. However, concrete execution plans and their financial contribution have not yet been finalized.
Contracted actors continue to be active across diverse genres including film, drama, and theater, with one recently winning their first award trophy. This diversified activity base can help reduce dependence on any single project or broadcast channel.
Net income attributable to owners has been negative every year from 2022 through 2025, and net losses continued in both 1Q26 and 2Q26. Even in a year when operating profit was briefly positive, net income posted a large loss, reflecting a recurring instability in the earnings structure.
Since the controlling shareholder changed to Ero Investment Association No.1 and Zenith C&M in December 2025, a concrete new management strategy has not yet materialized.
Some market observers have noted the possibility that the new controlling shareholder group could use Keyeast's listed-company status as a fundraising vehicle, making it necessary to monitor future capital raising or governance changes.
Owners' equity declined every year from KRW 59.1bn in 2022 to KRW 39.2bn in 2025. Accumulated net losses have continued to erode capital, and if earnings recovery is delayed further, this could pressure financial soundness.
Quarterly revenue and profit figures show significant volatility, and net income in certain quarters appears to have been driven by one-off items. As seen in 4Q25, net profit occurred despite an operating loss, underscoring the importance of distinguishing one-off items when interpreting the financial statements.
With the controlling shareholder changing to an investment-association-type entity, uncertainty exists around governance stability and long-term management direction.
The market has noted the possibility of using the listed-company status for fundraising, so any future capital-raising events such as rights offerings or convertible bond issuances should be monitored for potential dilution of existing shareholders.
Revenue from drama and film production and actor appearances is heavily dependent on broadcasters' and OTT platforms' programming decisions and production budgets. As illustrated by JTBC's rehabilitation proceedings, changes in a counterparty's financial condition could potentially affect future lineups or revenue.
Check the 3Q26 quarterly report filing to see whether the revenue recovery trend continues and whether operating and net losses narrow.
Monitor the broadcast launch of JTBC's 'Gold Digger' and the box-office/viewership performance of contracted actors' projects to gauge their impact on management and content revenue.
Track the progress of the Zenith C&M-ZCO Entertainment joint-venture Chinese idol group debut and whether it becomes linked to Keyeast's business.
Watch for concrete additional store openings and related disclosures regarding the Zenith Glocal Academy franchise expansion plan.
If the new controlling shareholder group discloses a rights offering, convertible bond issuance, or other capital-raising event, check for potential dilution and the stated use of proceeds.
Keyeast entered a new management phase in December 2025 when its controlling shareholder changed from SM Entertainment to Ero Investment Association No.1 and Zenith C&M.
Consolidated revenue showed a steady quarterly recovery from 2Q25 through 2Q26, yet the company remained in both operating and net loss territory, with losses widening again in 2Q26. Owners' equity has declined each year due to accumulated losses, and the company continues to pay no dividend.
A key variable for future business direction is how the China joint-venture idol group and K-pop academy franchise business pursued by Zenith C&M, the new controlling shareholder group, will connect with Keyeast's management and content capabilities.
At the same time, the market has raised the possibility that the listed-company status could be used as a fundraising vehicle, warranting close attention to any future capital-raising disclosures.
Overall, this is a phase where positive revenue recovery and uncertain governance change coexist, and the trajectory of profit improvement and the concretization of new business initiatives in coming quarters will be important evidence for assessing the company's path forward.
Report written 2026-09-05 · Data as of 2026-09-04
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