HYBE is trading at KRW 138,000, down 11.48%, after third-quarter net profit fell 89.7% quarter over quarter and came well below consensus. - Record third-quarter revenue and operating profit were overshadowed by net profit of KRW 11.3 billion; foreign-currency translation losses contributed to high non-operating expenses and concerns about earnings quality. - Investors lacked a concrete schedule for BTS activities after the first half of 2027, despite management saying group and solo projects were under discussion.