Toho: Japan Summit 2026: Feedback from Group Meeting with Institutional Investors

Research evidence excerpt

Toho: Japan Summit 2026: Feedback from Group Meeting with Institutional Investors

Update

May 21, 2026 08:12 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MToho (9602) | Japan Akiho Toyama

Equity Analyst

Japan Summit 2026: Feedback Akiho.Toyama@morganstanleymufg.comKatsumi Arai +81 3 6836-8405

Katsumi.Arai@morganstanleymufg.com +81 3 6836-8918

from Group Meeting with

Institutional Investors

Key Takeaways Toho (9602.T, 9602 JP)

Investors are most interested in the outlook for IP/Anime growth business. Services / Leisure | Japan

Stock Rating Equal-weight

Toho indicated confidence in the mid-term pipeline for TOHO animation. Industry View In-Line

Price target ¥1,600

On F3/27 guidance, the firm emphasized its usual track record in beating targets Shr price, close (May 21, 2026) ¥1,242

set initially. Mkt cap, curr, basic (bn) ¥1,042.5

Avg daily trading value (bn) ¥9.4

We understand the cost budget contains a certain amount of a buffer.

IP/Anime at the center of investor interest: Our impression from the group

meeting at our Japan Summit 2026 is that the subject of most interest to investors

regarding Toho is the firm's IP/Anime business. Here Toho aims for a 200% increase

in OP in 2032 vs. F2/25 but its initial guidance for the current business year in F2/27

is for roughly flat earnings. This year's list of anime broadcasts features few of its

core IP products, but management showed confidence in the future pipeline with

the number of cours (broadcast seasons) expected to build up to about 20 in F2/29.

Our understanding is that in F2/28 we can look to an increased number of cours,

including new IP and existing mainstay products, and the release of theatrical anime

productions.

Aiming to beat initial guidance again in F2/27: Toho's share price has weakened