Investor Presentation: Services / Leisure: Focusing on IP as Growth Driver

Research evidence excerpt

M

Foundation

August 5, 2026 01:33 AM GMT

Investor Presentation | Japan

Morgan Stanley MUFG Securities Co., Ltd.+

Akiho Toyama

Equity Analyst

Services / Leisure: Focusing on IP as Growth Driver

Katsumi Arai

Equity Analyst

Film/animation IP: Toho, Toei Animation, and Toei are seizing opportunities to expand earnings from IP generated in Japan globally,

thereby growing earnings through the secondary development of existing IP, while also challenging themselves to develop new

world-class IP in a bid to maximize such opportunities through their own efforts

VTuber: Although the rapid growth phase has ended for the VTuber market, we believe sales growth of over 10% is sustainable,

supported by gradual growth in fans and broader business area. That said, the VTuber business has only a shallow history, leading

Services / Leisure

Japan

Industry View

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many to be skeptical about the prospects for sustained growth, and this may be weighing on the valuation upside.

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