holodori Release Date July 23, Pre-registrations Surpass 1.3mn

Research evidence excerpt

holodori Release Date July 23, Pre-registrations Surpass 1.3mn

Update

July 5, 2026 06:56 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MCOVER (5253) | Japan Akiho Toyama

Equity Analyst

holodori Release Date July 23, Akiho.Toyama@morganstanleymufg.comKatsumi Arai +81 3 6836-8405

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

Pre-registrations Surpass 1.3mn

Key Takeaways

COVER (5253.T, 5253 JP)

The release date for "hololive Dreams (holodori)" has been announced as July 23.

Services / Leisure | Japan

Pre-registrations have surpassed 1.3mn. Additional pre-registration campaigns Stock Rating Overweight

Industry View In-Line

and collaboration events were also announced.

Price target ¥2,000

Shr price, close (Jul 3, 2026) ¥1,548

Release of a Steam version has also been confirmed.

Mkt cap, curr, basic (bn) ¥101.6

Avg daily trading value (bn) ¥2.6

On July 3, COVER announced during a special program broadcast on its YouTube

channel that the release date for holodori, the first official mobile game of hololive,

will be July 23. The company also announced that pre-registrations have surpassed

1.3mn. holodori is a jointly developed title between QualiArts, a subsidiary of

CyberAgent (covered by Tetsuro Tsusaka), and COVER.

Our take: We believe holodori has two key implications for COVER: (1) increasing

expectations for an upward revision to company guidance this fiscal year, and (2)

strengthening conviction in the medium-term VTuber growth story.

(1) Expectations for an upward revision to company guidance for this fiscal year:

COVER has stated that its company guidance incorporates revenue contributions

from holodori conservatively. Given the steady accumulation of pre-registrations,

we believe the likelihood of an upward revision F3/27 driven by post-launch