Releases ‘hololive Dreams‘; Off to a Strong Start with High Rankings

Research evidence excerpt

Releases ‘hololive Dreams‘; Off to a Strong Start with High Rankings

Update

July 24, 2026 03:27 AM GMT

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

Equity Analyst

Releases “hololive Dreams”; Off Akiho.Toyama@morganstanleymufg.comKatsumi Arai +81 3 6836-8405

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

to a Strong Start with High

Rankings

Key Takeaways COVER (5253.T, 5253 JP)

Cover released “holodori” around midday on Jul 23 Services / Leisure | Japan

Stock Rating Overweight

As expected, the game got off to a strong start, ranking in the top single digits on Industry View In-Line

both the iOS and Google Play store rankings on its first day Price target ¥2,000

Shr price, close (Jul 23, 2026) ¥1,545

The stock fell sharply in the afternoon session on Jul 23 and continued lower in Mkt cap, curr, basic (bn) ¥101.4

Avg daily trading value (bn) ¥2.6

the morning session on Jul 24

Smartphone user reviews and reactions on social media have generally been

favorable; we think the decline reflects the near-term catalysts having now been

exhausted

Around midday on July 23, Cover launched “hololive Dreams” (abbreviated

“holodori”), the first official smartphone game for hololive production. According to

Sensor Tower, the title ranked second on iOS and fifth on Google Play in the game-

category revenue rankings that day. Given the large number of pre-registered users,

a high ranking had been expected, and we believe the initial performance was

broadly in line with market expectations. Konami's eFootball ranked first on iOS.

The stock fell sharply in the afternoon session on July 23 and closed down 9% vs.

the previous day, before continuing lower in the morning session on July 24. With no