Anycolor: F4/26 Results: Company Plan Anticipates Slower Growth due to Adjusted Frequency of VTuber Casting

研报英文原文证据摘录

Anycolor: F4/26 Results: Company Plan Anticipates Slower Growth due to Adjusted Frequency of VTuber Casting

Update

June 10, 2026 11:39 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MAnycolor (5032) | Japan Akiho Toyama

Equity Analyst

F4/26 Results: Company Plan Akiho.Toyama@morganstanleymufg.comKatsumi Arai +81 3 6836-8405

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

Anticipates Slower Growth due

to Adjusted Frequency of

VTuber Casting

Anycolor (5032.T, 5032 JP)

Services / Leisure | Japan

Reaction to earnings Stock Rating Overweight

Industry View In-Line

Weakens our thesis In-line Modest revision lower Price target ¥5,200

Impact to our thesis Financial results versus consensus Direction of next 12-month Shr price, close (Jun 10, 2026) ¥2,875

consensus EPS Mkt cap, curr, basic (bn) ¥173.3

Source: Company data, Morgan Stanley Research Avg daily trading value (bn) ¥4.0

Key Takeaways

Anycolor plans to operate with greater discipline in frequency of VTuber casting

in F4/27. Guidance calls for maximum revenue growth of +8% YoY.

Company expects operating margin will fall to around 32-33% on higher COGS

due to the situation in the Middle East and increased labor-related costs.

Guidance looks conservative to some degree, but we maintain our cautious view

on medium-term growth prospects.

F4/27 guidance: Anycolor's F4/27 guidance anticipates that OP will decline to ¥18-

20bn. Cautious guidance itself is not surprising, but the announcement of an OP

figure well below the company's previous medium-term target of ¥24bn leaves a

negative impression. Compared to F4/26, the company looks for a positive profit

impact of about ¥0.8bn from lower inventory valuation losses, but we understand it

expects this will be offset by negatives including something over ¥1bn from a higher