Earnings Update: Expecting Mobile Launch in FY3/27

Goldman Sachs maintains a Neutral rating on Cover Corp. and lowers the target price to ¥1,600 following a downward revision in operating profit estimates due to a slowing fan base expansion.

Key Takeaways

• 1.Operating profit estimates for FY3/27-FY3/29 were revised downward by 4%, 9%, and 3% respectively due to a slowdown in fan base expansion.
• 2.A new mobile app game launch is assumed for July 2026, which is expected to drive earnings growth in FY3/27.
• 3.The 12-month target price has been lowered to ¥1,600 from ¥1,650, reflecting earnings revisions.

Table of Contents

• Cover Corp. (5253.T)
• NEUTRAL
• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Income Statement (¥ bn)
• Balance Sheet (¥ bn)
• Cash Flow (¥ bn)
• Exhibit 1: Earnings summary
• Price Target Risks and Methodology - Cover Corp.
• Investment Thesis - Cover Corp.
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• General disclosures

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