Marko Yamashita CH Q&A blog

AnyColor Inc. — FY2026/4 Q3 Valuation Workbench v1 AnyColor Inc. 5032.T FY2026/4 Q3 Cumulative · Non-consolidated · Japanese GAAP · anycolor_valuation_v1 Integrity Scout Active May 9, 2026 · Filed Fast Action Signals Revenue (9M Cumulative) ¥32,220M FY2025/4 9M: ¥26,095M ▲ +23.5% YoY · Above management trajectory Operating Profit (9M) ¥12,390M FY2025/4 9M: ¥9,340M ▲ +32.7% YoY · Margin expansion confirmed Operating Margin (9M) 38.5% FY2025/4 9M: 35.8% ▲ +270bps YoY · Variable cost model holding Net Profit (9M) ¥8,640M FY2025/4 9M: ¥6,510M ▲ +32.7% YoY · Consistent with operating Mid-Term OP Target Progress 94% Target: ¥13,200M annual (¥24B mid-term) ⚠ Target = f...

COVER Corp — FY2026/3 Valuation Workbench v3 COVER Corp 5253.T FY2026/3 Annual · Non-consolidated · Japanese GAAP · cover_valuation_v3_annual Integrity Scout Active May 14, 2026 · Filed Fast Action Signals Revenue vs Guidance ¥49,330M Guidance: ¥52,500M est. ▼ Miss · +13.7% YoY actual Operating Profit vs Guidance ¥7,056M Guidance: ¥8,200M est. ▼ Miss · -11.8% YoY Net Profit ¥3,016M FY2025: ¥5,559M ▼ -45.7% YoY · Impairment driven Gross Margin 47.6% FY2025: 50.2% ▼ -260bps · Compressed Operating Cash Flow ¥7,204M FY2025: ¥5,285M ▲ +36.3% YoY · Strong Cash Position ¥16,008M FY2025: ¥11,498M ▲ +¥4,510M · Fortress ...

 AnyColor Inc and Cover corporation display their talent payment in significantly different ways. Most confusion comes from these datasets. Page 51 of their FY26 Q2 report directly explains direct variable cost is explicitly tagged as:  Includes fees paid to VTuber, various platform fee, and cost of merchandise and event related sales. Side note, this is poorly translated in my opinion since the terminology can be plainly translated to: 1. Google Translate: This includes compensation paid to VTubers, fees to various platforms, and manufacturing costs related to merchandise and events. 2. DeepL: (Casual) Payments to VTubers, fees to various platforms, and manufacturing costs for goods and events 3. DeepL (formal) Remuneration paid to VTubers, fees charged by various platforms, and manufacturing costs associated with merchandise and events  (Japanese version of the same page) Page 53 mirrors that number when breaking down the allotment of Cost of Goods and Sales as well as ...

Click Here for Part 2  67   Question   Regarding the advance investments for the fiscal year ending March 2026, I have a question. Considering the market environment up to now, it seems possible to balance growth investments while securing profit growth. Could you please explain the reason for deciding to make large-scale advance investments at this timing, even if it pressures profits this period?   Answer   For this period, we are prioritizing the implementation of strategic and agile investments in areas directly linked to future revenue expansion and establishing competitive advantages. At the same time, it is a fact that with the rapid expansion of our organizational structure, we are seeing a decline in cost efficiency in some areas. From this fiscal year onward, under the new management system, we plan to improve efficiency through structural reforms while steadily recovering the results of investments over the medium-term horizon....