New Risk • Jun 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-JP¥779m free cash flow). Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (JP¥2.30b market cap, or US$14.4m). Reported Earnings • May 19
Full year 2026 earnings released: JP¥121 loss per share (vs JP¥38.36 profit in FY 2025) Full year 2026 results: JP¥121 loss per share (down from JP¥38.36 profit in FY 2025). Revenue: JP¥4.13b (up 38% from FY 2025). Net loss: JP¥368.0m (down 429% from profit in FY 2025). Aankondiging • May 14
MUSCAT GROUP Inc., Annual General Meeting, Jun 25, 2026 MUSCAT GROUP Inc., Annual General Meeting, Jun 25, 2026. Reported Earnings • Feb 14
Third quarter 2026 earnings released: JP¥1.32 loss per share (vs JP¥2.70 loss in 3Q 2025) Third quarter 2026 results: JP¥1.32 loss per share (improved from JP¥2.70 loss in 3Q 2025). Revenue: JP¥1.22b (up 35% from 3Q 2025). Net loss: JP¥4.00m (loss narrowed 50% from 3Q 2025). New Risk • Feb 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (8.0% average weekly change). Minor Risk Market cap is less than US$100m (JP¥2.50b market cap, or US$16.3m). New Risk • Nov 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Market cap is less than US$100m (JP¥2.76b market cap, or US$17.6m). Reported Earnings • Nov 19
Second quarter 2026 earnings released: JP¥23.66 loss per share (vs JP¥2.70 loss in 2Q 2025) Second quarter 2026 results: JP¥23.66 loss per share (further deteriorated from JP¥2.70 loss in 2Q 2025). Revenue: JP¥829.0m (down 7.8% from 2Q 2025). Net loss: JP¥71.0m (loss widened JP¥63.0m from 2Q 2025). Aankondiging • Oct 17
MUSCAT GROUP Inc. (TSE:195A) entered into agreement to acquire Kanalabo, Co., Ltd. from Kana Wada for ¥750 million. MUSCAT GROUP Inc. (TSE:195A) entered into agreement to acquire Kanalabo, Co., Ltd. from Kana Wada for ¥750 million on October 16, 2025. A cash consideration of ¥750 million will be paid by MUSCAT GROUP Inc. As part of consideration, ¥750 million is paid towards common equity of Kanalabo, Co., Ltd.
The expected completion of the transaction is at the end of May 2027. Aankondiging • Sep 03
MUSCAT GROUP Inc. to Report Q3, 2026 Results on Feb 13, 2026 MUSCAT GROUP Inc. announced that they will report Q3, 2026 results on Feb 13, 2026 Reported Earnings • Aug 16
First quarter 2026 earnings released: JP¥38.72 loss per share (vs JP¥8.76 profit in 1Q 2025) First quarter 2026 results: JP¥38.72 loss per share (down from JP¥8.76 profit in 1Q 2025). Revenue: JP¥778.0m (up 29% from 1Q 2025). Net loss: JP¥115.0m (down JP¥139.0m from profit in 1Q 2025). Aankondiging • Aug 08
MUSCAT GROUP Inc. to Report Q2, 2026 Results on Nov 14, 2025 MUSCAT GROUP Inc. announced that they will report Q2, 2026 results on Nov 14, 2025 New Risk • Jul 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 7.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (7.9% average weekly change). High level of non-cash earnings (35% accrual ratio). Minor Risk Market cap is less than US$100m (JP¥2.97b market cap, or US$20.2m). Aankondiging • Jun 18
Ricecurry Inc. to Report Q1, 2026 Results on Aug 14, 2025 Ricecurry Inc. announced that they will report Q1, 2026 results on Aug 14, 2025 Aankondiging • May 14
Ricecurry Inc., Annual General Meeting, Jun 26, 2025 Ricecurry Inc., Annual General Meeting, Jun 26, 2025. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥820, the stock trades at a trailing P/E ratio of 59.4x. Average trailing P/E is 17x in the Media industry in Japan. Buy Or Sell Opportunity • Apr 11
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to JP¥818. The fair value is estimated to be JP¥663, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last year. Earnings per share has declined by 24%. Aankondiging • Apr 05
Ricecurry Inc. to Report Fiscal Year 2025 Results on May 14, 2025 Ricecurry Inc. announced that they will report fiscal year 2025 results on May 14, 2025 Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥789, the stock trades at a trailing P/E ratio of 57.1x. Average trailing P/E is 17x in the Media industry in Japan. New Risk • Feb 16
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 4.5% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (4.5% operating cash flow to total debt). Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (5.1% average weekly change). Profit margins are more than 30% lower than last year (1.5% net profit margin). Market cap is less than US$100m (JP¥2.12b market cap, or US$13.9m). Aankondiging • Jan 17
Ricecurry Inc. to Report Q3, 2025 Results on Feb 14, 2025 Ricecurry Inc. announced that they will report Q3, 2025 results on Feb 14, 2025 Aankondiging • Nov 16
Ricecurry Inc. (TSE:195A) acquired Move Co., Ltd. for ¥220 million. Ricecurry Inc. (TSE:195A) acquired Move Co., Ltd. for ¥220 million on November 14, 2024. A cash consideration of ¥220 million will be paid by Ricecurry Inc. for 300 shares.
For the period ending August 31, 2024, Move Co., Ltd. reported total revenue of ¥166 million, EBIT of ¥45 million and net income of ¥36 million. As of August 31, 2024, Move Co., Ltd. reported total assets of ¥38 million and total common equity of ¥21 million.
Ricecurry Inc. (TSE:195A) completed the acquisition of Move Co., Ltd. for ¥220 million on November 14, 2024. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥768, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 15x in the Media industry in Japan. Buy Or Sell Opportunity • Oct 28
Now 23% overvalued Over the last 90 days, the stock has fallen 35% to JP¥847. The fair value is estimated to be JP¥687, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Aankondiging • Oct 02
Ricecurry Inc. (TSE:195A) completed the acquisition of Matsumura Shoten Co., Ltd. from Kaname Matsumura and Kazue Matsumura. Ricecurry Inc. (TSE:195A) agreed to acquire Matsumura Shoten Co., Ltd. from Kaname Matsumura and Kazue Matsumura for approximately ¥920 million on September 26, 2024. A cash consideration of ¥915 million will be paid by Ricecurry Inc. As part of consideration, ¥915 million is paid towards common equity of Matsumura Shoten Co., Ltd.
For the period ending February 29, 2024, Matsumura Shoten Co., Ltd. reported total revenue of ¥902 million, EBIT of ¥113 million and net income of ¥63 million. As of February 29, 2024, Matsumura Shoten Co., Ltd. reported total assets of ¥1.13 billion and total common equity of ¥795 million.
The expected completion of the transaction is October 1, 2024.
Ricecurry Inc. (TSE:195A) completed the acquisition of Matsumura Shoten Co., Ltd. from Kaname Matsumura and Kazue Matsumura on October 1, 2024. Aankondiging • Sep 28
Ricecurry Inc. to Report Q2, 2025 Results on Nov 14, 2024 Ricecurry Inc. announced that they will report Q2, 2025 results on Nov 14, 2024 Aankondiging • Sep 27
Ricecurry Inc. (TSE:195A) agreed to acquire Matsumura Shoten Co., Ltd. from Kaname Matsumura and Kazue Matsumura for approximately ¥920 million. Ricecurry Inc. (TSE:195A) agreed to acquire Matsumura Shoten Co., Ltd. from Kaname Matsumura and Kazue Matsumura for approximately ¥920 million on September 26, 2024. A cash consideration of ¥915 million will be paid by Ricecurry Inc. As part of consideration, ¥915 million is paid towards common equity of Matsumura Shoten Co., Ltd.
For the period ending February 29, 2024, Matsumura Shoten Co., Ltd. reported total revenue of ¥902 million, EBIT of ¥113 million and net income of ¥63 million. As of February 29, 2024, Matsumura Shoten Co., Ltd. reported total assets of ¥1.13 billion and total common equity of ¥795 million.
The expected completion of the transaction is October 1, 2024. Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥980, the stock trades at a trailing P/E ratio of 26.7x. Average trailing P/E is 16x in the Media industry in Japan. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥959, the stock trades at a trailing P/E ratio of 26.1x. Average trailing P/E is 17x in the Media industry in Japan. Aankondiging • Aug 16
Ricecurry Inc. (TSE:195A) acquired Virtual Influencer Business of HADO Inc. from HADO Inc. for ¥120 million. Ricecurry Inc. (TSE:195A) acquired Virtual Influencer Business of HADO Inc. from HADO Inc. for ¥120 million on August 14, 2024. A cash consideration of ¥120 million will be paid by Ricecurry Inc. As part of consideration, ¥120 million is paid towards assets of Virtual Influencer Business of HADO Inc. The transaction will be financed through bank loan of ¥120 million.
For the period ending October 31, 2023, Virtual Influencer Business of HADO Inc. reported total revenue of ¥50 million and EBIT of ¥42 million.
Ricecurry Inc. (TSE:195A) completed the acquisition of Virtual Influencer Business of HADO Inc. from HADO Inc. on August 14, 2024 Buy Or Sell Opportunity • Aug 06
Now 35% overvalued The stock has been flat over the last 90 days, currently trading at JP¥964. The fair value is estimated to be JP¥714, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 33% After last week's 33% share price decline to JP¥828, the stock trades at a trailing P/E ratio of 22.6x. Average trailing P/E is 16x in the Media industry in Japan. Aankondiging • Aug 01
Ricecurry Inc. to Report Q1, 2025 Results on Aug 14, 2024 Ricecurry Inc. announced that they will report Q1, 2025 results on Aug 14, 2024 Aankondiging • Jun 29
Ricecurry Inc. to Report Fiscal Year 2024 Results on Jun 28, 2024 Ricecurry Inc. announced that they will report fiscal year 2024 results on Jun 28, 2024 Aankondiging • Jun 21
Ricecurry Inc., Annual General Meeting, Jun 28, 2024 Ricecurry Inc., Annual General Meeting, Jun 28, 2024. Aankondiging • Jun 19
Ricecurry Inc. has completed an IPO in the amount of ¥1.002662 billion. Ricecurry Inc. has completed an IPO in the amount of ¥1.002662 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 476,600
Price\Range: ¥1420
Discount Per Security: ¥113.6
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 229,500
Price\Range: ¥1420
Discount Per Security: ¥113.6
Transaction Features: Sponsor Backed Offering Board Change • Jun 18
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Outside Independent Director Shoko Takahashi was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
