{"id":6099,"date":"2026-08-31T15:19:34","date_gmt":"2026-08-31T07:19:34","guid":{"rendered":"https:\/\/www.hibiki-path-advisors.com\/?p=6099"},"modified":"2026-08-31T15:30:48","modified_gmt":"2026-08-31T07:30:48","slug":"post-6099","status":"publish","type":"post","link":"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/post-6099\/","title":{"rendered":"31\/Aug\/2026 \u2013 IG Port: AGM"},"content":{"rendered":"

On August 28, 2026, Hibiki Path Advisors SPC (\u201cHibiki,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) attended the Annual General Meeting of Shareholders (\u201cAGM\u201d) of IG Port, Inc. (securities code: 3791; the \u201cCompany\u201d or \u201cIG Port\u201d), one of our portfolio companies.<\/p>\n

During the first half of the meeting, CEO Ishikawa apologized for the Company\u2019s FY5\/26 performance, while one shareholder openly expressed disappointment, contributing to a noticeably more tense atmosphere than in previous years. Hibiki\u2019s CIO and IG Port’s external advisor, Yuya Shimizu, also raised a question. We would like to share the key points from that exchange below.<\/p>\n

IG Port and CEO Ishikawa indicated their intention to deploy the Company\u2019s substantial cash balance to fund investments in content titles\u2014including a major title whose name has not yet been disclosed as of the time of writing\u2014and to take risks in pursuit of future growth. They also explained that these investments are expected to begin contributing to licensing income over a three- to five-year horizon.<\/p>\n

——————–<\/p>\n

Note: This has been lightly edited for readability, without changing the substance of the remarks.<\/p>\n

\u3010Yuya Shimizu\u3011
\nI have a question regarding the downward revision to your Medium-Term Management Plan. You have stated that you intend to grow licensing income and invest in human capital, but ultimately, the funds for those investments have to come from profits and cash flow. How you intend to grow earnings and cash flow is not clear to investors.<\/p>\n

There is certainly excitement around the prospect of creating great titles, but your share price fell sharply following the latest disclosure. If expectations for individual titles alone are not enough to drive the share price higher, then you ultimately need to grow the cash flow generated by your Licensing Business.<\/u> Companies such as khara, Inc. and MAPPA are taking risks, expanding their participation in IP rights, and growing profits. By comparison, it has become increasingly difficult to see clearly which direction you are heading.<\/p>\n

You also have approximately JPY 7.0 bn of cash and deposits on your balance sheet, and as a shareholder, I see this as a significant risk. I am increasingly concerned that the Company could fall into a shrinking trajectory by failing to invest and avoiding necessary risk-taking.<\/u> I would therefore like to hear, in CEO Ishikawa\u2019s own words, how you intend to grow licensing business\/ income and whether you are ready to invest decisively and take the necessary risks.<\/p>\n

Note: The IR representative first responded regarding the Medium-Term Management Plan, followed by comments from CEO Ishikawa.<\/p>\n

\u3010IR Representative\u3011
\nThe latest three-year plan represents a significant downward revision from the plan we announced last year. While our forecasts for the Film Production Business, Publishing Business, and Licensing Business are above the levels set out in last year\u2019s plan, this has been more than offset by a substantial downward revision in the Merchandise Sales Business.<\/p>\n

Regarding our strategy for growing cash flow through the Licensing Business, we currently hold JPY 6.9 bn in cash and deposits. Over the next two to three years, we intend to further accelerate our investment in titles for the future growth. We would ask you to view our current cash balance as an important source of funding for those investments.<\/p>\n

We expect these investments to begin contributing to licensing income in three to four years , though in some cases it may take up to five years. Accordingly, over the next three years, we see this as primarily an investment phase for the Licensing Business, with the period of harvesting returns still some way ahead.<\/p>\n

\u3010Mitsuhisa Ishikawa, CEO and Chair of the Meeting\u3011
\nWhat we are currently referring to as a \u201cmajor title\u201d is not simply a large-scale production. <\/u>It is a title where we are making a substantial investment ourselves.<\/u><\/span><\/p>\n

I apologize that it is taking time to refine the project and work through various aspects of the plan, including merchandising. However, we are determined to make this a major title, backed by significant investment<\/u><\/span>, that will live up to everyone\u2019s expectations. We therefore ask for just a little more patience.<\/p>\n

——————–<\/p>\n

Many readers will recall the major success achieved by MAPPA, one of IG Port\u2019s key competitors, by fully financing the Chainsaw Man anime series and movie film itself. For some time, animation studios have needed to move beyond the traditional \u201ccommissioned-production\u201d model, take risks themselves, and actively create new business opportunities. IG Port itself has long pursued an expansion of its Licensing Business and has been taking steps to put that strategy into practice. Recently, however, we had begun to wonder whether the Company was becoming less committed to this direction which prompted the question above. We were therefore encouraged by the response.<\/p>\n

In our August 14, 2026 post, \u201cComments on IG Port\u2019s Medium-Term Management Plan<\/a>,\u201d we made the following comments on this very point:<\/p>\n

\"\"<\/a><\/p>\n

This approach is essential for IG Port\u2019s continued growth. In that sense, we think it was meaningful that management clearly articulated its commitment to this direction at the AGM.<\/p>\n

That said, as we have emphasized repeatedly, maximizing corporate value requires more than simply focusing on numerical \u201ccontrol.\u201d What matters most is having the judgment to identify the right opportunities and the willingness to invest boldly when those opportunities arise. This is the foundation for both the well-being of employees and the future value for shareholders.<\/p>\n

As a long-term shareholder, we expect that, beyond the major investment-backed title already in the pipeline, IG Port further strengthen its commitment to being involved in the creation of outstanding contents, investing its own capital in those titles, and capturing value across their entire lifecycle.<\/p>\n

(Past posts)
\nIG Port: Post List<\/a>
\n14\/Aug\/2026 \u2013 Comments on IG Port\u2019s Medium-Term Management Plan<\/a><\/p>\n

\n

This post does not constitute a proposal, solicitation, marketing communication, advertisement, inducement or representation in respect of any service or product, nor does it constitute advice to buy or sell any investment product or any investment of any kind, or a recommendation to purchase or sell any investment product, make any investment, execute any transaction, or refrain from taking any other action, whether or not any terms are described. It also does not constitute an opinion regarding the merits of any particular investment or investment strategy. Any examples of strategies or transactions are provided solely for illustrative purposes and do not indicate any past or future strategy or performance, nor do they indicate the likelihood of success of any particular strategy. This post does not constitute investment, financial, legal, tax, or any other advice.<\/p>\n

This post presents our assessments, estimates, and opinions regarding the business of IG Port, Inc. (\u201cIG Port\u201d) and IG Port group companies.<\/p>\n

This post has been prepared based on publicly available information, which we have not independently verified, and is not complete, timely, or comprehensive.<\/p>\n

Although we believe that the information contained in this post is accurate and reliable, we make no representation or warranty as to the accuracy, completeness, or reliability of such information, or of any statements or oral communications regarding IG Port, IG Port group companies, or any other companies described herein. We also assume no responsibility for any such statements or communications, including any inaccuracies or omissions therein. With respect to public companies, there may be non-public information held by such companies or their insiders that has not been disclosed by those companies. Accordingly, all information contained in this post is presented \u201cas is,\u201d without any warranty of any kind, and we make no express or implied representation as to the accuracy, completeness, or timeliness of such information, or the results of its use. Readers should obtain their own professional advice and make their own assessment of the relevant matters. We disclaim any obligation or liability for any loss arising from, or in connection with, the use of all or any part of the information contained in this post, including any inaccuracies or omissions therein. Any investment involves significant risks, including the risk of a complete loss of capital. Any forecasts or estimates are provided solely for illustrative purposes and should not be regarded as indicating any upper limit of potential gains or losses. We may modify all or part of this post without notice to any person, but we are under no obligation to provide any revisions, updates, additional information or materials in relation to this post, or to correct any inaccuracies.<\/p>\n

This post may contain content or quotations from, or hyperlinks to, publicly available third-party sources of information (\u201cThird-Party Materials\u201d). Permission to quote Third-Party Materials in this post may not have been sought or obtained. The contents of Third-Party Materials have not been independently verified by us and do not necessarily reflect our views. The authors and\/or publishers of Third-Party Materials are independent from us and may hold views that differ from ours. The inclusion of Third-Party Materials in this post does not imply that we endorse or agree with any part of the content of such Third-Party Materials, nor does it imply that the authors or publishers of such Third-Party Materials endorse or agree with the views expressed by us in relation to the relevant matters. Third-Party Materials do not constitute all relevant news reports or views expressed by third parties regarding the matters discussed herein.<\/p>\n

We do not intend, either by ourselves or through other shareholders, to propose at a general meeting of shareholders of IG Port that the business or assets of IG Port or IG Port group companies be transferred to a third party or discontinued. We also have no intention of engaging in any conduct whose purpose would be to make it difficult for IG Port or IG Port group companies to continue conducting their businesses in a stable and ongoing manner.<\/p>\n

We currently beneficially own and\/or have an economic interest in securities of IG Port and\/or IG Port group companies, and may continue to beneficially own or have an economic interest in such securities in the future. With respect to our investment in IG Port and\/or IG Port group companies, we may, on an ongoing basis and depending on various factors \u2014 including the financial condition and strategic direction of IG Port and IG Port group companies, the results of discussions with IG Port and IG Port group companies, overall market conditions, other investment opportunities available to us, and the possibility of purchasing or selling securities of IG Port and IG Port group companies at prices at which we desire to transact \u2014 at any time, including through open-market or private transactions after we have established a position, buy, sell, cover, hedge, or otherwise change the form or substance of our investment, including securities of IG Port and IG Port group companies, in any manner permitted by applicable laws and regulations, and we expressly disclaim any obligation to notify others of any such changes. We reserve the right to take any actions we deem appropriate in relation to our investment in IG Port and IG Port group companies. Such actions may include, but are not limited to, communications with the board of directors, management, or other investors.<\/p>\n

\n

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On August 28, 2026, Hibiki Path Advisors SPC (\u201cHibiki,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) attended the Annual General Meeting of Shareholders (\u201cAGM\u201d) of IG Port, Inc. (securities code: 3791; the \u201cCompany\u201d or \u201cIG Port\u201d), one of our portfolio companies. During the first half of the meeting, CEO Ishikawa apologized for the Company\u2019s FY5\/26 performance, while one shareholder openly expressed disappointment, contributing to a noticeably more tense atmosphere than in previous years. Hibiki\u2019s CIO and IG Port’s external advisor, Yuya Shimizu, also raised a question. We would like to share the key points from that exchange below. IG Port and CEO Ishikawa indicated their intention to deploy the Company\u2019s substantial cash balance to fund investments in content titles\u2014including a major title whose name has not yet been disclosed as of the time of writing\u2014and to take risks in pursuit of future growth. They also explained that these investments are expected to begin contributing to licensing income over a three- to five-year horizon. ——————– Note: This has been lightly edited for readability, without changing the substance of the remarks. \u3010Yuya Shimizu\u3011 I have a question regarding the downward revision to your Medium-Term Management Plan. You have stated that you intend to grow licensing income and invest in human capital, but ultimately, the funds for those investments have to come from profits and cash flow. How you intend to grow earnings and cash flow is not clear to investors. There is certainly excitement around the prospect of creating great titles, but your share price fell sharply following the latest disclosure. If expectations for individual titles alone are not enough to drive the share price higher, then you ultimately need to grow the cash flow generated…","protected":false},"author":6,"featured_media":532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[66,83,39],"tags":[],"class_list":["post-6099","post","type-post","status-publish","format-standard","has-post-thumbnail","category-66","category-message-2026","category-engagement"],"views":83,"_links":{"self":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/6099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/comments?post=6099"}],"version-history":[{"count":4,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/6099\/revisions"}],"predecessor-version":[{"id":6105,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/6099\/revisions\/6105"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/media\/532"}],"wp:attachment":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/media?parent=6099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/categories?post=6099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/tags?post=6099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}