Toei Animation Co. shares rose sharply Monday morning after the Japanese animation studio boosted its earnings guidance, thanks to big recent hits of the latest “One Piece” and “Dragon Ball” series.
The shares were recently 3.7% higher at 14,710 yen after rising as much as 6.6% earlier.
Toei Animation said after Friday’s market close that it projects net profit to rise 40% to Y18.00 billion ($121.9 million) for the year ending March 2023, up from its previous view of Y13.50 billion net profit.
The animation studio said it expects revenue to rise 33% to Y76.00 billion, in part because of the recent releases of “One Piece Film Red” and “Dragon Ball Super: Super Hero” animation series.
Toei Animation also said that these big hits boosted sales of rights to distribute the titles and make related games and products at home and abroad, adding that its business is likely to remain strong in its second half.
The Topix subindex for information-technology companies, to which Toei Animation belongs, was recently up 0.8% and the Nikkei Stock Average was recently 1.2% higher.