The investor maintains a bullish outlook on Sanrio, citing its transition to a high-margin IP licensing model that positions it as a key "royalty layer" for AI training and digital endpoints. Despite a recent price dip due to a board investigation into director compensation, the asset has an average price target of ¥1,494 and is projected to add up to ¥40B in new royalty revenue in a bull case scenario. The thesis suggests that established IP owners like Sanrio, Disney, Nintendo, and Warner will see increased valuation as AI companies seek high-quality, brand-safe data for world models.