Q4 Model Update: Raising PT Given Positive Sentiment

Research evidence excerpt

Q4 Model Update: Raising PT Given Positive Sentiment

Japan | Aerospace & Defense Electronics

SKY Perfect JSAT Corporation EquityMayResearch11, 2026

TARGET | ESTIMATE CHANGEQ4 Model Update: Raising PT Given Positive

RATING HOLDSentiment

PRICE ¥3,690^

We update our model following Q4 results and interview with the IR team.

The results were generally well received by the market. It appears that PRICE TARGET | % TO PT ¥3,500 (¥3,100) | -5%

LEO installation will be complementary to the existing space intelligence 52W HIGH-LOW ¥3,715 - ¥1,147

business, where they currently buy the data and resell to the MoD (Ministry FLOAT (%) | ADV MM (USD) 47.7% | ¥6.16B

of Defense). For the communications business, the current utilization rate MARKET CAP ¥1.0T | $6.7B

is at 60-70% so there is enough room for further expansion. PT moves to TICKER 9412 JP ^Prior trading day's closing price unless otherwise

¥3,500. Maintain Hold. noted.

Key Points Following Interview with CFO: We conducted an interview with the IR team today. FY (Mar) CHANGE TO JEFe JEF vs CONS

The key points are: 1) The 10 LEO Pelican satellite launches are planned in 2027, costing 2026 2027 2026 2027

around USD230mn; other than the exchange rate this is fairly fixed. The depreciation period REV* +3% +3% NM -2%

is five years, lower than GEOs. 2) JSAT-31 is the same model as existing satellites whereas

EPS +11% +8% +5% +1%

SuperBird-9 and JSAT-31 are new software-based satellites which can change the frequency.

The capacity of these satellites is 10x-20x more with higher original costs. 3) The Global

2026 (¥) Q1 Q2 Q3 Q4 FY3

Satellite (international USD related revenues) accounts for 27% of space revenues, where the

EPS -- -- -- -- 96.57

pricing is done on supply and demand and it is decreasing.