Tokyo broadcasters: focus on updates to MTPs, next MTPs

Research evidence excerpt

Tokyo broadcasters: focus on updates to MTPs, next MTPs

22 June 2026

Mizuho Securities Equity Research Media and Internet

Industry Overview

Expect FY3/27 broadcasting revenue to rise 1.9% YoY; FMH to alter capital policy

Senior Analyst: Summary: Expecting FY3/27 recovery at FMH; price objectives

Akitomo Kishimoto based on forward ROE

+81 3 6202 8142 We published individual reports on the five major Tokyo-based broadcasting

akitomo.kishimoto@mizuho-sc.com companies on 22 June 2026. For details, please see our individual reports on

Fuji Media Holdings (FMH), TBS Holdings (TBS), Nippon Television Holdings

(NTV), TV Asahi Holdings (TV Asahi), and TV Tokyo Holdings (TV Tokyo).

We forecast that combined TV broadcasting revenue for the five major

broadcasters will rise by around 1.9% YoY in FY3/27 due to a recovery at

FMH and expect revenue from streaming ads to increase due to a higher

number of views on services such as TVer. We base our price objectives for the

broadcasters on ROE forecasts for FY3/27 onward and maintain our Neutral

ratings on each company. In terms of capital policy, our focus is particularly

on an update to the current medium-term plan (MTP) at FMH and the next

MTP at TBS.

Investment implications: focus on revision of capital policy at FMH

We outline each broadcaster’s shareholder returns policies in points one

through five below. 1) FMH aims to pay annual DPS of ¥200 over the two

years from FY3/27 to FY3/28. 2) The policy of TBS is to distribute stable and

continuous dividends while targeting a dividend payout ratio of 40%, and to

also carry out flexible share buybacks with an eye toward its total returns

payout ratio. 3) NTV targets a total returns payout ratio of at least 35% under

a policy of providing ongoing, stable shareholder returns.