Japan broadcasting sector

Research evidence excerpt

Japan broadcasting sector

Global Markets Research

26 June 2026Japan broadcasting sector

EQUITY: JAPAN MEDIA

Research Analysts

Asset holdings as seen in 26/3 securities filings Japan internet & media

Japan small cap - internet & media

Scrutiny over how serious companies are about improving capital Ryohei Harahata - NSC

efficiency amid rising share prices for major strategic shareholdings ryohei.harahata@nomura.com

+81 3 6703 1016

Share price movements: Share price movements appear to diverge depending on

flexibility in capital policy

P/B multiples for the five Tokyo-based broadcasters since the start of 2026 suggest that

differences in the degree of freedom companies have in their capital policy are also

affecting share prices (Figure1). From the perspective of the Broadcasting Act, Fuji

Media Holdings [4676] (Buy) and TBS Holdings [9401] (Neutral) have plenty of room to

maneuver in terms of share buybacks, and we think investors may have priced in

expectations for proactive capital policy announcements.

In contrast, share prices at three broadcasters— Nippon Television Holdings [9404]

(Neutral), TV Asahi Holdings [9409] (Neutral), and TV Tokyo Holdings [9413] (Neutral)—

may have been weighed down not just by weak near-term earnings, but by the fact that

they all have major shareholders holding 20–30% of voting rights (see our 2 June 2026

report Japanbroadcasting,advertising,andinternetsectors), which restricts their

freedom to carry out share buybacks under the Broadcasting Act and Article 308 of the

Companies Act. We think that share price gains for these three companies will require

proactive capital policies coordinated with major shareholders in addition to stronger

earnings.

Strategic shareholdings: Measures needed to address rise in share prices of major