Investment strategy for space services in light of share price adjustments

Research evidence excerpt

Investment strategy for space services in light of share price adjustments

Investment strategy for space services in light of Global Markets Research

share price adjustments 1 July 2026

EQUITY: JAPAN TELECOMMUNICATIONS

Stock selection based on medium-term growth Research Analysts

potential is crucial Japan telecommunications Daisaku Masuno, CFA - NSC

Related stocks look undervalued; Synspective is our top pick based on daisaku.masuno@nomura.com

expectations for overseas expansion +81 3 6703 1180

Japan small cap -

Need to gauge medium-term profit growth potential following share price telecommunications

adjustments Daisaku Masuno, CFA - NSC

Share prices of space service companies continue to adjust downward in Japan and the daisaku.masuno@nomura.com

US, but we think stock selection based on medium-term profit growth potential will be +81 3 6703 1180

increasingly important. While government proof-of-concept projects are useful for

accumulating technologies, space services entail high costs for rocket launches and

satellite manufacturing, so making these operations profitable requires ongoing

commercial service revenues. The main continuous purchasers of commercial space

services around the world are NASA and national militaries. We therefore focus on

companies that can continue to tap national security demand, and our top pick is

Synspective [290A] (Buy), based on its high potential to capture national security

demand for Earth observation through SAR satellites both in Japan and overseas.

We assume commercialization of SDA-related services at QPS Holdings and Sky

Perfect JSAT

The next Defense Buildup Program from the Ministry of Defense (MOD) is likely to contain

measures to strengthen space domain awareness (SDA) capabilities, and we think