Space Companies Soaring from the Land of the Rising Sun: Initiating on 4 Stocks

Research evidence excerpt

Space Companies Soaring from the Land of the Rising Sun: Initiating on 4 Stocks

Foundation

July 27, 2026 06:30 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MSpace | Japan Ryotaro Hayashi

Equity Analyst

Space Companies Soaring from Ryotaro.Hayashi@morganstanleymufg.comErina Tokunaga +81 3 6836-8409

Research Associate

Erina.Tokunaga@morganstanleymufg.com +81 3 6836-8418

the Land of the Rising Sun:

Initiating on 4 Stocks

Facing the Pacific Ocean to the southeast, Japan possesses a

Space

strong foundation to develop its space industry. Though it is still Japan

Industry View In-Line

in its infancy, we believe growth potential is substantial and will

What’s Changed

continue to follow industry companies with keen interest and

QPS Holdings (464A.T) From To

strong expectations for the future. We initiate on 4 stocks with Rating NA Overweight

an In-Line industry view. Price Target ¥0 ¥2,700

SKY Perfect JSAT (9412.T) From To

Key Takeaways Rating NA Equal-weight

Price Target ¥0 ¥2,800

Global demand for rocket launches and satellite applications is expanding rapidly,

ispace (9348.T) From To

supporting a favorable outlook for the commercial space ecosystem. Rating NA Underweight

While Japan still trails the US and China in terms of rocket launch volume, Price Target ¥0 ¥350

competitive satellite operators are steadily emerging and gaining scale. Synspective (290A.T) From To

Rating NA Equal-weight

We rate QPS Overweight, supported by its asset light business model. We are Price Target ¥0 ¥1,500

EW on Synspective & Astroscale, as we think they require external capital.

Space From To

We rate SKY Perfect JSAT EW, as its growth profile is less compelling than Industry View No Rating In-Line

emerging space companies, but we expect institutional investors to continue