Expecting FY3/27 earnings recovery; price already reflects ROE expectations

研报英文原文证据摘录

Expecting FY3/27 earnings recovery; price already reflects ROE expectations

broadcasting and media revenue to jump 42.4% YoY on a recovery in

its market share among flagship TV stations (with increases of 51.8% in spot

ad revenue, 59.0% in time ad revenue, and 55.4% in streaming ad revenue).

We expect Fuji TV to report OP of ¥6.7b (versus an operating loss of ¥32.5b

in FY3/26). At subsidiary Pony Canyon, we forecast OP of ¥0.3b (versus an

operating loss of ¥7.8b in FY3/26) as year-earlier valuation losses related to

anime production costs drop out. (See page 2 for more.)

WATCH: Recovery in broadcasting revenue; injection of outside capital

in urban development, hotels & resorts business

Our focus points include a recovery in broadcasting and media revenue andSenior Analyst Akitomo Kishimoto

+81 3 6202 8142 akitomo.kishimoto@mizuho-sc.com the amount of outside capital introduced to the urban development, hotels

& resorts business segment. In particular, we will be awaiting details on the

Click here for ESG on company’s capital policy, including capital allocation, in Version 2.0 of its

our entire coverage Group Vision 2026–2030, which it has said it will release after the injection

of outside capital has been finalized.

MEASURE: Price objective based on FY3/27 PBR of 1.05x

Our price objective equates to a PBR of 1.05x based on our end-FY3/27

BPS estimate (previously 1.02x) and 1.02x on our end-FY3/28 estimate. Our

price objective implies a total shareholder returns yield of 4.9% in FY3/27

(previously 5.0%) and 4.9% in FY3/28.

(This report is a partial translation of a 14-page Japanese report.)

Consolidated results and forecasts Share Price: ¥4,001 (19 Jun) 52wks: H ¥4,466 L ¥2,927.5

Term Sales YoY OP YoY RP YoY NP YoY EPS PER EV/EBITDA