SKY Perfect JSAT：F3/27第一季度业绩：太空业务符合预期，媒体业务利润率改善好于预期

研报英文原文证据摘录

M

Update

August 5, 2026 07:12 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+

SKY Perfect JSAT (9412) | Japan

Ryotaro Hayashi

Equity Analyst

F3/27 1Q Results: Space

Business In Line With Our

Expectations, Media Business

Margin Improvement Better

Than Expected

AlphaSignals Earnings Reaction

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Erina Tokunaga

Research Associate

SKY Perfect JSAT (9412.T, 9412 JT)

Space | Japan

Stock Rating

Industry View

Price target

Shr price, close (Aug 5, 2026)

Mkt cap, curr, basic (bn)

Avg daily trading value (bn)

Equal-weight

In-Line

¥2,800

¥2,500

¥708.6

¥4.4

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Following the announcement of 1Q results at 2:00pm JST on Aug 5, the

company's share price closed up nearly 10%.

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While 1Q operating revenue of ¥33.4bn was in line with consensus, 1Q OP of

¥10.9bn exceeded consensus by roughly 10%, which we believe was the main

reason for the positive share price reaction.

That said, 1Q operating revenue, OP, capex, and depreciation expense in the Space

business all tracked in line with our full-year forecasts.

In the Media business, 1Q OP reached 32% of our full-year forecast. Profitability

improved more than we had envisioned.

We believe the company's cost control efforts in the Media business, together

with the price increase for its Optical Fiber Based Re-transmission service

implemented in Dec 2025 are the main reasons for the improvement.

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