Sky Perfect JSAT - Media Subscriptions Steady; Updating Forecasts for Guidance

Sky Perfect JSAT (Buy)-Q1 21 Results Reaction: Mixed Operationally but Surprise Share Buyback Helps

Sky Perfect JSAT (Buy) - Q3 21 Results Reaction: Ahead of Forecasts as Satellite Revenue Rebounds

Sky Perfect JSAT - Upside Potential in Space Business (Initiation of Coverage)

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<p>Sky Perfect JSAT results for Q4 20 were ahead of Redex and consensus expectations whilst guidance is mixed with revenue expectations better than expected (seriously, they are) but profitability slightly worse. As for that revenue guidance, an accounting change under Japanese GAAP makes it look like forecasts of a 13% decline but it would like-for-like growth is closer to 3%. Media segment weakness appears set to continue but that is largely expected and growth in the space business, which drives our positive thesis, continues. We remain at Buy. </p>

Sky Perfect JSAT results for Q4 20 were ahead of Redex and consensus expectations whilst guidance is mixed with revenue expectations better than expected (seriously, they are) but profitability slightly worse. As for that revenue guidance, an accounting change under Japanese GAAP makes it look like forecasts of a 13% decline but it would like-for-like growth is closer to 3%. Media segment weakness appears set to continue but that is largely expected and growth in the space business, which drives our positive thesis, continues. We remain at Buy. 

Sky Perfect JSAT Q4 20 Results: Quarterly Beat and Revenue Growth for FY21

Sky Perfect Jsat

Sky Perfect JSAT Q4 20 Results: Quarterly Beat and Revenue Growth for FY21