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

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

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<p>Sky Perfect JSAT operates Japan’s only direct-to-home (DTH) video service and is Asia’s largest satellite operator. As a well-known consumer-facing service, the former is better known and has often driven sentiment but the key to unlock value may be in the latter as the space industry expands. An increase in space industry investment brings new opportunities but also heightened competition from low-earth satellite fleets albeit at less intensity than its global peers. On balance, we think the changes are positive and we initiate coverage at Buy with a ¥640 FY21-end target price.</p>

Sky Perfect JSAT operates Japan’s only direct-to-home (DTH) video service and is Asia’s largest satellite operator. As a well-known consumer-facing service, the former is better known and has often driven sentiment but the key to unlock value may be in the latter as the space industry expands. An increase in space industry investment brings new opportunities but also heightened competition from low-earth satellite fleets albeit at less intensity than its global peers. On balance, we think the changes are positive and we initiate coverage at Buy with a ¥640 FY21-end target price.

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

Sky Perfect Jsat

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