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Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/sky-perfect-jsat-holdings" target="_blank" data-smartkarma-citation="entities:14097:1" rel="noopener">Sky Perfect Jsat (9412 JP)</a> reported video subscriptions of 3.1mn for Q1, down modestly v Q4 (-11K) but better than our expectations of a 20K loss. We have updated our forecasts for this and Q4 guidance including a change in J-GAAP accounting that has lowered headline revenue. Shares have drifted since Q4 results were announced in late April as concerns on the viability of the media business linger but we believe the long-term potential of the satellite operations is a more powerful story and can drive upside over time. Our ¥640 FY21-end target price and Buy rating remain unchanged.</p>

Sky Perfect Jsat (9412 JP) reported video subscriptions of 3.1mn for Q1, down modestly v Q4 (-11K) but better than our expectations of a 20K loss. We have updated our forecasts for this and Q4 guidance including a change in J-GAAP accounting that has lowered headline revenue. Shares have drifted since Q4 results were announced in late April as concerns on the viability of the media business linger but we believe the long-term potential of the satellite operations is a more powerful story and can drive upside over time. Our ¥640 FY21-end target price and Buy rating remain unchanged.

NTT (Nippon Telegraph & Telephone) (9432 JP)

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