SKY Perfect JSAT Holdings (TSE:9412) - Share price, News & Analysis

9412 fundamental analysis
Snowflake Score
Valuation	5/6
Future Growth	1/6
Past Performance	3/6
Financial Health	6/6
Dividends	6/6

9412 Stock Overview

SKY Perfect JSAT Holdings Inc. provides satellite-based multichannel pay TV and satellite communications services primarily in Asia.

Rewards

Trading at 73% below our estimate of its fair value

Earnings are forecast to grow 1.27% per year

Pays a high and reliable dividend of 3.85%

Risk Analysis

No risks detected for 9412 from our risk checks.

SKY Perfect JSAT Holdings Competitors

Vodafone Group

LSE:VOD

UK£33.2b

Chunghwa Telecom

TWSE:2412

NT$961.9b

Telenor

OB:TEL

kr176.4b

SES

BDL:SESGL

€3.7b

Price History & Performance

Summary of all time highs, changes and price drops for SKY Perfect JSAT Holdings
Historical stock prices
Current Share Price	JP¥468.00
52 Week High	JP¥468.00
52 Week Low	JP¥398.00
Beta	0.59
1 Month Change	13.87%
3 Month Change	3.54%
1 Year Change	8.08%
3 Year Change	13.04%
5 Year Change	-6.40%
Change since IPO	-29.62%

Shareholder Returns

	9412	JP Media	JP Market
7D	2.6%	-5.5%	-2.7%
1Y	8.1%	-4.6%	-2.5%

Return vs Industry: 9412 exceeded the JP Media industry which returned -4.6% over the past year.

Return vs Market: 9412 exceeded the JP Market which returned -2.5% over the past year.

Price Volatility

Is 9412's price volatile compared to industry and market?
9412 volatility
9412 Average Weekly Movement	3.8%
Media Industry Average Movement	4.9%
Market Average Movement	4.5%
10% most volatile stocks in JP Market	8.9%
10% least volatile stocks in JP Market	2.5%

Stable Share Price: 9412 is not significantly more volatile than the rest of JP stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: 9412's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1985	846	Eiichi Yonekura	https://www.skyperfectjsat.space

SKY Perfect JSAT Holdings Inc. provides satellite-based multichannel pay TV and satellite communications services primarily in Asia. The company operates through Media Business and Space Business segments. The Media Business segment offers platform services, such as customer management activities to broadcasting businesses; and delivers broadcasting services through communication satellites and fiber optic networks.

SKY Perfect JSAT Holdings Fundamentals Summary

How do SKY Perfect JSAT Holdings's earnings and revenue compare to its market cap?
9412 fundamental statistics
Market Cap	JP¥135.86b
Earnings (TTM)	JP¥14.58b
Revenue (TTM)	JP¥119.63b

9.3x

P/E Ratio

1.1x

P/S Ratio

Is 9412 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
9412 income statement (TTM)
Revenue	JP¥119.63b
Cost of Revenue	JP¥68.30b
Gross Profit	JP¥51.33b
Other Expenses	JP¥36.75b
Earnings	JP¥14.58b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	50.22
Gross Margin	42.91%
Net Profit Margin	12.19%
Debt/Equity Ratio	35.1%

How did 9412 perform over the long term?

See historical performance and comparison

Dividends

3.8%

Current Dividend Yield

36%

Payout Ratio

Valuation

Is SKY Perfect JSAT Holdings undervalued compared to its fair value and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

>50%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: 9412 (¥468) is trading below our estimate of fair value (¥1731.73)

Significantly Below Fair Value: 9412 is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: 9412 is good value based on its PE Ratio (9.3x) compared to the JP Media industry average (15.5x).

PE vs Market: 9412 is good value based on its PE Ratio (9.3x) compared to the JP market (12.1x).

Price to Earnings Growth Ratio

PEG Ratio: 9412 is poor value based on its PEG Ratio (7.3x)

Price to Book Ratio

PB vs Industry: 9412 is good value based on its PB Ratio (0.6x) compared to the JP Media industry average (1.5x).

Future Growth

How is SKY Perfect JSAT Holdings forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

1.3%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 9412's forecast earnings growth (1.3% per year) is above the savings rate (0.02%).

Earnings vs Market: 9412's earnings (1.3% per year) are forecast to grow slower than the JP market (8.8% per year).

High Growth Earnings: 9412's earnings are forecast to grow, but not significantly.

Revenue vs Market: 9412's revenue (0.3% per year) is forecast to grow slower than the JP market (4.2% per year).

High Growth Revenue: 9412's revenue (0.3% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: 9412's Return on Equity is forecast to be low in 3 years time (5.7%).

Past Performance

How has SKY Perfect JSAT Holdings performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-1.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 9412 has high quality earnings.

Growing Profit Margin: 9412's current net profit margins (12.2%) are higher than last year (9.6%).

Past Earnings Growth Analysis

Earnings Trend: 9412's earnings have declined by 1% per year over the past 5 years.

Accelerating Growth: 9412's earnings growth over the past year (9.2%) exceeds its 5-year average (-1% per year).

Earnings vs Industry: 9412 earnings growth over the past year (9.2%) underperformed the Media industry 48.6%.

Return on Equity

High ROE: 9412's Return on Equity (6.1%) is considered low.

Financial Health

How is SKY Perfect JSAT Holdings's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: 9412's short term assets (¥206.3B) exceed its short term liabilities (¥51.7B).

Long Term Liabilities: 9412's short term assets (¥206.3B) exceed its long term liabilities (¥83.4B).

Debt to Equity History and Analysis

Debt Level: 9412 has more cash than its total debt.

Reducing Debt: 9412's debt to equity ratio has reduced from 38.7% to 35.1% over the past 5 years.

Debt Coverage: 9412's debt is well covered by operating cash flow (42.8%).

Interest Coverage: 9412 earns more interest than it pays, so coverage of interest payments is not a concern.

Balance Sheet

Dividend

What is SKY Perfect JSAT Holdings's current dividend yield, its reliability and sustainability?

Dividend Score

5/6

Dividend Score 5/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

3.85%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: 9412's dividend (3.85%) is higher than the bottom 25% of dividend payers in the JP market (1.61%).

High Dividend: 9412's dividend (3.85%) is in the top 25% of dividend payers in the JP market (3.61%)

Stability and Growth of Payments

Stable Dividend: 9412's dividends per share have been stable in the past 10 years.

Growing Dividend: 9412's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (36.4%), 9412's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (18.6%), 9412's dividend payments are well covered by cash flows.

Next Steps

Explore strong dividend paying companies in the Media industry.

Management

How experienced are the management team and are they aligned to shareholders interests?

2.1yrs

Average management tenure

CEO

Eiichi Yonekura (64 yo)

3.08yrs

Tenure

Mr. Eiichi Yonekura has been President and Chief Executive Officer at SKY Perfect JSAT Corporation since April 01, 2019. Mr. Yonekura is Representative Director at SKY Perfect JSAT Holdings Inc. since 2018...

Leadership Team

Experienced Management: 9412's management team is considered experienced (2.1 years average tenure).

Board Members

Experienced Board: 9412's board of directors are not considered experienced ( 2.9 years average tenure), which suggests a new board.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/05/15 00:00
End of Day Share Price	2022/05/13 00:00
Earnings	2022/03/31
Annual Earnings	2022/03/31