SKY Perfect JSAT (9412.T): 2Q briefing takeaways: Steady national security progress; medium- to long-term MoD outlook shared

Goldman Sachs maintained its Buy rating on SKY Perfect JSAT (9412.T) after the company held its results briefing on November 5, following its FY3/27 2Q results announced on November 4. 1H revenue rose 10% yoy to ¥66.9 bn, operating profit rose 26% to ¥21.6 bn and net income rose 36% to ¥16.0 bn, with operating profit and net income both at record first-half highs, driven by expansion in the space intelligence business including the Tri-Sat satellite constellation development and operation project for the Ministry of Defense that began in April 2026. Full-year guidance was raised: revenue by ¥1.0 bn to ¥136.0 bn, operating profit by ¥2.5 bn to ¥41.5 bn and net income by ¥2.0 bn to ¥29.0 bn, reflecting not only top-line growth but improved underlying earnings power from insourcing and rigorous profitability discipline. On national security, progress against the ¥20.0 bn full-year revenue target was about 50% at end-1H versus about 40% a year earlier, and the company said 1H results were