Musashi Seimitsu Industry: Japan Summit 2026: Establishing an HSC Supply System

Research evidence excerpt

Musashi Seimitsu Industry: Japan Summit 2026: Establishing an HSC Supply System

Update

May 22, 2026 01:56 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MMusashi Seimitsu Industry (7220) | Japan Shinji Kakiuchi

Equity Analyst

Japan Summit 2026: Shinji.Kakiuchi@morganstanleymufg.comHayato Takashima +81 3 6836-5416

Research Associate

Hayato.Takashima@morganstanleymufg.com +81 3 6836-5414

Establishing an HSC Supply

System

Below, we summarize the company’s comments at investor meetings held at our

Musashi Seimitsu Industry (7220.T, 7220 JT)

Japan Summit 2026. Strong level of inquires on HSCs: The company is seeing a

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strong level of inquiries for peak-shaving applications in 800V high-voltage server

Stock Rating Equal-weight

racks (with direct deliveries to Delta Electronics and others). The new Minami Alps Industry View In-Line

plant is scheduled to begin operations in early 2027, and the company plans to Price target ¥4,500

Shr price, close (May 21, 2026) ¥5,180

progressively raise equipment capacity. It plans to increase annual production Mkt cap, curr, basic (bn) ¥339.6

capacity from 200,000 cells to 6.5mn cells by end-Mar 2028 (1.5mn cells at existing Avg daily trading value (bn) ¥3.0

plants plus 5mn at the new plant). Revised plans to introduce a new process in the

predoping step: The cell voltage of its HSCs is 3.8V, giving them an advantage over

competing EDLCs at 2.8V. It raises cell voltage by using lithium predoping in the

negative electrode. The company had aimed to introduce a new production method

that would raise predoping productivity tenfold, but durability and other issues

remain, so it has revised its plan and will now use the conventional method at the

new Minami Alps plant instead (pushing back the start-up by several months). The