Company Comments on HSC Business at General Shareholders‘ Meeting

Research evidence excerpt

Company Comments on HSC Business at General Shareholders‘ Meeting

Update

June 28, 2026 06:59 PM GMT

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

Equity Analyst

Company Comments on HSC Shinji.Kakiuchi@morganstanleymufg.comHayato Takashima +81 3 6836-5416

Research Associate

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

Business at General

Shareholders' Meeting

Key Takeaways Musashi Seimitsu Industry (7220.T, 7220 JT)

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President Hiroshi Otsuka’s explanation of the HSC (Hybrid Super Capacitor) Stock Rating Equal-weight

Industry View In-Line

business. Price target ¥7,500

Shr price, close (Jun 26, 2026) ¥4,005

Customer expectations for the company’s HSC energy storage devices, which Mkt cap, curr, basic (bn) ¥262.7

feature high input/output and long life, are high. The company commented that Avg daily trading value (bn) ¥4.6

while orders may increase, they will not decline.

The launch of the new Minami Alps plant has been delayed until next year to

allow for assessment of the introduction of new production technology. The

company explained that it is currently working on increasing production under a

24-hour system at the existing Hokuto plant.

According to the securities report, tangible fixed assets of Musashi Energy

Solutions, a subsidiary engaged in HSC, increased to ¥13.8bn at end-F3/26 (from

¥1.9bn at the previous FY-end).

The annual general shareholders’ meeting was held on June 26, 2026, with a video

released on the company’s website.

Key comments on HSC demand: In data centers where massive AI computational

processing is conducted, steep power fluctuations on a millisecond basis can occur,