Furukawa Electric (5801): Results First Impressions: Positive

研报英文原文证据摘录

Furukawa Electric (5801): Results First Impressions: Positive

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Furukawa Electric (5801)

Results First Impressions: Positive

Maintain Rating: BUY | PO: 53,000 JPY | Price: 43,430 JPY

12 May 2026

Key takeaways Equity

• FY3/26 operating profit of ¥63.9bn exceeded our ¥57.5bn estimate, led by Information

Takashi Enomoto >>

& Communication Solutions and others. Research Analyst

BofAS Japan

• FY3/27 guidance of recurring profit ¥100.0bn and OP ¥95.0bn is above our estimate +81 3 6225 8362

and consensus. takashi.enomoto@bofa.com

Yuri Tanaka >>

• Stronger‑than‑expected growth in data center‑related products supports a better Research Analyst

earnings outlook. BofAS Japan

+81 3 6225 8892

yuri.tanaka@bofa.com

Results Date: May 12 14:00, Analyst Meeting: May 12

17:30~

Stock Data

Positive Price 43,430 JPY Price Objective 53,000 JPY

FY3/26 operating profit came in at ¥63.9bn, exceeding our estimate of ¥57.5bn. Results Date Established 10-Apr-2026

were stronger than expected in Communication Solutions, Energy Infrastructure, and

Investment Opinion C-1-7

Automotive Products & Batteries.

52-Week Range 4,808-47,940 JPY

FY3/27 company guidance calls for recurring profit of ¥100.0bn, above our prior Market Value (mn) 3,069,064 JPY

estimate of ¥85–90bn. Operating profit guidance of ¥95.0bn is also stronger than both Market Value ($mn) 19,548 USD

our estimate and consensus. While segment changes limit direct comparability, our view Shares Outstanding (mn) 70.7

on Communication Solutions plus Functional Products is materially stronger than Average Daily Value ($mn) 2,082.6 USD

expected (company guidance ¥66.0bn vs. our ¥52.0bn). Growth in data center-related Free Float 71.0%

products is exceeding expectations.