MARUWA (5344): Briefing: CPO involvement confirmed - Near-exclusive supply for AI servers

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MARUWA (5344): Briefing: CPO involvement confirmed - Near-exclusive supply for AI servers

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MARUWA (5344)

Briefing: CPO involvement confirmed -

Near-exclusive supply for AI servers

Reiterate Rating: BUY | PO: 93,000 JPY | Price: 67,410 JPY

13 May 2026

Key takeaways Equity

• Briefing: CPO involvement confirmed - near-exclusive supply, ramp-up from 2H

Niima Komura >>

expected Research Analyst

BofAS Japan

• Guidance appears overly conservative. Even with 1Q plan revisions, the market is likely niima.komura@bofa.com

to price in further upside Takashi Enomoto >>

Research Analyst

• As a key enabler of AI server innovation, a market cap above ¥1trn appears only a BofAS Japan

matter of time; we reiterate Buy takashi.enomoto@bofa.com

CPO involvement confirmed; valuation to re-rate

Stock DataAt the briefing, it was confirmed that the company’s ceramic heat-dissipation substrates

will also be used in CPO (Co-Packaged Optics). Supply is likely to be near-exclusive, with Price 67,410 JPY

ramp-up planned from 2H of the current fiscal year. While the transition to CPO had Price Objective 93,000 JPY

previously been viewed as a risk—given the potential reduction in optical transceiver Date Established 8-May-2026

volumes—the confirmation that the company’s products will also be adopted in CPO Investment Opinion B-1-7

alleviates this concern. 52-Week Range 32,210-75,870 JPY

Market Value (mn) 833,997 JPY

As the company is increasingly recognized as a CPO-related name, we see room for

Market Value ($mn) 5,291 USD

further valuation re-rating. Positioned as a key enabler of AI server innovation, we

Shares Outstanding (mn) 12.4

believe a market cap exceeding ¥1trn is only a matter of time. We maintain our PO at

¥93,000 and reiterate our Buy rating.