Fujikura (5803): Results First Impressions: Negative

研报英文原文证据摘录

Fujikura (5803): Results First Impressions: Negative

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Fujikura (5803)

Results First Impressions: Negative

Reiterate Rating: BUY | PO: 7,900 JPY | Price: 7,855 JPY

14 May 2026

Key takeaways Equity

• FY3/26 OP missed our expectations due to a provision, as tariff-related actions at the

Takashi Enomoto >>

US subsidiary affected 4Q. Research Analyst

BofAS Japan

• FY3/27 plan is conservative and below our forecast, excluding Middle East risks but +81 3 6225 8362

reflecting hydrogen procurement concerns. takashi.enomoto@bofa.com

Yuri Tanaka >>

• Outlook is weaker, but we reiterate our Buy rating, viewing company guidance as Research Analyst

conservative. BofAS Japan

+81 3 6225 8892

yuri.tanaka@bofa.com

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

15:00~

Stock Data

Negative Price 7,855 JPY Price Objective 7,900 JPY

FY3/26 operating profit (OP) came in at ¥188.7bn, below the company’s guidance of Date Established 11-May-2026

¥195.0bn and our forecast of ¥200.0bn. In 4Q, a ¥12.8bn provision recorded at the US Investment Opinion C-1-7

subsidiary weighed on earnings. This provision was booked to prepare for potential

52-Week Range 944-7,933 JPY

additional tariffs arising from differences with authorities over country‑of‑origin

Market Value (mn) 13,944,043 JPY

determinations. It relates to component products manufactured by the US subsidiary

Market Value ($mn) 88,329 USD

using fiber of Chinese origin. The company stated that it will seek to minimize the

Shares Outstanding (mn) 1775.2

impact through appeals to the authorities and price revision negotiations with customers

Average Daily Value ($mn) 2,717.8 USD

from FY3/27 onward. Excluding this impact, performance was broadly in line with our

Free Float 67.2%

expectations.

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