Fujikura (5803): Briefing: Hydrogen sourcing risk to optical cable output

研报英文原文证据摘录

Fujikura (5803): Briefing: Hydrogen sourcing risk to optical cable output

Accessible version

Fujikura (5803)

Briefing: Hydrogen sourcing risk to optical

cable output

Reiterate Rating: BUY | PO: 7,900 JPY | Price: 6,355 JPY

14 May 2026

Briefing: Hydrogen-related optical cable supply constraints Equity

surprising, but expect upside to guidance

At the briefing, management noted that in addition to a downside to FY3/26 earnings Takashi Enomoto >> Research Analyst

from additional tariff costs classified as non-recurring factors, the FY3/27 plan BofAS Japan

incorporates the risk of production constraints in optical cables owing to hydrogen +81takashi.enomoto@bofa.com3 6225 8362

procurement issues. Fujikura sources liquid hydrogen externally, which we estimate is Yuri Tanaka >>

supplied by Iwatani Corporation, holding a 100% domestic share in liquid hydrogen Research Analyst

(please refer to our 3 April report). We view the company’s plan as conservative, given 1) BofAS+81 3 6225Japan8892

a tight supply-demand balance for liquid hydrogen is unlikely; and 2) alternative supply yuri.tanaka@bofa.com

sources exist via compressed hydrogen. We reiterate our Buy rating.

Briefing highlights (from page 3): Concerns over externally Stock Data

procured liquid hydrogen Price 6,355 JPY

Optical fiber cables using Chinese fiber are processed in Southeast Asia and procured by

Price Objective 7,900 JPY

the US subsidiary as optical component products. Authorities have determined that the

Date Established 11-May-2026

country of origin is China rather than Southeast Asia, resulting in additional tariff costs.

Investment Opinion C-1-7

The company recorded ¥14.7bn of retroactive tariff costs for the past 5 years (including 52-Week Range 944-7,933 JPY

a provision of ¥12.8bn) in FY3/26 4Q.