Hitachi (6501): Hitachi Physical AI Day: Strong interest from customers and partners

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Hitachi (6501): Hitachi Physical AI Day: Strong interest from customers and partners

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Hitachi (6501)

Hitachi Physical AI Day: Strong interest

from customers and partners

Maintain Rating: BUY | PO: 6,000 JPY | Price: 4,908 JPY

20 May 2026

Infrastructure digitization as the key theme; Buy Equity

On May 20, Hitachi hosted “Hitachi Physical AI Day” for customers and partners. The

event drew c.1,700 participants, underscoring the strong level of interest in Hitachi’s Mikio Hirakawa >>

Research Analyst

Physical AI. We maintain our Buy rating, with the central investment thesis being growth BofAS Japan

driven by the digitization of infrastructure. The next key event is the Investor Day mikio.hirakawa@bofa.com

scheduled for June 10. We look for the company to present medium- to long-term Mayako Ouchi >>

targets for H-MAX (a recurring digital service that serves as the core driver of Physical BofAS Japan

AI), which recorded ¥300bn in revenue and an EBITA margin above 20% in FY3/26, along mayako.ouchi@bofa.com

with a detailed discussion of initiatives to achieve those targets.

Growth in Energy driven by Physical AI Stock Data

Energy, which has one of the world’s largest installed bases of transmission and

distribution equipment at 500,000 assets, is expected to be a key driver of Hitachi’s Price (Common / ADR) 4,908 JPY / 31.20 USD

Physical AI. At the event, Hitachi showcased examples of Physical AI adoption, including Price Objective 6,000 JPY / 38.71 USD

Southwest Power Pool (SPP), a U.S. regional transmission organization, and ERG, an Date Established 19-May-2026/ 19-May-

Italian renewable energy company. In SPP’s case, grid interconnection lead time was 2026

reduced by 33%, while at ERG, on-site inspection time was cut by 35%.