Furukawa Electric: Japan Summit 2026 Feedback: Heightened Expectations for High Growth in Optical and Water-cooling Businesses

研报英文原文证据摘录

Furukawa Electric: Japan Summit 2026 Feedback: Heightened Expectations for High Growth in Optical and Water-cooling Businesses

Update

May 22, 2026 02:05 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MFurukawa Electric (5801) | Japan Yu Shirakawa

Equity Analyst

Japan Summit 2026 Feedback: Yu.Shirakawa@morganstanleymufg.com +81 3 6836-5432

Heightened Expectations for

High Growth in Optical and

Furukawa Electric (5801.T, 5801 JT)

Wire & Cable | Japan

Water-cooling Businesses Stock Rating Overweight

Industry View Attractive

Price target ¥46,000

Furukawa Electric CFO Koji Aoshima spoke with investors on various topics at our Shr price, close (May 22, 2026) ¥53,650

Japan Summit 2026 on May 22. We highlight some key points below. Mkt cap, curr, basic (bn) ¥3,774.3

Avg daily trading value (bn) ¥108.7

Optical Solutions business: The main revenue drivers are the emerging results

from investments in increased rollable ribbon cable capacity and expanding MT

ferrule sales. Until F3/29, optical fibers that had been sold externally will be used in

the production of optical cable, supporting product mix improvement. Looking

forward to F3/31, the company expects to increase optical cable production by 2-3x.

Although the company has yet to secure certification for preconnectorized cable, we

understand cable demand from data centers has increased. Ferrule demand looks

robust. The company has already obtained MMC licensing and is looking into

possibly doubling its ferrule business by F3/31. The company sees no risks in terms

of hydrogen procurement. Our understanding is that the medium-term plan is

conservative in its assumptions regarding price increases. Digital Infrastructure

Components business: Furukawa Electric expressed confidence in strong orders