Fujitsu (6702) Potential scale of new markets and profitability improvement in ambitious 10-year vision bear watching

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Fujitsu (6702) Potential scale of new markets and profitability improvement in ambitious 10-year vision bear watching

J P M O R G A N Asia Pacific Equity Research

29 May 2026

Fujitsu (6702) Overweight

6702.T, 6702 JP

Potential scale of new markets and profitability Price (28 May 26):¥ 3,513

improvement in ambitious 10-year vision bear watching Price Target (Dec-26):¥ 4,000

Fujitsu announced its Management Vision 2035 and held a briefing May 28. The Japan Equity Research

10-year vision represents a shift from the traditional three-year medium-term plan.

Technology - Consumer Electronics/

We find it difficult to assess the feasibility of long-term targets at this point, but feel Industrial Electronics/Precisions

management’s ambitious targets of EPS CAGR of over 15% and an ROE of over AC Junya Ayada

20% are noteworthy. Market participants tend to focus on the negative aspects of

(81-3) 6736 8631

AI, but Fujitsu has a major role to play in areas where AI is likely to accelerate junya.ayada@jpmorgan.com

market growth, such as sovereignty, physical AI, intelligent society, and defense Mio Shikanai

and security. The target of a high service solutions revenue CAGR of 6–8% likely (81-3) 6736 1313

reflects management’s determination to play a central role in these areas. In mio.shikanai@jpmorgan.com

particular, we will watch Fujitsu’s order competitiveness in the sovereign AI JPMorgan Securities Japan Co., Ltd.

market via its top-tier domestic computing infrastructure, along with development

efficiency (profitability improvement) from multi-AI agents.

• Targets: Financial KPIs through FY2035 are EPS CAGR over 15% and ROE

over 20% (FY2025 result: 15.8%). Within this, in the service solutions

business, management targets revenue CAGR of 6–8% and annual gross