Fujitsu (6702) Earnings model update: Slightly revise earnings forecasts, but focus on sovereign platforms

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Fujitsu (6702) Earnings model update: Slightly revise earnings forecasts, but focus on sovereign platforms

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

08 June 2026

Fujitsu (6702) Overweight

6702.T, 6702 JP

Earnings model update: Slightly revise earnings Price (05 Jun 26):¥ 3,591

forecasts, but focus on sovereign platforms ▲Price Target (Dec-26):¥ 4,300 Prior (Dec-26):¥ 4,000

We revise our earnings forecasts based on 4Q results and the medium- to long-term

management vision. We maintain our Overweight rating and set our December Japan Equity Research

2026 price target at ¥4,300 (previously ¥4,000). Our focus is on continued Technology - Consumer Electronics/

profitability improvement in the short term and the expansion of sovereign Industrial Electronics/Precisions

platforms in the medium term. Regarding the latter, in mission-critical markets that AC Junya Ayada

prioritize sovereignty, we believe that the computing infrastructure developed by (81-3) 6736 8631

the company, as well as its consulting and operational capabilities in AI and junya.ayada@jpmorgan.com

cybersecurity, will expand in the medium term. While the full-fledged shipment of Mio Shikanai

FUJITSU-MONAKA, one of the foundations of sovereign platforms, is not set to (81-3) 6736 1313

start until FY2027 at the earliest, discussions with potential customers appear to be mio.shikanai@jpmorgan.com

going well, and we look forward to progress on this. JPMorgan Securities Japan Co., Ltd.

• Earnings forecasts: We forecast adjusted operating profit of ¥425 billion Key Changes (FYE Mar)

(previously ¥440 billion) in FY2026, the same as company guidance, ¥485

Prev Cur Δ

billion (¥485 billion) in FY2027, and introduce our estimate of ¥560 billion in Adj. EPS - 27E (¥) 179.98 186.77 3.8%

FY2028.