Mitsubishi Electric "Meeting with the company president" (Neutral) Yasui

研报英文原文证据摘录

Mitsubishi Electric "Meeting with the company president" (Neutral) Yasui

Global Research

26 June 2026ab

Mitsubishi Electric Equities

JapanMeeting with the company president

Communications Technology

12-month rating Neutral

Small meeting held with the company president

At Mitsubishi Electric's IR Day held on 29 May, discussions regarding the medium-term 12m price target ¥6,300

plan focused on two main topics: 1) how the company’s Serendie business will grow

using physical AI, and 2) growth opportunities related to server racks and data centres

Price (26 Jun 2026) ¥5,858

for AI. The market ramp-up for physical AI remains uncertain with several unclear

factors, suggesting it may take time. On the other hand, there appear to be tangible RIC: 6503.T BBG: 6503 JP

business opportunities for the hardware business, driven by requests from hyperscalers.

Trading data and key metrics

52-wk range ¥6,560-3,056

Physical AI likely to take time

Market cap. ¥11,988b/US$74.2b

President Kei Urushima explained that engineers from the University of Tokyo-based AI

Shares o/s 2,046m (ORD)

startup Akari and Sakana AI, in which Mitsubishi Electric has invested, are currently

Free float 67%

engaged various initiatives at the company’s plant utilising cutting-edge AI. However,

Mr. Urushima noted that there are still few examples that could evolve into a viable Avg. daily volume ('000) 6,843

business model, and it will likely take time before any impact on earnings materialises. Avg. daily value (m) ¥40,857.8

At the briefing held by Renesas on 25 June, it was also explained that this market is Common s/h equity (03/27E) ¥4734b

expected to ramp up around 2030, suggesting that the market is unlikely to develop P/BV (03/27E) 2.5x

early. Net debt to EBITDA (03/27E) NM

EPS (reported, basic) (¥)