Mitsubishi Electric: Meeting with the company president

研报英文原文证据摘录

Mitsubishi Electric: Meeting with the company president

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) (¥)