We expect supply-demand for GPU compute resources in Japan to tighten: We raise GPU infrastructure sales forecasts, reiterate Buy rating

研报英文原文证据摘录

We expect supply-demand for GPU compute resources in Japan to tighten: We raise GPU infrastructure sales forecasts, reiterate Buy rating

Global Markets Research

13 July 2026Sakura Internet

3778.T 3778 JP / EQUITY: JAPAN TELECOMMUNICATIONS

RatingWe expect supply-demand for GPU compute

Up from Neutral Buyresources in Japan to tighten

Target price

Increased from 3,093 JPY 3,685We raise GPU infrastructure sales forecasts, reiterate Buy rating

Closing price JPY 2,876We raise rating to Buy, expect increased GPU infrastructure investment to boost 10 July 2026

sales

Sakura Internet acquired 1,100 B200 GPUs in February 2026, and while we expect Implied upside +28.1%

contracts for these to make a full-year contribution to sales in 27/3, we think profit levels

will be low because of a ¥1.9bn y-y increase in electric power and server maintenance &

operation costs. That said, we think operating profits will exceed guidance in 27/3 as we

expect actual prices for GPU infrastructure services to continue to rise when contracts are Relative performance chart

renewed in view of tightening supply-demand conditions for GPU compute resources in

Japan. We also raise our estimate for total GPU investments (before cost reduction

accounting) over 27/3–29/3 from ¥29.0bn to ¥41.0bn because of tightening GPU supply-

demand in Japan, and thus raise our medium-term profit forecasts. We obtain our target

price by applying a fair-value EV/EBITDA multiple of 7.5x (unchanged) to our forecasts for

29/3, when GPU investments should contribute to profits, and raise our rating from Neutral

to Buy.

GPU compute platform demand rising in Japan but spare capacity falling

Demand for GPU compute resources for inference in Japan has started to materialize, and