F3/27 1Q Results Focus Points

研报英文原文证据摘录

F3/27 1Q Results Focus Points

Idea

July 28, 2026 11:47 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MWire & Cable | Japan Yu Shirakawa

Equity Analyst

F3/27 1Q Results Focus Points Yu.Shirakawa@morganstanleymufg.com +81 3 6836-5432

We believe underlying business fundamentals remained solid in

1Q, and expect 1Q results across the space to be in line with, or

slightly above, consensus expectations. Given the significant Wire & Cable

correction in share prices, we expect results to help improve Japan

Industry View Attractive

sentiment toward AI/data center-related demand.

Results announcement dates: Sumitomo Electric on July 31, Furukawa Electric on

August 6, and Fujikura on August 7. All 3 are scheduled to report during trading

hours and hold post-results briefings. Particular focus is likely to be on

fundamentals for data center-related products such as optical cables/connectors,

optical devices, and thermal management products, as well as pricing trends for

these products. In addition, final trade statistics are to be released on July 29.

Share price performance: Share prices have declined sharply due to deteriorating

sentiment toward AI- and data center-related demand. Based on closing prices

between May 1 and July 28, Furukawa fell 27%, Sumitomo Electric declined 12%, and

Fujikura dropped 30%. Key market concerns include increasing supply of Chinese

optical fiber and a slowdown in data center capex.

Key focus areas for F3/27 1Q results:

Furukawa Electric: We expect 1Q to come in slightly above consensus, and a ~50%

probability that the company raises its F3/27 OP guidance. Investors are likely to

focus on earnings trends in the Optical Solutions and Information Components

businesses. We believe the share price would react positively if management