Fujitsu (6702): 1Q results: Progress in line with expectations excluding one-time factors

研报英文原文证据摘录

Fujitsu (6702): 1Q results: Progress in line with expectations excluding one-time factors

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

30 July 2026

Fujitsu (6702) Overweight

6702.T, 6702 JP

1Q results: Progress in line with expectations excluding Price (30 Jul 26):¥ 3,902

one-time factors Price Target (Dec-26):¥ 4,300

Neutral: 1Q operating profit was ¥52.5 billion (Bloomberg consensus estimate Japan Equity Research

¥38.9 billion, ours ¥45 billion), and management maintained full-year guidance of

Technology - Consumer Electronics/

¥415 billion (Bloomberg consensus estimate ¥410.6 billion, ours ¥415 billion). Industrial Electronics/Precisions

Excluding over ¥10 billion in gains on real estate sales, the result was in line with AC Junya Ayada

expectations. Orders in the service solutions business were generally solid even

(81-3) 6736 8631

excluding the contribution of some large projects, and we expect profits to benefit junya.ayada@jpmorgan.com

gradually from the effects of AI-based streamlining of development in 2Q onward. Mio Shikanai

We look for contributions from orders in the cybersecurity and sovereign AI- (81-3) 6736 1313

related areas, where demand is rising. mio.shikanai@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

• Results summary: 1Q adjusted operating profit totaled ¥54.9 billion, up 56%

YoY or just under ¥10 billion excluding over ¥10 billion in gains on real estate

sales. Profit in the core service solutions business increased ¥15 billion YoY to

¥62.8 billion. However, profit decreased ¥5.1 billion in the hardware solutions

segment owing to higher memory prices, and ¥3.8 billion in the ubiquitous

solutions segment on a pullback from special PC demand the previous year. In

the service solutions segment, domestic orders were strong, up 10% YoY.