《美银：古河电气（5801.T）-日股公司研究：上调目标价至11,500日元 看好AI服务器相关需求增长-维持买入-250829（英文版）（22页）.pdf》由会员分享，可在线阅读，更多相关《美银：古河电气（5801.T）-日股公司研究：上调目标价至11,500日元 看好AI服务器相关需求增长-维持买入-250829（英文版）（22页）.pdf（22页珍藏版）》请在三个皮匠报告上搜索。

1、 Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.Refer to Other Important Disclosures for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securitie

2、s does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment d

3、ecision.Refer to important disclosures on page 20 to 22.Analyst Certification on page 18.Price Objective Basis/Risk on page 18.12870188 Furukawa Electric(5801)Raise PO:See upside from AI server-related demand Reiterate Rating:BUY|PO:11,500 JPY|Price:8,870 JPY Lift PO from 10,500 to 11,500,reiterate

4、Buy We raise our price objective(PO)for Furukawa Electric to reflect upward revisions to our RP forecasts due to earnings improvement at Asia Vital Components.Our PO is based on a P/E of 16.5x(was 16x)and our FY3/27 estimate,reflecting its robust growth potential.Our Buy rating rests on expectations

5、 for earnings to beat the consensus,driven by growth in AI server-related electronic materials,optical cables and optical components.Revise estimates on strength at Asia Vital Components We leave our FY3/26 RP forecast unchanged at 57.0bn,but raise our estimate for FY3/27 from 72.0bn to 74.0bn(conse

6、nsus:66.2bn).We forecast 2Q RP at 12.2bn,below the consensus of 14.6bn.As evident in 1Q results,we anticipate an increase in personnel costs in the communication solutions business in preparation for future expansion of production.We expect full-year guidance to be raised for RP and net profit(NP)du