Aggregated research findings across all sessions | 2026-04-12 | 9 nuclear companies | 33 supply chain links | 13 key corrections
Critical discoveries that changed our analysis. Each finding is dated and impact-assessed.
| Date | Finding | Impact |
|---|---|---|
| Apr 2026 | JNFL Rokkasho 300-channel radiation panel is Fuji Electric's, NOT Yokogawa's | Fuji Electric's nuclear position stronger than previously reported |
| Apr 2026 | Rohm does NOT supply Tesla's traction inverter SiC — that's STMicroelectronics | Common misconception debunked. Rohm is top-5 SiC but not confirmed Tesla |
| Mar 2026 | IHI forward PE 6.1x was a data error — actual ~26.7x (7-for-1 stock split Oct 2025) | IHI is fairly valued, not deep value |
| Apr 2026 | Toshiba is delisted (private since Dec 2023 via JIP buyout) | No public equity play on Westinghouse/Toshiba nuclear |
| Apr 2026 | Kureha has negative FCF (-¥4.1B) — 5.3% dividend funded by debt | Dividend sustainability risk. Altman Z-Score 1.75 |
| Apr 2026 | Japan Steel Works has negative operating CF (-¥4.6B) in FY2025 | Monopoly intact but cash burning on ¥28B SMR capex |
| Apr 2026 | Nidec accounting scandal + potential writedown risk (GPT flagged) | Governance risk dominates valuation. Don't treat as normal compounder |
| Apr 2026 | Honda-Fuji Electric IGBT relationship dates from 2012 — may be stale | Honda's EV strategy has changed. Don't cite as current evidence |
| Apr 2026 | TDK-GM-CATL battery deal: 18 months of talks with no signing | Likely dead. Don't keep citing as upcoming catalyst |
| Mar 2026 | yfinance forward PE systematically wrong for Japanese mid/small-caps | 10+ errors found. Always verify against StockAnalysis.com |
| Apr 2026 | IHI signed X-energy SMR partnership (March 2026) | New confirmed nuclear catalyst — positions IHI for US SMR supply chain |
| Apr 2026 | SHI has confirmed ITER fusion cryocooler contracts | Not just BNCT — world's largest cryocooler maker for fusion |
| Apr 2026 | Organo has near-monopoly on ALL BWR condensate water treatment in Japan (IFD tech) | Every BWR restart = guaranteed Organo revenue |
Japan has 15 operating reactors out of 32 operable, with the 7th Strategic Energy Plan targeting 20% nuclear by FY2040. The $40B US-Japan BWRX-300 SMR deal (Mar 2026) and data center power demand tripling by 2034 are accelerating restarts. NRA eased anti-terrorism deadlines (Apr 2026). 60+ year reactor lifetime extensions approved.
Equipment / SMR | PE 28.94 | ROE 23.6% | FCF +¥68B
Japan's most direct SMR supply chain play: X-energy partnership (Mar 2026) positions IHI to supply f...
Equipment / SMR | PE 26.64 | ROE N/A | FCF +¥1,390B
Holds the most commercially advanced SMR asset globally through GE Hitachi Nuclear Energy (50/50 JV)...
Materials / Forgings | PE 35.28 | ROE 10.5% | FCF -¥19.7B
Near-monopoly on ultra-large nuclear-grade steel forgings (reactor pressure vessels, steam generator...
Controls / Instrumentation | PE 24.82 | ROE 12.2% | FCF +¥88B
Signed exclusive DPCS contract with Rolls-Royce SMR (Feb 2026) for global fleet control systems. CEN...
Nuclear Operations / Power Semi | PE 19.62 | ROE 11.8% | FCF +¥51B
95% domestic market share in nuclear radiation monitoring — every operating J-reactor is a customer....
Decommissioning / Waste | PE 19.62 | ROE 5.8% | FCF -¥12.8B
Only pure-play spent nuclear fuel logistics company on TSE. 40+ year track record in transport/stora...
Nuclear Operations / Water | PE 26.42 | ROE 23.5% | FCF +¥19B
Near-monopoly on BWR condensate water treatment in Japan — IFD technology adopted in ALL BWR condens...
Nuclear Operations / Water | PE 38.22 | ROE 6.8% | FCF +¥25B
Dual nuclear + semiconductor water chemistry exposure. Nuclear: coolant chemistry, corrosion inhibit...
Nuclear Medicine / Fusion | PE 20.46 | ROE 4.7% | FCF +¥11B
Only company with confirmed ITER fusion cryocooler contracts — world's largest cryocooler manufactur...
All evidence across all companies. CONFIRMED = press release/teardown | PROBABLE = industry standard | INFERRED = logical
| Evidence | Supplier | Customer | Product | Detail |
|---|---|---|---|---|
| CONFIRMED | IHI Corporation | X-energy | SMR component fabrication | MOU signed March 2026 for US-Japan SMR supply chain |
| CONFIRMED | IHI Corporation | NuScale Power | SMR preferred manufacturer | $20M investment + JNI JV with JGC |
| CONFIRMED | IHI Corporation | GE Vernova | Aero engine JV partner | Long-standing CF34/GEnx engine programs |
| CONFIRMED | Hitachi | GE Vernova (50/50 JV) | BWRX-300 SMR development and deployment | March 2026 MOU for Southeast Asia expansion |
| CONFIRMED | Hitachi | Ontario Power Generation (Canada) | BWRX-300 reactor | Contracted — Darlington site construction started May 2025 |
| CONFIRMED | Hitachi | SaskPower (Canada) | BWRX-300 reactor | LOI for SMR deployment |
| CONFIRMED | Japan Steel Works | GE Hitachi / BWRX-300 | Reactor pressure vessel forgings | METI named JSW as BWRX-300 supplier (Mar 2026) |
| CONFIRMED | Yokogawa Electric | Rolls-Royce SMR | DPCS for global SMR fleet | Exclusive contract Feb 2, 2026 — UK + Czech Republic deliver |
| CONFIRMED | Yokogawa Electric | Saudi Aramco | CENTUM VP DCS + AI control agents | CPA since 2012. AI agents deployed at Fadhili Oct 2025 |
| CONFIRMED | Yokogawa Electric | Shell | Robotics + AI plant maintenance | Long-term agreement Jun 2025 |
| CONFIRMED | Yokogawa Electric | ADNOC | ICSS, ESD, fire & gas systems | AED 2.6B ($708M) framework agreement |
| CONFIRMED | Fuji Electric | JNFL Rokkasho | 300-channel radiation monitoring panel | Largest in Japan — Fuji Electric product page names JNFL |
| CONFIRMED | Fuji Electric | Honda | 14-in-1 IGBT power module for Accord Hybrid | Production since Dec 2012 |
| CONFIRMED | Fuji Electric | Robert Bosch | SiC power module co-development | Agreement Dec 2025 |
| CONFIRMED | Fuji Electric | Vestas Wind Systems | Large-capacity IGBT for wind turbines | Partnership since 2017, HPnC X series |
| CONFIRMED | Fuji Electric | All Japanese nuclear utilities | Radiation monitoring (95% market share) | Near-monopoly position |
| CONFIRMED | Kanadevia | TEPCO | Fukushima decommissioning casks (Toso Mirai JV) | JV announced Apr 2024, plant targeting FY2025 startup |
| CONFIRMED | Kanadevia | US nuclear utilities (via NAC International) | Spent fuel transport/storage casks | Wholly-owned US subsidiary |
| CONFIRMED | Organo Corporation | All Japanese BWR operators | IFD condensate demineralizers (monopoly) | IFD technology in ALL BWR condensate vessels in Japan since |
| CONFIRMED | Organo Corporation | TSMC Kumamoto (JASM) | Ultrapure water systems | Semiconductor fab customer |
| CONFIRMED | Kurita Water Industries | Samsung Electronics / SK Hynix | Ultrapure water chemicals for Korean fabs | Kurita Korea major supplier per geographic disclosures |
| CONFIRMED | Sumitomo Heavy Industries | ITER Organization | Cryocoolers for fusion reactor cryogenic system | Specified components in ITER procurement |
| CONFIRMED | Sumitomo Heavy Industries | KEK (J-PARC) | Cryocoolers for particle accelerators | SuperKEKB and J-PARC facilities |
| PROBABLE | IHI Corporation | Japanese nuclear utilities | Reactor vessels, containment | Historical domestic nuclear supplier |
| PROBABLE | Hitachi | Southeast Asian utilities | BWRX-300 exploration | March 2026 MOU to explore deployment |
| PROBABLE | Japan Steel Works | Westinghouse / AP1000 | RPV and steam generator forgings | Historical AP1000 forging supplier |
| PROBABLE | Japan Steel Works | Japanese nuclear utilities | Replacement forgings for restarts | All J-reactors historically sourced from JSW |
| PROBABLE | Yokogawa Electric | Japanese nuclear utilities | CENTUM VP DCS for reactor control | Standard platform for J-nuclear plants |
| PROBABLE | Kanadevia | Deep Isolation | Deep borehole nuclear waste disposal | Kanadevia/NAC invested in Deep Isolation technology |
| PROBABLE | Organo Corporation | PWR operators (KEPCO, etc.) | Makeup water, waste treatment | Organo serves both BWR and PWR per product pages |
| PROBABLE | Kurita Water Industries | Japanese nuclear utilities | Coolant chemistry programs, corrosion inhibitors | Serves all major power generation verticals |
| PROBABLE | Kurita Water Industries | TSMC Japan fabs | Ultrapure water systems | Electronics Industry segment primary growth driver |
| PROBABLE | Sumitomo Heavy Industries | GE HealthCare / Siemens MRI | Cryocoolers for MRI superconducting magnets | SHI is world's largest cryocooler maker; GE/Siemens are domi |
| Report | Date | Size |
|---|---|---|
| Validation Supply Chain Evidence 20260407 | 2026-04-07 | 42.4KB |
| Performance Weekly 20260411 | 2026-04-11 | 12.3KB |
| Auto Nuclear Portfolio Full 20260411 | 2026-04-11 | 34.1KB |
| Validation Nuclear Integrated 20260406 | 2026-04-06 | 29.0KB |
| 02 Nuclear Hidden Gems Deep 20260403 | 2026-04-03 | 23.6KB |
| Auto Remote Sony Toyota Mufg Daiichi 20260411 | 2026-04-11 | 11.5KB |
| 01 Nuclear Utilities Initial 20260401 | 2026-04-01 | 14.6KB |
| 02 Ev Supply Chain Tesla 20260403 | 2026-04-03 | 24.0KB |
| 01 Ai Chips Robotics Initial 20260401 | 2026-04-01 | 27.8KB |
| Validation Gpt Deep Research 20260406 | 2026-04-06 | 44.3KB |
| 03 Cross Validation Reconciliation 20260406 | 2026-04-06 | 21.4KB |
| 03 Final Nuclear Hidden Gems 20260406 | 2026-04-06 | 26.8KB |
| 03 Final Ev Supply Chain 20260406 | 2026-04-06 | 22.5KB |
Knowledge Hub | JPstock-agent | 2026-04-12 | Auto-generated from research data + memory files