Supply Chain Validation Report

Companies: TDK (6762.T), Hirose Electric (6806.T), Fuji Electric (6504.T), Yokogawa Electric (6841.T)
Date: 2026-04-07 | Method: Web research against press releases, IR disclosures, teardown data, industry reports

Key finding: Japanese component suppliers almost never name OEM customers publicly. Of 27 supply chain links researched across 4 companies, now 20 are confirmed (named in press releases or filings), 7 are probable (industry standard/trade show evidence), and 6 are inferred (logical but unproven). Zero links to Tesla are confirmed for any of these 4 companies.

Supply Chain Map

graph LR
    subgraph "Our Portfolio Companies"
        TDK["TDK
6762.T"]
        HRS["Hirose
6806.T"]
        FE["Fuji Electric
6504.T"]
        YKG["Yokogawa
6841.T"]
    end

    subgraph "Confirmed Customers"
        POR["Porsche
Formula E"]
        MCL["McLaren/Nissan
Formula E"]
        LEM["LEM SA
Sensors"]
        HON["Honda
7267.T"]
        BOS["Bosch
SiC JV"]
        VES["Vestas
Wind"]
        RRS["Rolls-Royce SMR
Nuclear"]
        ARA["Saudi Aramco"]
        SHL["Shell"]
        ADN["ADNOC"]
        PCH["PetroChina"]
    end

    subgraph "Probable / Inferred"
        EU_OEM["EU Auto OEMs
(via Hungary plant)"]
        GLB_AUTO["Global Auto OEMs
(MLCC duopoly)"]
        GM["GM
(CATL deal talks)"]
        TSL["Tesla
(inferred only)"]
        JP_NUC["Japanese Utilities
(nuclear I&C)"]
        CEZ["ČEZ Czech
(via RR SMR)"]
    end

    TDK -->|"MLCCs, sensors"| POR
    TDK -->|"Capacitors, sensors"| MCL
    TDK -->|"TMR dies"| LEM
    TDK -.->|"NdFeB magnets"| EU_OEM
    TDK -.->|"MLCCs 35-40% share"| GLB_AUTO
    TDK -.->|"LFP cells talks"| GM
    TDK -.->|"MLCCs via Tier 1"| TSL

    HRS -.->|"HVH-280 HV connectors"| GLB_AUTO
    HRS -.->|"Not confirmed"| TSL

    FE -->|"IGBT modules"| HON
    FE -->|"SiC collab"| BOS
    FE -->|"IGBT modules"| VES
    FE -.->|"Radiation monitoring"| JP_NUC
    FE -.->|"IGBT/SiC broad"| GLB_AUTO

    YKG -->|"SMR control systems"| RRS
    YKG -->|"CENTUM DCS + AI"| ARA
    YKG -->|"Robotics + AI"| SHL
    YKG -->|"ICSS framework"| ADN
    YKG -->|"CENTUM DCS"| PCH
    YKG -.->|"Nuclear I&C"| JP_NUC
    YKG -.->|"DPCS via RR"| CEZ

    style POR fill:#238636,color:#fff
    style MCL fill:#238636,color:#fff
    style LEM fill:#238636,color:#fff
    style HON fill:#238636,color:#fff
    style BOS fill:#238636,color:#fff
    style VES fill:#238636,color:#fff
    style RRS fill:#238636,color:#fff
    style ARA fill:#238636,color:#fff
    style SHL fill:#238636,color:#fff
    style ADN fill:#238636,color:#fff
    style PCH fill:#238636,color:#fff
    style EU_OEM fill:#1f6feb,color:#fff
    style GLB_AUTO fill:#1f6feb,color:#fff
    style GM fill:#d29922,color:#000
    style TSL fill:#d29922,color:#000
    style JP_NUC fill:#1f6feb,color:#fff
    style CEZ fill:#1f6feb,color:#fff

Green = Confirmed | Blue = Probable | Yellow = Inferred | Solid lines = confirmed | Dashed = probable/inferred

TDK Corporation (6762.T) — 3 Confirmed, 2 Probable, 3 Inferred

Hirose Electric (6806.T) — 3 Confirmed, 3 Probable, 2 Inferred

Updated: Hirose now has 3 confirmed links — Marelli (Tier 1 supplier award), an unnamed "leading global EV manufacturer" (AU1 USB-C adoption, Mar 2026), and Nissan (Leaf TCU teardown). Still no direct Tesla evidence. The HVH-280 product page names application categories but no customers. No Tesla teardown identifies Hirose as an HV connector supplier — TE Connectivity and Aptiv are more commonly cited.

Fuji Electric (6504.T) — 9 Confirmed, 2 Probable, 0 Inferred

Strongest evidence base. Strongest and deepest evidence base. 9 confirmed links including Honda (IGBT), Bosch (SiC JV), Vestas (wind), JNFL Rokkasho (radiation monitoring — CORRECTION: this was previously attributed to Yokogawa in our reports, but is actually Fuji Electric), ~95% nuclear radiation monitoring monopoly in Japan, Coca-Cola Bottlers Japan (vending), and geothermal turbines globally (Iceland, Kenya, Indonesia).

Yokogawa Electric (6841.T) — 5 Confirmed, 2 Probable, 1 Inferred

Best customer evidence. Yokogawa's oil & gas customers are well-documented with named contracts (Saudi Aramco AED 2.6B framework, Shell robotics JV, ADNOC $200M+, PetroChina). The Rolls-Royce SMR contract is freshly confirmed (Feb 2026).

CORRECTION: Our previous reports claimed Yokogawa supplied the "world's largest radiation monitoring panel" to JNFL Rokkasho. Web validation found this is not confirmed in public sources — Toshiba is cited as the HMI supplier in OSTI literature. This link has been downgraded to "inferred."

Cross-Company Comparison

Final Assessment: Does Supply Chain Evidence Support Buying?

Each company scored on: (1) evidence quality, (2) customer concentration risk, (3) whether the supply chain thesis actually drives revenue, (4) value proposition at current price.

Evidence Timeline — When Was Each Link Established?

Evidence Freshness: Old Relationships May Not Still Exist

Freshness-Adjusted Conviction

How This Changes Portfolio Weights

Investment Implications (Original — See Updated Assessment Above)

Strongest supply chain evidence → highest conviction

• Yokogawa (6841.T): Best evidence base. Rolls-Royce SMR is a game-changer — named, contracted, exclusive DPCS supplier for a global fleet. Oil & gas customer base (Aramco, ADNOC, Shell) is deeply documented with multi-billion-dollar frameworks. HIGHEST CONVICTION
• Fuji Electric (6504.T): Strong evidence. Honda IGBT supply is confirmed and meaningful. Bosch SiC JV signals technology credibility. Vestas wind confirms cross-sector power semi demand. HIGH CONVICTION

Market position strong but customer evidence weaker

• TDK (6762.T): Market position is undeniable (#2 MLCC, NdFeB magnets, sensors). But confirmed customers are motorsport-only (Porsche/Nissan Formula E) and a sensor Tier 1 (LEM). No production vehicle OEM named. The Tesla link is inferred, not confirmed. THESIS INTACT but customer evidence is circumstantial
• Hirose (6806.T): Zero confirmed customers is a red flag for portfolio sizing. Products exist for EVs (HVH-280, ZE150HV) but no one publicly admits using them. Tesla teardowns cite TE Connectivity and Aptiv, not Hirose. WEAKEST EVIDENCE — consider reducing weight until customer confirmed

Corrections to previous reports

• JNFL Rokkasho 300-channel panel: Was attributed to Yokogawa — actually belongs to Fuji Electric. Fuji Electric's own product page names JNFL as the customer. Yokogawa's Rokkasho link remains "inferred"
• TDK + Tesla: Was implied as structural. Actually "inferred" — statistical near-certainty from market share but no direct evidence
• Hirose + "top-5 EV connector maker": Market report ranking is real, but no teardown or press release names Hirose in any specific EV. Evidence weaker than framed

Supply Chain Validation Report | 35 links researched, 20 confirmed, 7 probable, 6 inferred (2 debunked attributions corrected)
Generated by JPstock-agent | 2026-04-07 | Sources: Company press releases, IR pages, BusinessWire, HIPA, OSTI, MarketsAndMarkets