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Data Center Ecosystem

9 companies

SoftBank investing ¥1T+ in DCs (Tomakomai ¥65B, Sharp plant ¥67.6B, IDC Frontier absorbed April 1). AWS ¥2.26T, Microsoft $12.9B, Oracle $8B. Global transformer lead times 128+ weeks. Japan DC electricity to triple by 2034. METI AI/semi budget ¥1.23T (4x previous).

Recent Updates

2026-04-14evolve
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Deep evolve: Meidensha — Numazu expansion confirmed, transformer bottleneck worsening, FY2026 dip guided

Updated: 6508.T

2026-05-03explore
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Added 3 new stocks filling E&C, UPS/power conditioning, and LV distribution layers: Kandenko (1942.T), Fuji Electric (6504.T), Nitto Kogyo (6651.T). All passed anti-pattern and guardrail checks.

Updated: 1942.T, 6504.T, 6651.T

2026-05-19evolve
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Meidensha (6508.T): FY2026 OP ¥27.1B (+35% beat vs guidance). HOLD — earnings strong but valuation at 97th percentile, orders declining.

Updated: 6508.T

2026-05-20evolve
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Fujitsu (6702.T): FY2026 OP +27%, margin first >10%, core FCF +24%. PE re-rated 12.9x→17.95x. HOLD. SWCC (5805.T): FY2026 OP +30.5% (record), FY2027 guided +4.3% — guidance miss, stock -10.7%. Capacity hangover flagged. HOLD.

Updated: 6702.T, 5805.T

2026-05-31evolve
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UPGRADED 9509.T (Hokkaido Electric): Tomari Unit 3 NRA approved, SoftBank DC power confirmed, supply chain filled (0→3 entries), conviction raised to MEDIUM-HIGH

Updated: 9509.T

Supply Chain Map

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Peer Comparison

CompanyTickerConvPEFwd PEP/BROEOp MarginD/EYieldFCF
Fujitsu6702.THIGH17.9518.123.715.8%11.2%7.0%1.79%+¥290B
Meidensha Corporation6508.THIGH17.79~19.5x (on FY2027 OP +6.9% guidance)2.23~18.5%8.3%31.8%1.6%N/A
SoftBank Corp9434.TMEDIUM-HIGH18.817.53.5117.42%14.76%306.0%4.16%+¥600B (adjusted FCF, FY2025)
SWCC Corporation5805.TMEDIUM22.218.63.9218.1%9.84%49.0%1.61%+¥11.1B
DAIKIN INDUSTRIES6367.TLOW25.1623.482.19.26%8.7%76.0%1.55%N/A
Hokkaido Electric Power9509.TMEDIUM-HIGH4.556.740.4610.6%7.2%417.0%2.4%N/A
Kandenko Co.1942.THIGH14—1.310.5%9.0%N/AN/AN/A
Fuji Electric Co.6504.THIGH19—2.113.1%11.1%N/AN/A+¥51B
Nitto Kogyo Corp.6651.TMEDIUM16—1.3810.8%10.6%N/A3.1%N/A

Companies

Fujitsu

6702.THIGH

Core

10%

FY2026 results confirmed structural improvement: adj. OP +27.1% to ¥390.5B, adj. margin 11.2% (first time >10% in history), core FCF +24.1% to ¥290B. ...

confirmedNVIDIAconfirmedRIKEN (Japan)confirmedNEDO / METI (Japan government)+2 more

Meidensha Corporation

6508.THIGH

Core

12%

Direct transformer bottleneck play. Power transformer lead times at 128+ weeks. FY2026 actuals (Mar 2026): Revenue ¥326.2B (+8.3%), OP ¥27.1B (+26.1% ...

confirmedTEPCO / Japanese utilitiesconfirmedUS utilities (via Meiden America)probableJapan data center grid (indirect)

SoftBank Corp

9434.TMEDIUM-HIGH

Core

8%

UPGRADED — Japan sovereign AI infrastructure platform. FY2025 record: Revenue ¥7.04T (+8%), NI ¥550.8B (+5%), FCF >¥600B — all four targets beaten (af...

confirmedNVIDIAconfirmedOracleconfirmedOpenAI (via SB OAI Japan JV)+4 more

SWCC Corporation

5805.TMEDIUM

Satellite

8%

Japan's aging grid replacement oligopoly (3 domestic players capable of 275kV XLPE cable). FY2026: Revenue +16.8% to ¥277.74B, OP +30.5% to ¥27.32B (r...

confirmedJapanese power utilities (TEPCO, KEPCO, CEPCO et al.)confirmedData centers / AI hyperscalersconfirmedSemiconductor equipment / EV (via TOTOKU)+1 more

DAIKIN INDUSTRIES

6367.TLOW

Satellite

5%

Global #1 HVAC maker that assembled a full end-to-end AI data center cooling stack in 12 months: DDC Solutions (rack cabinets, Aug 2025) + Chilldyne (...

confirmedDelta ElectronicsconfirmedChilldyne (wholly-owned subsidiary)confirmedDDC Solutions (wholly-owned subsidiary)

Hokkaido Electric Power

9509.TMEDIUM-HIGH

Tactical

5%

MONITORING TRIGGER HIT: Tomari Unit 3 NRA safety review approved July 30, 2025 — Japan's nuclear regulator formally cleared the 912MW reactor after 12...

confirmedSoftBank Corp (IDC Frontier)probableRapidus CorporationconfirmedHokkaido Data Center Ecosystem (multiple operators)

Kandenko Co.

1942.THIGH

Satellite

8%

Japan's largest independent electrical construction contractor — the licensed-labor bottleneck for DC builds. DC and semiconductor factory orders reac...

confirmedTEPCO and major Kanto utilitiesprobableJapan hyperscale DC developers (NTT, SoftBank, Equinix, IIJ)probableSemiconductor fabs (TSMC Kumamoto, domestic chipmakers)

Fuji Electric Co.

6504.THIGH

Core

10%

Japan's dominant UPS and power conditioning supplier — the critical missing layer between the transformer (Meidensha) and the server rack. 40% Japan d...

confirmedJapan data center operators (NTT, SoftBank, hyperscalers)probableJapan semiconductor fabs (TSMC Kumamoto, Rapidus Chitose)confirmedJapan utilities and grid operators

Nitto Kogyo Corp.

6651.TMEDIUM

Satellite

5%

Japan's #1 cabinet and #2 distribution board maker — the LV distribution layer supplying every data center electrical room. OCP Silver Member and co-e...

confirmedOCP ecosystem / hyperscale DC operators (via ORv3 standard)probableJapan DC construction supply chain (via Kandenko, Kyudenko, electrical contractors)confirmedSeismic-certified DC operators in Japan