Nuclear Medicine / Fusion | MEDIUM | Weight: 10%
Thesis: Only company with confirmed ITER fusion cryocooler contracts — world's largest cryocooler manufacturer. Also sole Japanese PET cyclotron maker (100+ deliveries) and world-first BNCT cancer treatment (NeuCure). Trading at 0.92x book is a value anomaly given the cryocooler technology moat.
Risk: Nuclear/fusion is a minority of revenue. Low ROE (4.7%) and margins (4.8%) from industrial machinery segments dilute returns.
Monitor: Track BNCT installation announcements and ITER construction milestones. If no progress in 12 months, reduce to 5%.
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Mechatronics | ¥200B | 19% | Cryocoolers (ITER, MRI), injection molding machines |
| Industrial Machinery | ¥350B | 33% | Cyclotrons, accelerators, forging presses |
| Logistics & Construction | ¥280B | 26% | Cranes, excavators |
| Energy & Lifelines | ¥240B | 22% | Power turbines, water treatment |
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| CONFIRMED | ITER Organization | Cryocoolers for fusion reactor cryogenic system | Specified components in ITER procurement |
| CONFIRMED | KEK (J-PARC) | Cryocoolers for particle accelerators | SuperKEKB and J-PARC facilities |
| PROBABLE | GE HealthCare / Siemens MRI | Cryocoolers for MRI superconducting magnets | SHI is world's largest cryocooler maker; GE/Siemens are dominant MRI OEMs |
| Company | Ticker | PE | Fwd PE | ROE | OpM | FCF |
|---|---|---|---|---|---|---|
| IHI Corporation | 7013.T | 28.94 | 28.02 | 23.6% | 9.1% | +¥68B |
| Hitachi | 6501.T | 26.64 | 25.37 | N/A | 11.1% | +¥1,390B |
| Japan Steel Works | 5631.T | 35.28 | 34.31 | 10.5% | 8.4% | -¥19.7B |
| Yokogawa Electric | 6841.T | 24.82 | 20.73 | 12.2% | 14.6% | +¥88B |
| Fuji Electric | 6504.T | 19.62 | 17.13 | 11.8% | 10.3% | +¥51B |
| Kanadevia | 7004.T | 19.62 | 14.09 | 5.8% | 2.0% | -¥12.8B |
| Organo Corporation | 6368.T | 26.42 | 24.47 | 23.5% | 21.4% | +¥19B |
| Kurita Water Industries | 6370.T | 38.22 | 21.67 | 6.8% | 13.7% | +¥25B |
| Sumitomo Heavy Industries | 6302.T | 20.46 | 18.63 | 4.7% | 4.8% | +¥11B |
Generated by JPstock-agent | 2026-04-12 | Full Comparison | Supply Chain Map