Equipment / SMR | MEDIUM | Weight: 10%
Thesis: Holds the most commercially advanced SMR asset globally through GE Hitachi Nuclear Energy (50/50 JV) developing the BWRX-300 — the only SMR with contracted projects (Canada, Poland, US). $40B Japan-US deal earmarks tens of billions for GEH reactors. Digital segment provides growth while nuclear is the optionality.
Risk: Nuclear is a small sub-segment of a ¥10T conglomerate — limited direct earnings leverage. Large-cap (¥21.6T) means nuclear catalysts move the needle slowly.
Monitor: Watch BWRX-300 construction progress at Darlington (Canada). If first SMR connects to grid, major re-rating catalyst.
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Digital Systems & Services | ¥3,500B | 34% | IT, cloud, consulting — highest growth |
| Green Energy & Mobility | ¥3,000B | 29% | Power grids, GEH nuclear JV, rail |
| Connective Industries | ¥3,800B | 37% | Industrial IoT, manufacturing automation |
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| CONFIRMED | GE Vernova (50/50 JV) | BWRX-300 SMR development and deployment | March 2026 MOU for Southeast Asia expansion |
| CONFIRMED | Ontario Power Generation (Canada) | BWRX-300 reactor | Contracted — Darlington site construction started May 2025 |
| CONFIRMED | SaskPower (Canada) | BWRX-300 reactor | LOI for SMR deployment |
| PROBABLE | Southeast Asian utilities | BWRX-300 exploration | March 2026 MOU to explore deployment |
| 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