Equipment / SMR | MEDIUM | Weight: 10%
Thesis: Japan's most direct SMR supply chain play: X-energy partnership (Mar 2026) positions IHI to supply fabricated nuclear components into the US market. NuScale investor ($20M) and preferred manufacturer. Aero engine segment (GE/P&W JVs) provides high-margin earnings base while nuclear optionality is largely unpriced.
Risk: SMR timelines uncertain. Stock +145% in 52 weeks — good news may be priced in. Aero segment exposed to PW1100G engine inspection costs.
Monitor: If X-energy or NuScale reach construction milestones, increase. If stock corrects >20%, consider adding.
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Aero, Space & Defense | ¥556B | 34% | Jet engines (GE/P&W JVs), GCAP fighter engine, rocket motors |
| Resources, Energy & Environment | ¥411B | 25% | Nuclear components, boilers, carbon solutions |
| Industrial Systems | ¥485B | 30% | Engines, industrial equipment |
| Social Infrastructure | ¥162B | 10% | Bridges, water gates |
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| CONFIRMED | X-energy | SMR component fabrication | MOU signed March 2026 for US-Japan SMR supply chain |
| CONFIRMED | NuScale Power | SMR preferred manufacturer | $20M investment + JNI JV with JGC |
| CONFIRMED | GE Vernova | Aero engine JV partner | Long-standing CF34/GEnx engine programs |
| PROBABLE | Japanese nuclear utilities | Reactor vessels, containment | Historical domestic nuclear supplier |
| 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