Fujikura Ltd

5803: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Fujikura: Concentrated AI Capex Cycle Bet Leaves Little Room for Error; Shares Overvalued

Ahmad Halim

Aug 27, 2026

We initiate coverage on Japanese cable manufacturer Fujikura. It is a top-tier fiber-optic cable and connectivity supplier to hyperscalers, and it also operates a smaller wire-harness business. It will spend JPY 530 billion in capex from fiscal 2026-28, up from JPY 100 billion in the prior period.

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Fujikura Ltd

Fujikura: Concentrated AI Capex Cycle Bet Leaves Little Room for Error; Shares Overvalued

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