Results Briefing: AI Sales Growth to Accelerate on New Plant Launch and CPO Contribution

Goldman Sachs reiterates a Buy rating on MARUWA following its results briefing, highlighting conservative guidance and an expected acceleration in AI-related sales from 2H FY3/27.

Key Takeaways

• 1.MARUWA expects an acceleration in AI-related sales growth starting in the second half of FY3/27, driven by new production capacity and next-generation products.
• 2.The company is positioned as a primary supplier for Co-Packaged Optics (CPO) products, with a ramp-up expected to begin in 2H3/27 and reach full scale by FY3/28.
• 3.Company guidance for FY3/27 is considered conservative by analysts, particularly regarding operating profit targets and telecommunication application sales.

Table of Contents

• Results briefing: AI sales growth to accelerate from 2H on new plant launch + expanding CPO contribution; Buy
• Investment Thesis - MARUWA
• Price Target Risks and Methodology - MARUWA
• Disclosure Appendix
• Ratings, coverage universe and related definitions

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