富士通将军（6755 JP）：收购公告后停止覆盖

Sho Fukuhara * | Equity Analyst813 5251 6156 | sfukuhara@jefferies.comShintaro Yoshida * | Equity Associate+81 3 6830 3644 | syoshida1@jefferies.com Company DescriptionFujitsu GeneralFujitsu General is one of the few profit-making residential air-conditioner makers in Japan. Residential air conditioners account for more thanroughly 3/4 of company-wide sales, and the air-conditioning business contributes 80% of FY3/23 company-wide OP. Despite a roughly 10% volumeshare of the domestic residential air-conditioner market, the company ranks as the second-largest ductless split-type residential air-conditionermaker in Europe and the US.Company Valuation/RisksFujitsu GeneralOur price target is ¥2,000. This is based on an EV/EBITDA of 11.5x, one standard deviation below the average for FY3/22-25 year-to-date, and ourFY3/26 EBITDA forecast. Upside risks to share price performance include improving demand environment for heat-pump heaters in Europe, earlycompletion of channel destocking in the US, a strong JPY against the USD, a weakening THB and CNY against the USD, acceleration in copperprice downtrend, and strong air-conditioning demand. Downside risks are contrary conditions to the aforementioned factors.Analyst Certification:I, Sho Fukuhara, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Shintaro Yoshida, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.Registration of non-US analysts:Sho Fukuhara is employed by Jefferies (Japan) Limited, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Shintaro Yoshida is employed by Jefferies (Japan) Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more withina 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security priceconsistently below $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform ratedsecurities with an average security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/orJefferies policies.CS - Coverage Suspended. Jefferies has suspended coverage of this company.NC - Not covered. Jefferies does not cover this company.Restricted - Describes issuers where, in conjunction with Jefferies engagement in cer