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SAKURA internet

No base rate yet — 3778.T has 0 graded prints on the record, and the bar is 3.
Ticker
3778.T
Beat
datacenters
Size
Public Company
Researched · Fresh
today

Japan's state-subsidised GPU landlord has finally turned the subsidy into operating profit (Q1 FY3/27 OP ¥1.23B, 11.1% margin, GPU revenue +246%), but the P&L is flattered by METI paying ~39% of FY3/26 capex (mostly GPU kit) through tax-purpose compression, the largest customer is a government institute, and the next leg — a ¥26B Rubin order funded by bank debt against ¥30.8B of equity — is the first big GPU bet the state is NOT visibly co-paying for. At ~100x forward earnings the market prices