Fujitsu's Sustainability Management Takashi Yamanishi © 2025 Fujitsu Limited Takashi Yamanishi Corporate Executive Officer, EVP, CSSO (Chief Sustainability & Supply Chain Officer) April 1989 Joined Fujitsu Corporate Executive Officer, EVP, CSSO (Chief Sustainability & Supply Chain Officer) Fujitsu Limited December 15, 2025 © 2025 Fujitsu Limited 1 Vice President, LSI and Electronic Component Procurement Division, Procurement Unit April 2010 January 2019 Head of Procurement Unit Corporate Executive Officer E ...

Market Capitalization Trends - The combined market capitalization of eight of India's ten most-valued companies fell by Rs 79,129.21 crore last week, reflecting a broadly weak trend in equities [4][6] - The BSE benchmark index dropped by 444.71 points, or 0.51%, during the same period [4][6] Major Losers - Bajaj Finance experienced the largest decline, with a market cap drop of Rs 19,289.7 crore, bringing its valuation to Rs 6,33,106.69 crore [4][6] - ICICI Bank followed closely, losing Rs 18,516.31 crore, resulting in a valuation of Rs 9,76,668.15 crore [4][6] - Other significant losses included Bharti Airtel (down Rs 13,884.63 crore to Rs 11,87,948.11 crore), State Bank of India (down Rs 7,846.02 crore to Rs 8,88,816.17 crore), Infosys (down Rs 7,145.95 crore to Rs 6,64,220.58 crore), TCS (down Rs 6,783.92 crore to Rs 11,65,078.45 crore), and HDFC Bank (down Rs 4,460.93 crore to Rs 15,38,558.71 crore) [4][6] Major Gainers - In contrast, Reliance Industries added Rs 20,434.03 crore to reach a market cap of Rs 21,05,652.74 crore, maintaining its position as India's most valuable company [5][6] - Larsen & Toubro also saw gains, increasing by Rs 4,910.82 crore to a valuation of Rs 5,60,370.38 crore [5][6] Company Rankings - The current ranking of India's most valuable companies is led by Reliance Industries, followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Larsen & Toubro, and LIC [5][6]

Market Valuation Summary - The combined market valuation of eight of the top-10 most valued domestic firms decreased by ₹79,129.21 crore last week, with Bajaj Finance and ICICI Bank experiencing the largest declines [1] - The BSE benchmark index fell by 444.71 points or 0.51 percent during the same period [1] Individual Company Performance - Bajaj Finance's market capitalization dropped by ₹19,289.7 crore to ₹6,33,106.69 crore [2] - ICICI Bank's valuation decreased by ₹18,516.31 crore to ₹9,76,668.15 crore [2] - Bharti Airtel's market capitalization fell by ₹13,884.63 crore to ₹11,87,948.11 crore [3] - State Bank of India's valuation diminished by ₹7,846.02 crore to ₹8,88,816.17 crore [3] - Infosys lost ₹7,145.95 crore, bringing its market valuation to ₹6,64,220.58 crore [3] - Tata Consultancy Services (TCS) saw a decline of ₹6,783.92 crore to ₹11,65,078.45 crore [3] - HDFC Bank's market capitalization dipped by ₹4,460.93 crore to ₹15,38,558.71 crore [3] - Life Insurance Corporation of India (LIC) experienced a valuation erosion of ₹1,201.75 crore to ₹5,48,820.05 crore [3] Gainers in the Market - Reliance Industries' market capitalization increased by ₹20,434.03 crore to ₹21,05,652.74 crore, maintaining its position as the most valued firm [4] - Larsen & Toubro's valuation rose by ₹4,910.82 crore to ₹5,60,370.38 crore [4]

Market Overview - The BSE benchmark index declined by 444.71 points or 0.51 percent last week [1][7] - The combined market valuation of eight of the top-10 most valued domestic firms eroded by Rs 79,129.21 crore amid a largely bearish trend in equities [7] Company Valuations - Bajaj Finance's market capitalisation dropped by Rs 19,289.7 crore to Rs 6,33,106.69 crore [7] - ICICI Bank's valuation tumbled by Rs 18,516.31 crore to Rs 9,76,668.15 crore [4][7] - Bharti Airtel's market capitalisation tanked by Rs 13,884.63 crore to Rs 11,87,948.11 crore [5][7] - State Bank of India's valuation diminished by Rs 7,846.02 crore to Rs 8,88,816.17 crore [5][7] - Infosys lost Rs 7,145.95 crore from its market valuation, which stood at Rs 6,64,220.58 crore [6][7] - TCS's market capitalisation declined by Rs 6,783.92 crore to Rs 11,65,078.45 crore [6][7] - HDFC Bank's valuation dipped by Rs 4,460.93 crore to Rs 15,38,558.71 crore [6][7] - LIC's valuation eroded by Rs 1,201.75 crore to Rs 5,48,820.05 crore [6][7] - Reliance Industries' market capitalisation increased by Rs 20,434.03 crore to Rs 21,05,652.74 crore, maintaining its position as the most valued firm [7] - Larsen & Toubro added Rs 4,910.82 crore, taking its valuation to Rs 5,60,370.38 crore [6][7] Top Valued Firms - Reliance Industries remains the most valued firm, followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Larsen & Toubro, and LIC [7]

Core Viewpoint - Super Micro Computer Inc. is viewed as a strong player in the AI sector despite facing challenges such as disappointing fiscal results and significant short selling of its shares [1][3]. Company Performance - Supermicro's stock has seen a remarkable increase of 3,096% from August 2019 to August 2024, with revenues growing from $1.467 billion in 2014 to an estimated $14.940 billion in 2024 [5][6]. - The company reported a revenue growth of over 385% and a net income increase of over 1,085% over the past decade, despite a minor revenue contraction of 4.6% in 2020 [6]. Industry Context - The global IT services industry is projected to grow from $1.420 trillion to $1.879 trillion by 2029, representing a market increase of 32.32%, driven largely by AI demand [8]. - Supermicro is well-positioned to benefit from this growth, with over half of its revenue generated outside the United States [8]. Strategic Initiatives - Supermicro is expanding its manufacturing capacity in the U.S., Taiwan, and Europe to meet increasing demand, particularly for liquid-cooled data center solutions [3]. - The company aims to reduce its gross margins from 18.1% to 14.2% to increase production capacity for AI-related server solutions [9]. Future Projections - Analysts project Supermicro's stock price to reach $52.04 by the end of 2025, reflecting a 53% increase from current levels, with further growth expected in subsequent years [11][12]. - Revenue and net income are expected to rise significantly, with projections of $28.265 billion in revenue and $1.974 billion in net income for 2025 [12]. Price Target Potential - The projected stock prices for Supermicro indicate substantial upside potential, with estimates reaching $116.60 by 2030, representing a 242% increase from current prices [16].

Core Insights - Accenture plc (ACN) is scheduled to report its first-quarter fiscal 2026 results on December 18, with earnings expected at $3.74 per share, indicating a 4.2% growth year-over-year, and revenues projected at $18.6 billion, reflecting a 4.9% increase from the previous year [1][9]. Earnings Estimates - The Zacks Consensus Estimate for earnings has seen two upward revisions in the last 60 days, indicating increased analyst confidence, with no downward revisions during this period [2]. - Accenture has surpassed the Zacks Consensus Estimate in three of the last four quarters, with an average surprise of 3.2% [3]. Earnings Prediction Model - The current Earnings ESP for Accenture is -1.53%, and it holds a Zacks Rank of 3 (Hold), suggesting a lower likelihood of an earnings beat this quarter [4][5]. Revenue Growth Drivers - Revenue from the Americas is expected to grow by 4.2% to $9.1 billion, driven by sectors such as Banking and Capital Markets, industrials, and Software and Platforms [6]. - EMEA region revenues are projected to reach $6.7 billion, a 4.6% increase, supported by growth in insurance, utilities, consumer goods, life sciences, and retail and travel services [7]. - Asia Pacific revenues are anticipated to rise by 3.7% to $2.6 billion, with growth attributed to Banking and Capital Markets, Public Services, and Utilities [8]. Stock Performance - Over the past year, Accenture's shares have declined by 23%, underperforming its industry, which saw a 16.7% dip, and the Zacks S&P 500 composite, which rose by 17.6% [10]. - In the last six months, the stock has decreased by 12.2%, compared to a 5.2% decline in the industry and an 18.7% increase in the Zacks S&P 500 composite [13]. Valuation Metrics - Accenture's trailing 12-month price-to-earnings ratio stands at 19.23X, lower than the industry average of 25.31X, but higher than peers Cognizant Technology Solutions and Genpact, which have P/E ratios of 15.02X and 12.16X, respectively [14]. Business Considerations - The managed services segment is expected to grow by 2.3% year-over-year in Q1 fiscal 2026, driven by demand for modernization, application maintenance, cloud enablement, and cybersecurity-as-a-service [18]. - Accenture maintains a strong liquidity position with cash and equivalents of $11.5 billion and current debt of $114 million, resulting in a current ratio of 1.42 [19]. - The company has pursued an aggressive acquisition strategy, completing 23 acquisitions for $1.5 billion in fiscal 2025, including the recent acquisition of RANGR Data to enhance engineering capabilities [20]. Challenges - The aggressive acquisition strategy poses integration risks that may hinder long-term organic growth [21]. - Rising talent costs due to a competitive market and reduced reliance on Accenture's services due to advancements in AI present additional challenges [21][23].

Core Viewpoint - CSPi is set to release its fiscal 2025 fourth quarter and full year financial results on December 16, 2025, before the market opens [1] Company Summary - CSPi is recognized as an award-winning provider of security and packet capture products, managed IT and professional services, and technology solutions [1] - The announcement was made by CSPi's President and CEO Victor Dellovo, along with CFO Gary W. [1]

Core Insights - Hewlett Packard Enterprise Company (NYSE:HPE) is recognized as one of the 11 Best Low Priced Dividend Stocks to Buy according to analysts [1] - Argus has raised its price target for HPE from $25 to $30 while maintaining a Buy rating, citing temporary softness in server sales and potential growth in the AI market [2] - HPE reported Q4 2025 revenues of $9.7 billion, a 14% increase year-over-year, with an annualized revenue run rate of $3.2 billion, reflecting a 63% increase from the previous year [3] Financial Performance - The company demonstrated improved cash generation with operating cash flow rising to $2.5 billion and free cash flow reaching $1.9 billion [4] - HPE returned $271 million to shareholders through dividends and buybacks [4] Strategic Developments - HPE and Nvidia launched a new AI factory lab in Grenoble, France, aimed at helping customers test and validate performance on EU-based infrastructure [5] - The partnership expanded AI factory offerings to include HPE Junior Networking on-ramp and data center interconnection solutions [5] Company Overview - HPE is a global IT provider known for its servers, storage systems, networking solutions, hybrid-cloud offerings, and consulting services [6]

Group 1: Banking Industry Changes - High street lenders are reverting to mandatory physical meetings for account openings due to rising identity fraud and mule account challenges [2][16][18] - This shift aims to foster closer relationships with customers, enhancing account profitability through face-to-face interactions [2][18] - The move represents a significant reversal from previous investments in digital onboarding processes, which utilized Aadhaar and video KYC [6][18] Group 2: Cognizant's AI Growth Strategy - Cognizant is entering a "breakaway" growth phase driven by AI, focusing on generative and agentic AI capabilities [8][18] - The company anticipates improved demand for technology services by 2026 as clients recalibrate their spending towards AI [8][18] - Cognizant plans to pursue a secondary listing in the Indian public market to connect with new investors [10][18] Group 3: Harness Funding and Growth Plans - Harness has secured $240 million in funding, positioning itself for cash flow positivity and aiming for $250 million in annualized recurring revenue by 2025 [12][13][18] - The company is aggressively hiring in India, with plans to increase its workforce to 600-700 employees by the end of 2025 [15][18] - Harness's valuation reached $5.5 billion following the funding round, indicating strong investor confidence [15][18] Group 4: Honasa Consumer's Expansion - Honasa Consumer has acquired a 95% stake in BTM Ventures for Rs 195 crore, entering the men's grooming market [16][18] - The company plans to acquire the remaining stake next year, indicating a strategic expansion in its product offerings [16][18]

Core Insights - Cognizant is entering an AI-linked 'breakaway' growth phase, moving away from a linear business model tied to the number of engineers deployed on projects [2][12] - The company reported full-year revenues of $19.7 billion in 2024, slightly ahead of Infosys [3][12] - Cognizant is exploring options for a secondary listing in India to attract new investors [3][12] Job Creation and Economic Impact - Cognizant aims to create 25 million formal jobs annually to achieve a per capita income of $15,000 to $20,000, contributing to the goal of a $30 trillion economy by 2047 [4][12] - The company is investing ₹1,600 crore in a new campus in Visakhapatnam, expected to create 8,000 to 10,000 jobs [11][12] - Cognizant's strategy includes building campuses rather than leasing buildings, with an investment of $100-200 million for every 10,000 jobs created [4][12] Technology and Client Spending - Clients are recalibrating technology spending around generative and agentic AI, with expectations for increased demand by 2026 [2][12] - Cognizant noted that 30% of its code is AI-based, reflecting a shift towards integrating technology with job creation [5][12] - Despite the shift to AI, clients are not reducing tech spending but reallocating savings to build agentic capital [6][12] Workforce and Productivity - Cognizant added 20,000 freshers to its workforce this year, achieving a 37% productivity lift at the bottom of the pyramid compared to 17% at the top [8][12] - The transition from classical software to agentic AI-led work is expected to require more human capital, contrary to fears of job losses in the IT services sector [7][12] Strategic Acquisitions and Partnerships - Cognizant allocates 50% of its cash flow to identify strategic acquisition opportunities to fill gaps in its business [9][12] - The company views itself as a platform for service companies and will continue to seek strategic opportunities [9][12] - Kumar commented on TCS's $2 billion joint venture with TPG for data centers, noting it as an interesting opportunity but did not confirm similar plans for Cognizant [10][12]