Taiyo Yuden (6976) Small IR meeting: Discusses business opportunities for AI server applications

Research evidence excerpt

Taiyo Yuden (6976) Small IR meeting: Discusses business opportunities for AI server applications

J P M O R G A N Asia Pacific Equity Research

22 May 2026

Taiyo Yuden (6976) Overweight

6976.T, 6976 JP

Small IR meeting: Discusses business opportunities for Price (21 May 26):¥8,145

AI server applications Price Target (Dec-26):¥9,500

We attended a small meeting for sell-side analysts with CEO Katsuya Sase at 15:00 Japan Equity Research

JST on May 21. Discussions focused on the company’s competitiveness and

Technology - Electronic

market share in MLCCs and inductors for AI servers, as well as future business Components

opportunities. Some stock market participants argue that Taiyo Yuden will not AC Akinori Kanemoto

benefit from demand growth for AI server applications to the same extent as others,

(81-3) 6736 8628

but the company counters this, saying it is fully prepared in terms of its products. akinori.kanemoto@jpmorgan.com

The company also noted that it expects multilayer MCOIL sales to rise from 2H Ikki Shibata

FY2027 through FY2028. While not as large as the biggest manufacturers, we (81-3) 6736 8641

believe that Taiyo Yuden also stands to benefit fully from AI server demand ikki.shibata@jpmorgan.com

growth, and maintain our bullish position on a medium-term view. JPMorgan Securities Japan Co., Ltd.

Business opportunities for MLCCs used in AI servers

• (1) Server applications accounted for around 9% of sales in FY2025 (about 7%

on an all-company basis, but mostly MLCCs). The company only counts logic

boards, and does not include peripheral switches for servers or memory

applications. Its market share appears low at first glance because of differences

in definitions with other companies in the industry, but management estimates