Murata Mfg. (6981.T): Conf call takeaways: Abundant factors to accelerate earnings toward 2H; Buy (on CL)

Research evidence excerpt

Murata Mfg. (6981.T): Conf call takeaways: Abundant factors to accelerate earnings toward 2H; Buy (on CL)

Equity Research

22 June 2026 | 8:57PM JST

Murata Mfg. (6981.T): Conf call takeaways: Abundant factors to

accelerate earnings toward 2H; Buy (on CL)

We hosted a conference call on June 22. Key points were as follows. (1) MLCC order Daiki Takayama

+81(3)4587-9870 |

trends/capacity utilization: High-level orders continue, and the BB ratio remains daiki.takayama@gs.com

Goldman Sachs Japan Co., Ltd.

high, similar to the January-March quarter. In addition to strong demand for AI/DC

Mitsuhiro Icho

applications, signs of a recovery are also emerging for automotive applications. +81(3)4587-9836 |

Capacity utilization continues at 90-95%, in line with guidance. (2) MLCC pricing mitsuhiro.x.icho@gs.comGoldman Sachs Japan Co., Ltd.

strategy: Management expects ASP improvements (re-pricing) driven by Makoto Takahara

technological changes for AI/DC applications, but reiterated that it is not considering +81(3)4587-4270makoto.takahara@gs.com|

price hikes on a same-product basis at present. Conditions for future price hikes Goldman Sachs Japan Co., Ltd.

Hidakainclude (A) cases where orders further concentrate on Murata even outside of AI/DC Yuji +81(3)4587-3656 | yuji.hidaka@gs.com

(such as overflow from competitors’ capacity limits or price hikes by other Goldman Sachs Japan Co., Ltd.

companies), and (B) cases of passing on cost increases. (3) AI/DC-related sales: The

company indicated that its FY3/27 annual sales growth plan of +85-90% consists of

+30-40% in volume and +50-60% in mix. (4) MLCC capacity expansion: Estimates

of +10% in FY3/27 and +20-25% in FY3/28 (including +10-15% from additional

expansion) are unchanged, but management’s tone was that it wants to pull this