Silver Sunrise Euro TMT Daily

Research evidence excerpt

Silver Sunrise Euro TMT Daily

mt. today Jul 1 notified its clients to increase pricing on MLCC, Aluminum and Tantalum capacitors,

which account for around half of revenues. Yesterday the market was also discussing Murata price quote increase on the

Future Electronics website link. Our MLCC thesis is based upon rising structural AI mix leading towards ASP increases, as

Yageo specifically benefits from Tantalum, which is used in power. Thou near-term, share prices may react to real cyclical-

driven price increases. Kanemoto’s recent marketing continued to show a preference for MLCC technology and execution

leader Murata over Taiyo Yuden, as investors await execution, and TDK which is a less direct play. Investors continually

Ibiden multiple, as we believe the market values the name above FY30 OP target Y300bn; as Unimicron remains a favored

name in Taiwan w/ a lower multiple and leads the industry in hiking prices Link

Key Research / Comments

1. Pearson - We forecast H1 organic growth of 4%, small FX upgrade to FY forecasts- Daniel Kerven Read Full Note Here We

leave our underlying forecasts unchanged, but update our model to reflect the latest FX rates. We forecast H1 organic growth

of 4% driven by Virtual Learning (+18%) and ELS (+6%). A&Q growth of 1% is constrained by the New Jersey contract loss

and residual PDRI headwinds from reduced federal spending. English language is also expected to grow by 1% due to

Institutional growth being H2 weighted and tough market conditions for PTE. We expect group growth to accelerate to 6% in

H2 supported by phasing and contract wins, and continue to forecast group organic growth of c.5% for the full year -

consistent with Pearson’s guidance. Our H1 and FY forecast is shown in the table below.