Pre-earnings setup and company-specific points: Spotlight on Ibiden, Murata, Taiyo Yuden, Renesas, Rohm

Research evidence excerpt

Pre-earnings setup and company-specific points: Spotlight on Ibiden, Murata, Taiyo Yuden, Renesas, Rohm

Equity Research

24 July 2026 | 3:31PM JST

JAPAN ELECTRONIC COMPONENTS/SEMICONDUCTORS

Pre-earnings setup and company-specific points: Spotlight on Ibiden,

Murata, Taiyo Yuden, Renesas, Rohm

Overall view: We look at positioning ahead of Apr-Jun earnings announcements and Daiki Takayama

+81(3)4587-9870 |

discussion points for individual companies. Our focus is on how much management daiki.takayama@gs.com

Goldman Sachs Japan Co., Ltd.

commentary will be provided to support earnings expectations for 2H

Mitsuhiro IchoCY26-FY27 and beyond, more so than on actual Apr-Jun results. We believe many +81(3)4587-9836 |

companies will report stronger-than-initially-guided Apr-Jun results and that many mitsuhiro.x.icho@gs.comGoldman Sachs Japan Co., Ltd.

will sound a generally positive tone, pointing to an industry recovery from Jul-Sep Makoto Takahara

onward, a very strong demand outlook for AI/DC, and price stabilization/mix +81(3)4587-4270makoto.takahara@gs.com|

improvement due to tightening supply/demand. Looking at overall sector share price Goldman Sachs Japan Co., Ltd.

Hidakalevels as of July 23, we expect a relatively straightforward positive reaction to Yuji +81(3)4587-3656 | yuji.hidaka@gs.com

favorable news. However, earnings strength will vary by company (on factors such as Goldman Sachs Japan Co., Ltd.

the impact of material costs), and earnings reactions could differ considerably on an

individual basis.

Individual stocks: We have been expanding our list of highlighted stocks on

themes from ABF substrates to MLCCs and then to analog/power

semiconductors, and our bullish stance on these remains unchanged. (1) Ibiden