Electronic Components Sector Component Data Deposition: METI production statistics (electronic components, semiconductors) for Mar 2026: ABF substrate still strong, Si MOSFETs trending up

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Electronic Components Sector Component Data Deposition: METI production statistics (electronic components, semiconductors) for Mar 2026: ABF substrate still strong, Si MOSFETs trending up

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

20 May 2026

Electronic Components Sector

Component Data Deposition: METI production statistics

(electronic components, semiconductors) for Mar 2026:

ABF substrate still strong, Si MOSFETs trending up

METI released March 2026 production statistics on May 19. March domestic Japan Equity Research

production was slightly higher than the seasonal average for both electronic

Technology - Electronic

components and semiconductors. Looking at electronic components, among Components

passive components, excluding the impact of the weaker yen, the stagnation in AC Akinori Kanemoto

MLCC production that started in 2H 2025 continued while production of other

(81-3) 6736 8628

passive components appeared steady. On the other hand, production of ABF akinori.kanemoto@jpmorgan.com

substrates (rigid module substrates) was strong, which is positive for Ibiden. We Ikki Shibata

forecast Si MOSFET production will continue to grow strongly YoY and demand (81-3) 6736 8641

for low- and medium-voltage products for AI servers will expand. Murata ikki.shibata@jpmorgan.com

Manufacturing and Taiyo Yuden remain our top picks in the electronic components JPMorgan Securities Japan Co., Ltd.

sector after 4Q results announcements.

• Our view: Production of both electronic components and semiconductors was

in line with the seasonal average (growth MoM) for the past 20 years. Rigid

module substrates (including ABF substrates), memory, and Si MOSFETs

were strong. Passive components declined on a YoY basis, mainly MLCCs,

filters, and front-end modules (composite components).