MLCC "UBS Evidence Lab Inside: inventory value up slightly" Hirata

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MLCC "UBS Evidence Lab Inside: inventory value up slightly" Hirata

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MLCC Equities

JapanUBS Evidence Lab Inside: inventory value up

slightly Electric Components & Equipment

Shingo Hirata, CFA

Analyst

shingo.hirata@ubs.com

Inventory volume flat in past four weeks, but inventory value up slightly +81-3-5208 6224

In the upgraded version of UBS Evidence Lab Electronics Distributor Inventory Monitor Jimmy Yoon

(>Access Dataset), we track inventory levels and price trends of over 100 distributors Analyst

worldwide (whereas our previous data tracked only one US distributor) from September jimmy.yoon@ubs.com

2021. The latest dataset runs through 9 May. As of 9 May, MLCC distributor inventory +65-6495 4617

volume was roughly flat (-1%) versus four weeks prior (11 April) (Figure 1). However, Nicolas Gaudois

inventory value rose slightly (+2%). Growth in consumer goods demand and the unit Analyst

price index (+2%) may have been factors driving up inventory value. Some articles (link) nicolas.gaudois@ubs.com

report that major MLCC manufacturers are prioritising production capacity allocation for +65-6495 5148

AI-related applications, raising concerns about potential supply constraints for Timothy Arcuri

consumer goods, and that distributors are proactively increasing inventory levels. Analyst

timothy.arcuri@ubs.com

Inventory movements at each distributor roughly in line with the overall trend +1-415-352 5676

Looking at inventory volume (as of 9 May), relative to four weeks prior (11 April), Murata Francois-Xavier Bouvignies

was -3%, SEMCO was +3%, Yageo was -3%, TDK was -7%, and Taiyo Yuden was -1%. Analyst

In terms of inventory value, Murata was +4%, SEMCO was +5%, Yageo was +7%, TDK francois.bouvignies@ubs.com