Asian MLCC Industry Introducing our long-term S&D model with a multi-year bullish view; prefer JP/TW names over KR

研报英文原文证据摘录

Asian MLCC Industry Introducing our long-term S&D model with a multi-year bullish view; prefer JP/TW names over KR

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

12 June 2026

Asian MLCC Industry

Introducing our long-term S&D model with a multi-year

bullish view; prefer JP/TW names over KR

• We introduce our MLCC S-D model which predicts a supply shortage Technology - Semiconductors

AC view through 2028E. Our Global MLCC S-D model includes historical Jay Kwon

updates and a forward three-year outlook. We forecast S-D shortage mainly (82-2) 758-5725

propelled by server compute demand growth and unique capacity constraint jay.h.kwon@jpmorgan.com

factors. We expect the degree of tightness in the 26-28E cycle (from 10% over- J.P.BranchMorgan Securities (Far East) Limited, Seoul

supply in 25 to 6% shortage by 28E) to be slightly worse than that of the 2017- AC Akinori Kanemoto

18 cycle (leading supplier’s end-of-life program led a procurement demand (81-3) 6736 8628

spike amid first cloud capex and then first-gen EV demand take-off cycle) and akinori.kanemoto@jpmorgan.com

estimate high-50% ASP growth during the same period (similar range of JPMorgan Securities Japan Co., Ltd.

growth to that of the 2016-18 cycle). Jerry Tsai AC

• Server compute drivers’ TAM expansion. Server is the single most (886-2)jerry.tsai@jpmorgan.com2725-9867

important application in the MLCC industry which has seen a sharp surge in J.P. Morgan Securities (Taiwan) Limited

customer capacity allocation requests (both AI and GP server demand) and we Sangsik Lee

have also seen relatively resilient automotive MLCC demand. While consumer (82-2) 758 5146

electronics’ end demand remains challenging, procurement activities are sangsik.lee@jpmorgan.com

slightly different as customers (incl.