Electronic components: our view of historic stock rally

研报英文原文证据摘录

Electronic components: our view of historic stock rally

9 June 2026

Mizuho Securities Equity Research Electronic Components

Industry Overview

Sticking to “Plan A” on prospect of multiple positive developments

Senior Analyst: Summary: Maintaining our bullish stance for a while longer

Fumihide Goto Share prices in the electronic components sector have experienced an

+81 3 6202 8259 unprecedented surge since April through early June (see Figures 1–3). While

fumihide.goto@mizuho-sc.com we anticipate short-term downward pressure as investors lock in profits, we

will likely need to consider our sector stance once that has happened. First, we

briefly summarize our thoughts as things stand. In short, we intend to maintain

our bullish stance on the sector for a while longer and highlight the following

key points.

1) While there is a possibility that fundamentals and market expectations

overshoot and ultimately lead to a cyclical correction, fundamentals are

currently strong, so we think market expectations are likely to remain intact

for the time being. Valuation metrics are rising, but we expect them to stay

stretched for a while longer.

2) Going forward, we will be keeping a close eye on the pace of demand

growth, especially in AI-related fields, through various monthly data and

quarterly earnings announcements. We think investors should be quick to

brace for a cyclical correction in the event that demand growth seems to be

falling short of expectations.

3) Even if a cyclical correction materializes, we expect the electronic

components sector’s medium-term uptrend to remain intact driven by structural

growth factors (support/replacement of human functions, making overall

society more efficient, and environmental protection). Accordingly, if sector