J.P. Morgan Asia Technology Tracker 15 Jun 26 Samsung Electro-Mechanics; VNET Group; Winbond; Asian MLCC Industry; Murata Manufacturing (6981) and More

研报英文原文证据摘录

J.P. Morgan Asia Technology Tracker 15 Jun 26 Samsung Electro-Mechanics; VNET Group; Winbond; Asian MLCC Industry; Murata Manufacturing (6981) and More

Asia Pacific Equity Research AC Asia Pacific Equity Research

15 June 2026 J P M O R G A N

aprr.publications@jpmorgan.com

Japan Reports/Notes

Murata Manufacturing (6981) (Overweight), Japan

Becoming a top AI stock; raising our price target (Akinori Kanemoto)

We raise our earnings forecasts, raise our end-December 2026 price target from ¥7,000 to ¥15,200, and

maintain our Overweight rating. While we previously expected improved earnings momentum due to supply/

demand constraints for MLCCs, we now expect significantly stronger earnings growth than before on factors

such as faster-than-expected demand growth for MLCCs for AI servers, improved mix and marginal profit

margins on increased demand for cutting-edge products, and a prolonged period of tight supply/demand

due to higher-than-expected demand for AI server applications. Given that the share price rose 2.9x from

April 1 to June 1 (TOPIX +4.2%), we think the pace of share price gains will slow, but if profitability improves

from 2H FY2026 into FY2027, we think the share price could start to rise again.

Taiyo Yuden (6976) (Overweight), Japan

Could become Japan’s top AI stock if execution capabilities improve; raise price target (Akinori

Kanemoto)

We raise our earnings estimates and significantly raise our December 2026 price target to ¥22,500 from

¥9,500, and maintain our Overweight rating. The share price rose 4.5x over the April 1 through June 9

period (TOPIX +4.2% over the same period), so we expect it to trade within a range until earnings boosts

from higher demand for MLCCs used in AI servers, mix improvement and tight supply/demand conditions

are confirmed.