Electronic Components Sector Asia Marketing Feedback

研报英文原文证据摘录

Electronic Components Sector Asia Marketing Feedback

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

30 June 2026

Electronic Components Sector

Asia Marketing Feedback

We visited investors in Hong Kong and Singapore from June 22 to 26. At most of Japan Equity Research

the meetings, questions were focused on passive component makers, particularly

Technology - Electronic

those whose operations center on MLCCs (Murata Manufacturing, TDK, Taiyo Components

Yuden, Nichicon, Nippon Chemi-Con). Other companies that investors asked a lot AC Akinori Kanemoto

of questions about included Ibiden, Rohm, MinebeaMitsumi, Alps Alpine, and

(81-3) 6736 8628

Hirose Electric. In addition, we received many questions from hedge fund akinori.kanemoto@jpmorgan.com

investors about short ideas. Since April, there has been an increase in the number Ikki Shibata

of electronic components sector stocks whose valuations have risen significantly (81-3) 6736 8641

above historical levels. Investors appear to be divided on whether to view this as ikki.shibata@jpmorgan.com

a new normal driven by AI server demand or simply a case of overvaluation. JPMorgan Securities Japan Co., Ltd.

Passive components, MLCCs (Murata, TDK, Taiyo Yuden, Nichicon, Nippon

Chemi-Con)

• The share prices of passive component companies (makers of MLCCs,

aluminum electrolytic capacitors, crystal devices, etc.) have risen sharply since

April amid expectations of growth in AI server-related demand. Investor

interest in these stocks remains high. On the other hand, there are many

investors who claim that the sharp rise in share prices has made it difficult to

discern what the actual market consensus is. In particular, the share prices of

Taiyo Yuden, Nichicon, and Nippon Chemi-Con have risen, but their quarterly