Murata Mfg Now Our Top Pick, Lowering Taiyo Yuden to UW

研报英文原文证据摘录

Murata Mfg Now Our Top Pick, Lowering Taiyo Yuden to UW

Japan Insight

June 16, 2026 08:39 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MElectronic Components Shoji Sato

Equity Analyst

Murata Mfg Now Our Top Pick, Shoji.Sato@morganstanleymufg.comSota Harashima +81 3 6836-8404

Sota.Harashima@morganstanleymufg.com +81 3 6836-8897

Lowering Taiyo Yuden to UW

We expect 3-yr CAGR of demand for high value-added MLCCs in

AI and data center applications of ~100%. We think Murata Mfg

will benefit the most from increased demand and product mix Electronic Components

improvement, while Taiyo Yuden may only see modest benefits Japan

Industry View In-Line

from improved mix driven by compact larger-capacity products.

What’s Changed

Murata Manufacturing

Key Takeaways (6981.T) From To

Price Target ¥5,100 ¥12,500

We forecast 3-year global MLCC demand CAGR at 18.2%, with 100% CAGR for Top Pick 6762.T 6981.T

high value-added compact products with large capacity for AI & data center use.

Taiyo Yuden (6976.T) From To

Murata (No.1 global share for MLCCs at 40.8% in 2025) benefits the most from Rating Equal-weight Underweight

rising demand for high value-added products in AI & data center applications. Price Target ¥4,700 ¥12,500

Taiyo Yuden (No.3 global share for MLCCs at 11.3% in 2025) is likely to see only

modest benefits from improved product mix driven by compact products with

larger capacity, despite the prospect of steady rise in MLCC sales and profits.

Reiterating OW for Murata Mfg as Top Pick, lowering Taiyo Yuden to UW: For

Murata, we boost our forecasts and DCF-based PT from ¥5,100 to ¥12,500. While

the share price has already increased 210% thus far in 2026, we see room for an

additional 24% increase and reiterate our OW rating as our Top Pick. For Taiyo