Three Actionable Ideas

研报英文原文证据摘录

Three Actionable Ideas

Idea

June 21, 2026 10:00 PM GMTM

Asia | Asia Pacific Morgan Stanley Asia Limited+ Samuel Lee, CFA

Equity Strategist

Three Actionable Ideas Samuel.Sw.Lee@morganstanley.comHozefa Topiwalla +852 2239-1862

Hozefa.Topiwalla@morganstanley.com +852 2848-6595

Murata Manufacturing – OW | Sumitomo Mitsui FG – OW | Doosan Enerbility – OW

OW – Murata Manufacturing (6981.T): We expect a 3-year demand CAGR 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 improvement. Our new

Top Pick.

OW – Sumitomo Mitsui FG (8316.T): Expectations for bank earnings continue to improve, supported by rising terminal rate

expectations and resilient corporate earnings. Potential earnings upgrades and stronger shareholder returns should serve as

catalysts.

OW – Doosan Enerbility (034020.KS): The recent pullback looks more like a catalyst vacuum than a thesis break. With a more

visible 2H26 watchlist across nuclear and SMR, we think the stock is worth revisiting. Reiterate OW. Latest closing prices as of June 19, 2026: Murata

Manufacturing (6981.T): ¥11,750; Sumitomo

Links to reports:

Mitsui FG (8316.T): ¥6,482; Doosan Enerbility

Electronic Components: Murata Mfg Now Our Top Pick, Lowering Taiyo Yuden to UW (16 Jun 2026)

(034020.KS): W97,900.

Banks: Continue to Favor Bank Stocks in Positive Cycle for Earnings and Returns (16 Jun 2026)

Doosan Enerbility: Re-entering the Catalyst Window (16 Jun 2026)

Exhibit 1: Performance summary

As of June 16 Absolute Relative*

No. of ideas 1509

Cumulative Outperformance (bps) 8,955

Avg holding period total return 4.3% 2.0% Morgan Stanley does and seeks to do business with