Investor Visits in Singapore & Hong Kong

研报英文原文证据摘录

Investor Visits in Singapore & Hong Kong

Update

June 28, 2026 07:18 PM GMT

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

Equity Analyst

Investor Visits in Singapore & Shoji.Sato@morganstanleymufg.comSota Harashima +81 3 6836-8404

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

Hong Kong

We held 31 one-on-one meetings with institutional investors in

Singapore and Hong Kong during June 22–26, and a group lunch

meeting with institutional investors in both Singapore and Hong Electronic Components

Kong, mainly discussing MLCCs and ABF package substrates. Japan

Industry View In-Line

Key Takeaways

We expect Murata Mfg's MLCCs to continue to see ASP growth driven by

improvements and changes in product mix; our rating remains OW.

The gap in corporate value between companies that implement price hikes

readily and those that continuously enhance product competitiveness is likely to

become more pronounced

While we expect Ibiden to continue expanding earnings, market consensus

appears too high. Our rating remains UW.

Discussions focused mainly on MLCC and ABF package substrates: We assign

investment ratings to 20 companies engaged in electronic components. In

discussions with investors in Singapore and Hong Kong, the main topics included (1)

the positioning of Murata and Taiyo Yuden in high value-added MLCCs for AI servers,

(2) supply-demand and pricing of commoditized MLCCs, (3) differences between the

MLCC market in 2018 and 2026, and (4) Ibiden’s technological competitiveness and

valuation in ABF package substrates.

Murata's MLCCs to see significant ASP growth even without price hikes due to

increasing sales of high value-added products for AI servers: We expect that in AI