Apr-Jun Q Earnings Outlook: Sustainability of Strong Earnings the Key Consideration

研报英文原文证据摘录

Apr-Jun Q Earnings Outlook: Sustainability of Strong Earnings the Key Consideration

Idea

July 7, 2026 08:00 PM GMT

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

Equity Analyst

Apr-Jun Q Earnings Outlook: Shoji.Sato@morganstanleymufg.comSota Harashima +81 3 6836-8404

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

Sustainability of Strong

Earnings the Key Consideration

We forecast total Apr-Jun OP for 19 firms will increase 33.6%

Electronic Components

YoY, with strong demand from AI/data center applications Japan

Industry View In-Line

continuing, but rising raw material costs warrant close attention.

Earnings announcement schedule of electronic

Key Takeaways component coverage companies

(JPY) Rating Price PT Exp. Date

We expect continued growth for ABF package substrates for AI/DC semis and IBIDEN 4062 UW 21,39026/7/6 13,000 Announce8/4 Briefing8/5

MLCCs; rising raw materials cost a key risk for aluminum electrolytic capacitors. NITERRAMINEBEA MITSUMI 53346479 OWEW 10,8004,500 12,6005,300 7/318/5 7/318/5

MABUCHI MOTOR 6592 EW 1,655 1,750 8/14 8/14

TDK 6762 OW 3,501 4,900 7/31 7/31

Murata Mfg. still our Top Pick, continue to rate Taiyo Yuden UW. We expect the ALPSNIHONALPINEDEMPA KOGYO 67706779 OWEW 2,0993,665 3,0004,900 7/318/7 7/31-

strength of Murata's high-value-added MLCCs to become increasingly evident. MEIKOHIROSEELECTRONICSELECTRIC 67876806 OWEW 27,62028,470 39,20036,600 8/68/4 8/5-

JAE 6807 EW 2,359 2,600 7/29 7/29

We also expect Ibiden's earnings expansion to continue over the longer term, but CMKDAISHINKU 69586962 UWEW 634918 790840 8/108/5 --

HAMAMATSU PHOTONICS 6965 EW 2,590 3,000 8/6 8/7

remain UW as market expectations and valuation look too high.