Electronic Components Sector Update: Asia marketing feedback

研报英文原文证据摘录

Electronic Components Sector Update: Asia marketing feedback

Global Research

13 July 2026ab

First Read

EquitiesElectronic Components Sector Update

Asia marketing feedback Japan

Electric Components & Equipment

Shingo Hirata, CFA

Interest in the sector remains high Analyst

We had 28 investor meetings in Hong Kong and Singapore on 7-10 July. Interest in the shingo.hirata@ubs.com

electronic components sector remained remarkably high. While many investors were +81-3-5208 6224

bullish on sector fundamentals for MLCCs, compared with our Asia and US marketing

trips in March and April, we also heard some more cautious views due to higher share-

price valuations and the recent increase in share price volatility. Compared with our

previous trip, we had the impression that more investors agreed with our preference for

Murata Mfg. over Taiyo Yuden given Murata Mfg.'s higher visibility for medium-term

growth driven by AI. Regarding Ibiden, the majority of investors had bullish opinions of

fundamentals, although some investors voiced concerns regarding its elevated

valuation.

Feedback on our Rohm rating upgrade

We upgraded our rating on Rohm from Neutral to Buy right before the Asia marketing

trip (link). Although we were asked some questions regarding the timing of this upgrade

given the strong appreciation of its share price so far this year, we had the impression

that most investors agreed with our view that Rohm's intrinsic value (excluding its

Toshiba common shares) remains underappreciated and there is substantial earnings

upside. On the other hand, some investors are favouring Kioxia over Rohm because

Rohm's share price is influenced by movements in its indirectly held stake in Kioxia.

Other stocks we discussed