Electronic Components Sector: Component Data Deposition: METI production statistics (electronic components, semiconductors) for May 2026: ABF substrates remain strong

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Electronic Components Sector: Component Data Deposition: METI production statistics (electronic components, semiconductors) for May 2026: ABF substrates remain strong

J P M O R G A N Asia Pacific Equity Research

16 July 2026

Electronic Components Sector

Component Data Deposition: METI production statistics

(electronic components, semiconductors) for May 2026:

ABF substrates remain strong

METI released May 2026 production statistics on July 14. Domestic production Japan Equity Research

value (in USD terms) for both electronic components and semiconductors fell

Technology - Electronic

broadly in line with seasonality in May, reflecting the Golden Week holidays. Components

Within electronic components, MLCCs came in well below typical seasonal levels, AC Akinori Kanemoto

suggesting a lack of momentum. That said, METI's MLCC production-value data

(81-3) 6736 8628

and the Ministry of Finance’s (MoF) MLCC export value appear to have diverged akinori.kanemoto@jpmorgan.com

of late. Given the gradual uptrend in the MoF’s MLCC export value, we see no need Ikki Shibata

for undue concern at this point. Among passive components, aluminum (81-3) 6736 8641

electrolytic capacitors remain solid. Meanwhile, production value and ASP for ikki.shibata@jpmorgan.com

rigid module substrates (including ABF substrates/FC-BGA) continue to trend JPMorgan Securities Japan Co., Ltd.

upward, a positive signal for Ibiden. Our top picks in the electronic components

sector are Rohm and Murata Manufacturing.

We expect a strong recovery in industrial machinery demand heading into the

electronic components sector's April–June results, with automotive demand also

broadly recovering from inventory corrections. By stock, we recommend Ibiden,