Electronic Components Sector: US marketing feedback

研报英文原文证据摘录

Electronic Components Sector: US marketing feedback

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

27 July 2026

Electronic Components Sector

US marketing feedback

We visited US investors from July 20 to 24. Stocks in the electronic components Japan Equity Research

sector have undergone a significant correction since the beginning of July, but

Technology - Electronic

interest in FC-BGA substrates (ABF substrates) and MLCCs remains strong. Components

Discussions centered on medium- to long-term earnings forecasts and the AC Akinori Kanemoto

possibility of future price increases. Regarding individual stocks, there was a lot

(81-3) 6736 8628

of discussion about Murata Manufacturing, Taiyo Yuden, TDK, Ibiden, Rohm, akinori.kanemoto@jpmorgan.com

Hirose Electric, and Nidec. Although stock prices have corrected significantly Ikki Shibata

since July for companies handling ABF substrates (Ibiden) and MLCCs (81-3) 6736 8641

(especially Murata Manufacturing and Taiyo Yuden), many investors were bullish ikki.shibata@jpmorgan.com

on medium- to long-term fundamentals, and many that were long-only and hedge JPMorgan Securities Japan Co., Ltd.

fund investors seemed to be seeking entry points. In particular, Western long-only

investors had seemed to be taking a wait-and-see approach with MLCC stocks, but

their interest now appears to be growing in light of the recent stock price

corrections. On the other hand, amid an ongoing correction in electronic

component stocks overall, we got a strong sense that despite their interest in

buying, many investors were waiting for someone else to get the ball rolling.

Feedback on MLCC stocks

• Both hedge fund and long-only investors continue to have a strong interest in

MLCC stocks. Previously, we had the impression that Western long-only