Forecast updates for three passive parts majors

研报英文原文证据摘录

Forecast updates for three passive parts majors

Global Markets Research

Forecast updates for three passive parts majors 27 July 2026

EQUITY: JAPAN ELECTRONIC PARTS

We factor in price hikes at some Asian rivals Research Analysts

Japan electronic parts

We factor in increase in volumes on market share gains, easing of price declines, higher Manabu Akizuki - NSC

shipments of next-gen products, do not expect commodity product price hikes manabu.akizuki@nomura.com

+81 3 6703 1185

We revise forecasts for three majors: Some Asian rivals hiking prices for commodity

MLCCs

Manufacturers in South Korea and Taiwan look to have increased prices for commodity

MLCCs sold to trading companies in Asia in Apr–Jun. Among products used in AI data

centers, supply-demand conditions have been tightening for compact, high-capacitance

next-generation products and for high-voltage products for power delivery systems, so these

price hikes for commodity MLCCs came as a surprise. It looks as though trading companies

in Asia have been stockpiling in anticipation of MLCC price rises, causing temporary market

turmoil. We think Japanese manufacturers will not follow suit with across-the-board price

increases for commodity products for strategic reasons, but update our forecasts for TDK

[6762] (Buy), Taiyo Yuden [6976] (Neutral), and Murata Manufacturing [6981] (Buy) on the

assumption that price hikes by rivals will cause price declines for these products to more or

less disappear in 2027–28.

AI data center power supply market: Different demand structure for power

distribution and PDN

The AI data center power supply market can be thought of in terms of the progress being

made with two different architectures: power distribution and the power delivery network

(PDN).