Murata Manufacturing: Earnings update: We raise our forecasts, target price

研报英文原文证据摘录

Murata Manufacturing: Earnings update: We raise our forecasts, target price

from increased output. We do not envision any price hikes, and assume that Source: LSEG, Nomura

price cuts for individual products will more or less disappear. We raise our shipment value Performance / Stock price data

forecasts to reflect inventory stockpiling at customers and growth in share of supply to (%) 1M 3M 12M

individual customers as a result of price hikes at rivals, as well as our expectation that the Absolute returns -24.8 64.8 266.1

company will continue to have high market share in next-generation products (10μF in Relative to -25.8 55.3 224.1

Russell/Nomura Large

0603 size, 47μF in 1005 size, and 100μF in 1608 size) that started to feature in AI servers Cap

in earnest in 2026. We think the company will be able to maintain its high market share in Market capitalization (¥bn) 15,904.2

next-generation products because of the difficulty of manufacturing them, the widening 52-week low stock price (¥) 2,105

gap in yields between itself and its rivals, and also because of tough quality requirements, 52-week high stock price (¥) 12,895

including for effective electrostatic capacitance. We note though that our presumed Shares outstanding (mn) 1,963.0

Daily turnover (3-M avg) (¥mn) 275,382.6

improvement in the product mix in 28/3 might slow somewhat if specification changes for

Note: Market capitalization and shares

Rubin Ultra result in slower increases in TDP. outstanding in this table include treasury stock.

Source: LSEG, Nomura

We estimate 27/3 Q1 sales of around ¥489.0bn and operating profits of around ¥103.0bn.

We estimate that capacitor margins improved sharply both y-y and q-q thanks to cost

savings stemming from higher production volumes.

Earnings table Research Analysts