Earnings update: We raise forecasts and target price

研报英文原文证据摘录

Earnings update: We raise forecasts and target price

Global Markets Research

27 July 2026TDK

6762.T 6762 JP / EQUITY: JAPAN ELECTRONIC PARTS

RatingEarnings update: We raise forecasts and target

Remains Buyprice

Target price

We forecast profit growth of around 20% over next three years on shift to Increased from 3,500 JPY 4,000

higher voltage data center power distribution networks

Closing price JPY 3,021We raise target price to ¥4,000, reiterate Buy rating 24 July 2026

We raise our earnings forecasts for TDK, raise our target price to ¥4,000, and reiterate our Buy

Implied upside +32.4%rating. We make no change to our target price calculation methodology or discount rate. We

revise our forecasts mainly to reflect increased shipments of high-voltage products for data

centers at the passive components and energy application products segments. We also

assume price hikes for some magnetic application products in 27/3. We recommend the stock

Relative performance chartfor three main reasons: (1) faster growth in products for data centers, which are targeting the

shift to higher-voltage power distribution (480V AC → ±400V and 800V DC) and next-

generation integrated voltage regulators (IVRs); (2) a sharp improvement in the product mix for

consumer Li-ion batteries for smartphones, including batteries for next-generation foldable and

thin smartphones; and (3) decisive efforts to revamp the business portfolio.

Shift to ±400V and 800V DC power likely to boost demand for LFP batteries and high-

voltage passive parts

We revise our forecasts to more explicitly factor in growth prospects for high-voltage parts for

data centers. The product mix for data center power supply chains changes with every new