MLCC UBS Evidence Lab Inside: Inventory volume falls sharply

研报英文原文证据摘录

MLCC UBS Evidence Lab Inside: Inventory volume falls sharply

Powered by Lab Global27 JulyResearch2026ab Evidence UBS YES

MLCC Equities

JapanUBS Evidence Lab Inside: Inventory volume falls

sharply Electric Components & Equipment

Shingo Hirata, CFA

Analyst

shingo.hirata@ubs.com

Inventory volume down 22% in the past four weeks, with inventory value +81-3-5208 6224

down 4% and the unit price index up 4%

Jimmy Yoon

In the upgraded version of UBS Evidence Lab Electronics Distributor Inventory Monitor (> Analyst

Access Dataset), we track inventory levels and price trends of over 100 distributors jimmy.yoon@ubs.com

worldwide (whereas our previous data tracked only one US distributor) from September +65-6495 4617

2021. The latest dataset runs through 11 July. As of 11 July, MLCC distributor inventory Nicolas Gaudois

volume was down by a sharp 22% versus four weeks prior (13 June) (Figure 1) and was Analyst

even lower than the bottom in April-July 2024. Non-AI customers such as smartphone nicolas.gaudois@ubs.com

and automobile manufacturers may have brought forward procurement due to +65-6495 5148

concerns over the risk of supply shortages and price increases in H2. MLCC inventory Timothy Arcuri

value was down by just -4% versus four weeks earlier. Historically, the magnitude of Analyst

changes in inventory value and volume has generally been the same. The relatively large timothy.arcuri@ubs.com

gap between the two this time may reflect the rise in the unit price index. We aim to +1-415-352 5676

continue to monitor inventory volume trends closely. Francois-Xavier Bouvignies

The direction of inventory movements is roughly the same across all companies francois.bouvignies@ubs.com

except Taiyo Yuden +44-20-7568 7105