Updating our forecasts: Raising forecasts and target price

研报英文原文证据摘录

Updating our forecasts: Raising forecasts and target price

ts competitors, we assume that contribution from next-generation products will be Source: LSEG, Nomura

comparatively limited. However, products such as 1608-size 100μF MLCCs are a good fit Performance / Stock price data

for the company, and we think that it may be able to gain a foothold in that market (%) 1M 3M 12M

segment. Regarding commodity MLCCs, the leading manufacturers in the industry have Absolute returns -32.6 75.4 313.4

adopted a cautious stance on raising prices and Chinese manufacturers have begun to Relative to -32.3 66.4 274.4 Russell/Nomura Large

enter the AI server MLCC market. Rather than hiking prices for commodity products, we Cap

think the company should aim to improve profitability by shifting its sales mix toward Market capitalization (¥bn) 1,545.8

higher-margin next-generation products. 52-week low stock price (¥) 2,707

52-week high stock price (¥) 24,065

We estimate Q1 (Apr–Jun) sales of approximately ¥96bn and operating profits of around Shares outstanding (mn) 135.4

¥10bn. In 1Q, we believe that (1) although there was a temporary decline in production Daily turnover (3-M avg) (¥mn) 298,334.8

capacity utilization at the company's plant in South Korea in April, this was offset by higher Note: Market capitalization and shares

outstanding in this table include treasury stock.

capacity utilization at its plant in Malaysia and (2) orders increased as Taiwanese and Source: LSEG, Nomura

South Korean competitors raised prices for commodity MLCCs sold through distributors,

which drove up capacity utilization at the company's plants.

Earnings table Research Analysts

26/3 27/3E 28/3E 29/3E Japan electronic parts

Actual Old New Co's Old New Old New Manabu Akizuki - NSC