MLCC Gains Momentum from Stronger Demand

研报英文原文证据摘录

MLCC Gains Momentum from Stronger Demand

Idea

July 29, 2026 11:50 PM GMT

Morgan Stanley Taiwan Limited+MYageo Corp. | Asia Pacific Howard Kao

Equity Analyst

MLCC Gains Momentum from Howard.Kao@morganstanley.comIrene Yen +886 2 2730-2989

Research Associate

Irene.Yen@morganstanley.com +886 2 2730-2869

Stronger Demand Morgan Stanley Asia Limited+

Andy Meng, CFA

AlphaSignals Earnings Reaction Andy.Meng@morganstanley.com +852 2239-7689

Strengthens our thesis In-line Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Management sounded more confident about end demand vs.

three months ago, supported by the tightening MLCC cycle, Yageo Corp. (2327.TW, 2327 TT)

higher book-to-bill ratio (2.2x now), and LTA discussions, driving Greater China Technology Hardware | Taiwan

Stock Rating Overweight

increased utilization rate and more favorable pricing. Stay OW. Industry View In-Line

Price target NT$1,465.00

Up/downside to price target (%) 189

Key Takeaways Shr price, close (Jul 29, 2026) NT$507.00

52-Week Range NT$1,220.00-129.50

3Q guidance: revenue up moderately q/q, GM and OpM up slightly q/q – in line Sh out, dil, curr (mn) 1,997

Mkt cap, curr (mn) NT$1,012,410

with our preview (but on the conservative side). EV, curr (mn) NT$1,029,149

Avg daily trading value (mn) NT$16,409

Book-to-bill ratio has improved from more than 1x to 2.2x.

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

Customers are engaging in LTA discussions to secure long-term supply. EPS (NT$)** 11.51 20.21 34.24 46.86

Prior EPS (NT$)** - 20.11 34.23 46.87

Management agreed that high-cap MLCC demand is tightening MLCC supply. EPS (NT$)§ 11.61 19.16 30.44 43.75