Taiyo Yuden (6976.T): Q1 positive - consensus-beating upward revision announced

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05 Aug 2026 06:56:19 ET │ 10 pages

Taiyo Yuden (6976.T)

Q1 positive - consensus-beating upward revision announced

CITI'S TAKE

April-June OP of ¥4.8bn was significantly below consensus (¥7.2bn), but

the simultaneously announced guidance revision put full-year OP at

¥45bn, above consensus (¥41.3bn). Additionally, the capacitor BB ratio

reached 1.72. Even considering the revised forex assumption of ¥160/$,

our impression is positive. AI server inquiries are strong, and serverrelated MLCC sales appear to be up more than 150% YoY (versus initial

assumption of approximately +80%). Management indicated that the

OPM will exceed 10% from July-September onwards, driven by an

improved product mix. We believe these results will provide a tailwind for

the company's stock price, which has corrected significantly from its peak.

Sell

Price (05 Aug 26 15:30)

¥11,165.0

Target price

¥16,000.0

Expected share price return

43.3%

Expected dividend yield

0.8%

Expected total return

44.1%

Market Cap

¥1,454,353M

US$9,220M

Implications — Management explained that the April-June underperformance

versus consensus was caused by logistics issues, which have already been resolved.

Regarding pricing, the firm said it had raised prices at distributors that had received

excessive orders for commodity products, but that this affected a small ratio of

sales.

Takayuki NaitoAC