Murata’s Margin Expansion Is Not Fully Embedded in the Current Share Price; Retain FVE of JPY 24,000
Murata Manufacturing’s operating income for the June quarter was JPY 48 billion, which is in line with our forecast of JPY 50 million. While revenue and profits came in within expectations, we are impressed that orders for capacitors in the June quarter increased 42% from the previous year, and orders have been exceeding sales for 10 consecutive quarters, which is the longest in its history, suggesting intense demand for multilayer ceramic capacitors, or MLCCs. At the earnings briefing, the mana...Murata Manufacturing is mainly engaged in the development, manufacture and sale of electronic components and modules in Japan, North America and certain other Asian and European countries. Co.'s products are sold mainly to electronics companies for use as components in telecommunication, computer, audio, video, automotive electronics and other electronic products. Co. is engaged in the development, manufacture and sale of electronic parts and related products, including components for capacitors and piezoelectric products, as well as modules products; the provision of welfare services, personnel services, education and training services, as well as the leasing and management of real estate.
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