Raising TDK’s FVE to JPY 11,500; robust demand from auto continues to drive growth for MLCCs.
TDK’s operating income for the December quarter was JPY 32 billion, which was in line with our forecast of JPY 30 billion. Compared with the previous year’s number, which was also JPY 32 billion, the negative impact of JPY 10 billion from the carveout of RF components was fulfilled by the growth of passive components and polymer rechargeable batteries, and we are encouraged as the company expects that robust demand for these components will continue. We do not assign an economic moat rating to T...
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