Auto Digitalization, 5G Diffusion Offset Taiyo Yuden's Weak Handset Shipments; Shares Undervalued
Taiyo Yuden’s December-quarter operating income was JPY 11.8 billion, above our forecast of JPY 9 billion. While we had been concerned about weak smartphone demand, Taiyo Yuden compensated for declining sales from handsets with robust demand from autos and cellular base stations. We believe the price hike for multilayer ceramic capacitors, or MLCCs, was the main driver improving the operating margin from 11.8% in the September quarter to 15.9% in the December quarter. MLCC suppliers--including T...TAIYO YUDEN is a manufacturer mainly engaged in the electronic component business. Co. is involved in the manufacture and sale of electronic parts such as ceramic condensers, inductors, ferrite-applied components, ferrite cores, high frequency dielectric components, circuits modules, energy devices and composite ceramic applied components, among others. Co. is also engaged in the temporary staffing services, as well as consultation services for environmental measurement.
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