Robust Demand Will Enable Price Hike of MLCC, but Mostly Priced in; Taiyo Yuden Shares Fairly Valued
Taiyo Yuden's operating income for the June quarter is JPY 6 billion, which is 75% above the previous year's number, but in line with our forecast of JPY 5.8 billion. Driven by the robust demand from autos and industrial equipment, revenue for capacitors increased 22% from the previous year, which is the major reason of the margin expansion to 10.0% from 6.3%. The company revised its operating income guidance for fiscal 2019 (financial year ending March 2019) from JPY 21 billion to JPY 24.5 bill...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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