Taiyo Yuden: MLCC Order Slowdown Reflects Weaker Handsets Production, Demand From Autos Remain solid
Taiyo Yuden’s September quarter operating income was JPY 8.7 billion, which is above the guidance of JPY 7 billion and our forecast of JPY 8 billion. Owing to the robust demand of multi-layer ceramic capacitors, or MLCCs, price cut pressure was smaller than usual. We also assume that MLCC production was above our forecast because of the better utilization rate, both contributing to the margin expansion. However, we view that strong earnings numbers are already embedded to the share price, as fav...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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