Impressive Revenue Growth of MLCC Driven by Auto Digitalization; Encouraging for Taiyo Yuden
Our impression of Taiyo Yuden’s September quarter results is mixed. While demand for multilayer ceramic capacitors, or MLCC, is quite strong, we acknowledge that demand for bandpass filters is sluggish, as we had seen on its peers’ earnings. We will revise our earnings forecasts after visiting the company next week, but we do not expect a substantial change on our fair value estimate of JPY 1,900, which is slightly below the current share price. We expect to trim our short-term earnings numbers ...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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