Raising FVE to 2,000; Robust MLCC Demand From Auto Digitalization Will Benefit Suppliers
We raise our fair value estimate for Taiyo Yuden to JPY 2,000 from JPY 1,900, as we now believe that demand for multilayer ceramic capacitors, or MLCCs, will be stronger than we previously forecast. Even though Taiyo Yuden has small automotive exposure, robust MLCC demand derived from auto digitalization contributes to the tightening supply-demand balance of the whole industry, which will help stabilize the product price. We thus raise our average revenue growth rate assumption for MLCCs for th...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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