Smartphones Slowdown Offset Brisk Demand from Auto Electrification; Retain Taiyo Yuden JPY 1,900 FVE
While the June quarter results suggest stagnation of the Chinese smartphone market, we consider that revenue growth for multilayer ceramic capacitors, or MLCCs, will be stronger than our original forecast, driven by the robust demand from autos and industrials. Overall, we consider June quarter results were neutral to our long-term forecast, and retain our fair value estimate of JPY 1,900 for Taiyo Yuden, along with our no-moat rating. We believe Taiyo Yuden’s operating margin will pick up in 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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