MEMS Sensor Growth Slower Than Anticipated; Cutting Our TDK FVE to JPY 12,000
After the earnings announcement and the meeting with TDK, we are trimming our fair value estimate to JPY 12,000 from JPY 12,500 despite the robust September quarter results. While we are confident in the growth of multilayer ceramic capacitors, or MLCCs, we lowered our revenue growth assumption for the sensor application products business, believing that the company’s original outlook is too optimistic. However, we retain our view that TDK will eventually benefit from increasing sensor demand, d...TDK is a manufacturer of recording media, ferrite products and recording device products, and a producer of inductor, ceramic capacitor, magnet, HDD head and other components. Co.'s principal business segments are passive components, sensor application products, magnetic application products, film application products and others. Co.'s principal products include ceramic capacitors, aluminum electrolytic capacitors, film capacitors, inductive devices, high-frequency components, piezoelectric materials and circuit protection components, sensors, HDD head suspension, recording devices, power supplies and magnets, and mechatronics.
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