Raising TDK’s FVE to JPY 12,500; Price Hike of MLCC Will Be Higher than Anticipated
In light of the recent news and companies' comments, we anticipate a price hike on multi-layer ceramic capacitors, or MLCCs, as we believe that tight supply-demand balance will continue. As we have previously discussed, demand for MLCC has been robust, driven by the diffusion of 5G communication and auto digitalization, but demand now seems to be much stronger than our original forecast, reaching high teens volume growth per year. Meanwhile, there are only four major suppliers in the industry, a...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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