Morningstar - TDK Corporation (6762) Growth Potential of Auto Electrification Is not Fully Embedded; TDKs FVE Raised to JPY 10,000

Report

Morningstar

Kazunori Ito

EUR 101.80 For Business Accounts Only

Growth Potential of Auto Electrification Is not Fully Embedded; TDK's FVE Raised to JPY 10,000

We revise our fair value estimate for TDK to JPY 10,000 from JPY 9,300, as we lift our earnings forecast. We lift our forecast for two major reasons: 1) the demand for passive components, especially for multilayer ceramic capacitors, or MLCCs, is much stronger than anticipated, which we view is driven by auto electrification; and 2) TDK will maintain its top share on polymer rechargeable batteries, as its competitors are required to focus their resources more on other usages, such as automotive ...

14/08/2017 14 EN

Underlying

TDK Corporation

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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JP3538800008 Japan

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Kazunori Ito

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Growth Potential of Auto Electrification Is not Fully Embedded; TDK's FVE Raised to JPY 10,000

PSA Strategy: Japan Stock Market Quarterly 2024 Q4

PSA Macro: The Importance of Japan’s Belated Export Boom

PSA Market Strategy: Japan Perspective for 2023

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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