Raising TDK’s FVE to JPY 11,500; Robust Demand From Auto Continues to Drive Growth in MLCCs
We raise our fair value estimate for TDK to JPY 11,500 from JPY 11,000, as we believe growth in multilayer ceramic capacitors, or MLCCs, will exceed our previous view. We revise our operating income forecast for fiscal 2022 (financial year ending March 2022) to JPY 170 billion from JPY 165 billion, as we have raised our revenue growth assumption for MLCCs to 9.0% from 7.5% per year. Over the past two decades, demand for MLCCs has been driven by increasing numbers of digital devices, such as LCD ...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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