When the BoJ raised rates in March, it had been 17 years since it had last done so, though the world was very different then. While the July rate hike was unlikely to move the economic needle, the question now is what else might follow the subsequent financial market maelstrom. Pelham Smithers discusses the outlook for Japan’s macro environment, what new fiscal policies the new PM might introduce, how the BoJ might react and the all-important trend in corporate earnings. This then leads us to...
Despite the yen steadily weakening against both the dollar and euro over past three years, Japan’s exports haven’t really taken off. However, the latest trade data suggests that this is finally happening. Pelham Smithers discusses the importance of Japan’s belated export boom.
TAIYO YUDEN (JP), a company active in the Electrical Components & Equipment industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of th...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
After reviewing our forecasts and meeting the company, we retain Taiyo Yuden’s fair value estimate of JPY 3,000. Owing to concerns for the trade war and the uncertainty about smartphone demand, Taiyo Yuden’s share price has declined more than 25% since its recent peak in April. However, we view Taiyo Yuden’s business portfolio is better diversified than in the past, and thus its revenue from multilayer ceramic capacitors, or MLCCs, will be supported by the robust demand from autos and tele...
After reviewing our forecasts and meeting the company, we retain Taiyo Yuden’s fair value estimate of JPY 3,000. Owing to concerns for the trade war and the uncertainty about smartphone demand, Taiyo Yuden’s share price has declined more than 25% since its recent peak in April. However, we view Taiyo Yuden’s business portfolio is better diversified than in the past, and thus its revenue from multilayer ceramic capacitors, or MLCCs, will be supported by the robust demand from autos and tele...
Taiyo Yuden’s December-quarter operating income was JPY 11.8 billion, above our forecast of JPY 9 billion. While we had been concerned about weak smartphone demand, Taiyo Yuden compensated for declining sales from handsets with robust demand from autos and cellular base stations. We believe the price hike for multilayer ceramic capacitors, or MLCCs, was the main driver improving the operating margin from 11.8% in the September quarter to 15.9% in the December quarter. MLCC suppliers--including...
Taiyo Yuden’s December-quarter operating income was JPY 11.8 billion, above our forecast of JPY 9 billion. While we had been concerned about weak smartphone demand, Taiyo Yuden compensated for declining sales from handsets with robust demand from autos and cellular base stations. We believe the price hike for multilayer ceramic capacitors, or MLCCs, was the main driver improving the operating margin from 11.8% in the September quarter to 15.9% in the December quarter. MLCC suppliers--including...
Summary Marketline's Murata Manufacturing Co., Ltd. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Murata Manufacturing Co., Ltd. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive ...
Taiyo Yuden’s September quarter operating income was JPY 8.7 billion, which is above the guidance of JPY 7 billion and our forecast of JPY 8 billion. Owing to the robust demand of multi-layer ceramic capacitors, or MLCCs, price cut pressure was smaller than usual. We also assume that MLCC production was above our forecast because of the better utilization rate, both contributing to the margin expansion. However, we view that strong earnings numbers are already embedded to the share price, as f...
Taiyo Yuden’s September quarter operating income was JPY 8.7 billion, which is above the guidance of JPY 7 billion and our forecast of JPY 8 billion. Owing to the robust demand of multi-layer ceramic capacitors, or MLCCs, price cut pressure was smaller than usual. We also assume that MLCC production was above our forecast because of the better utilization rate, both contributing to the margin expansion. However, we view that strong earnings numbers are already embedded to the share price, as f...
Taiyo Yuden’s September quarter operating income was JPY 8.7 billion, which is above the guidance of JPY 7 billion and our forecast of JPY 8 billion. Owing to the robust demand of multi-layer ceramic capacitors, or MLCCs, price cut pressure was smaller than usual. We also assume that MLCC production was above our forecast because of the better utilization rate, both contributing to the margin expansion. However, we view that strong earnings numbers are already embedded to the share price, as f...
Taiyo Yuden’s September quarter operating income was JPY 8.7 billion, which is above the guidance of JPY 7 billion and our forecast of JPY 8 billion. Owing to the robust demand of multi-layer ceramic capacitors, or MLCCs, price cut pressure was smaller than usual. We also assume that MLCC production was above our forecast because of the better utilization rate, both contributing to the margin expansion. However, we view that strong earnings numbers are already embedded to the share price, as f...
Taiyo Yuden's operating income for the June quarter is JPY 6 billion, which is 75% above the previous year's number, but in line with our forecast of JPY 5.8 billion. Driven by the robust demand from autos and industrial equipment, revenue for capacitors increased 22% from the previous year, which is the major reason of the margin expansion to 10.0% from 6.3%. The company revised its operating income guidance for fiscal 2019 (financial year ending March 2019) from JPY 21 billion to JPY 24.5 bill...
Taiyo Yuden's operating income for the June quarter is JPY 6 billion, which is 75% above the previous year's number, but in line with our forecast of JPY 5.8 billion. Driven by the robust demand from autos and industrial equipment, revenue for capacitors increased 22% from the previous year, which is the major reason of the margin expansion to 10.0% from 6.3%. The company revised its operating income guidance for fiscal 2019 (financial year ending March 2019) from JPY 21 billion to JPY 24.5 bill...
In light of 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 digitization, 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, and b...
We will raise Taiyo Yuden’s fair value estimate to JPY 2,400 from JPY 2,100, as we have revised our revenue forecast. We believe that demand for multi-layer ceramic capacitors, or MLCC, will be much stronger than our original numbers, underpinned by the auto digitalization and 5G/Internet of Things base station investments. The top two suppliers of auto MLCC are TDK and Murata Manufacturing, but as these companies are not able to fulfill demand especially from the auto industry, Taiyo Yuden wi...
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