Report published September 29, 2026
Japan Electronic Components: August MOF Trade Data (MLCC) | Goldman Sachs Research
Goldman Sachs · September 29, 2026
Japan's August MOF trade statistics revealed a seasonal MoM dip in MLCC export volume (-16%) and value (-14%), while ASP rose +3% MoM (+33% YoY) on increasing AI/DC demand. Goldman Sachs reiterates Buy ratings on Murata Manufacturing (CL), Taiyo Yuden, and TDK ahead of anticipated positive 1H results catalysts.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.August MOF trade data showed MLCC export ASP rose +3% MoM (+33% YoY), while volume declined -16% MoM (-6% YoY) and value fell -14% MoM (+24% YoY), driven by normal summer holiday seasonality.
- 2.ASP growth both MoM and YoY is supported by an expanding mix of higher unit-price MLCCs destined for AI and data center applications, with overall shipment momentum expected to re-accelerate from September.
- 3.Goldman Sachs maintains Buy ratings on Murata Manufacturing (on Conviction List), Taiyo Yuden, and TDK, anticipating 1H earnings results to serve as valuation catalysts across all three names.
Table of Contents
- Price Target Risks and Methodology
- Price Target Risks and Methodology - Murata Mfg.
- Price Target Risks and Methodology - Taiyo Yuden
- Price Target Risks and Methodology - TDK
Report data
Exhibit 1: MLCC export volume and average export price (ASP)
| Metric | Estimate | Context |
|---|---|---|
| MLCC Average Export Price (ASP) MoM Change | 3% | Average export price for Japanese MLCCs based on MOF trade statistics |
| MLCC Export Volume MoM Change | -16% | Export volume for Japanese MLCCs based on MOF trade statistics |
| MLCC Export Value MoM Change | -14% | Export value for Japanese MLCCs based on MOF trade statistics |
| MLCC Average Export Price (ASP) YoY Change | 33% | Year-over-year change in average export price for Japanese MLCCs |
| MLCC Export Volume YoY Change | -6% | Year-over-year change in export volume for Japanese MLCCs |
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