Japan Technology Hardware Electronic Components MLCC Trade Data Update

April trade data confirms a robust growth trend for MLCCs with rising prices and volumes driven by AI demand. Goldman Sachs reiterates Buy ratings for Murata, Taiyo Yuden, and TDK, viewing the current cycle as potentially the largest in history.

Key Takeaways

• 1.April MOF trade data for MLCCs shows continued growth in ASP (+3% mom), volume (+7% mom), and value (+9% mom).
• 2.AI is expected to drive the largest and longest MLCC cycle in history, currently still in early stages.
• 3.Goldman maintains Buy ratings on Murata Mfg., Taiyo Yuden, and TDK due to strong orders and technological positioning.

Table of Contents

• Japan Technology: Hardware - Electronic Components: April MOF trade data: MLCC trend of rising ASP and volume continues; Buy 3 names
• Price Target Risks and Methodologies
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• General disclosures

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