Taiyo Yuden Co Ltd

6976: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	JPY 6,516.00	Wglync	Hvkgsng

Taiyo Yuden Earnings: MLCC Utilization to Pick up Toward End of 2024; Cutting Fair Value by 8%

Kazunori Ito

Feb 19, 2024

The earnings results of four passive component suppliers indicate that the recovery of demand for multilayer ceramic capacitors is underway as expected. In the December quarter, Murata Manufacturing’s book/bill ratio for MLCC exceeded 1 for the first time in seven quarters, while Taiyo Yuden’s BB ratio improved to 1.07 from 1.01 in the previous quarter, when it exceeded 1 for the first time in nine quarters.

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