J.P. Morgan Electronic Components: METI Apr 2026 Production Data – Passive Components Firm, MLCCs Drive Growth
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J.P. Morgan analyzed Japan's April 2026 METI production statistics, concluding that the electronic components sector remains robust, driven primarily by multi-layer ceramic capacitors (MLCCs). Total electronic component production value increased 8.2% year-over-year and 1.5% month-over-month, while semiconductor value surged 12.3% year-over-year. Specifically, passive components grew 9.5%, with MLCCs jumping 14.5% year-over-year and 3.2% month-over-month, outperforming other subsegments. The firm maintains an Overweight rating on Murata Manufacturing with a 3,200 yen target, citing a 95% capacity utilization rate and a 1.05 book-to-bill ratio. Taiyo Yuden also retains an Overweight rating with a 2,800 yen target, supported by an 18% MLCC shipment increase driven by data centers and automotive electronics. Conversely, Kyocera receives a Neutral rating with an 1,800 yen target due to its ceramic packaging business experiencing sluggish demand for semiconductor equipment. Inventory levels for passive components have normalized, supporting pricing stability. Total electronic component exports rose 7.8% year-over-year, with mainland China shipments up 10.2%. AI servers and electric vehicles remain the primary incremental demand drivers, though semiconductor equipment shipments experienced slight sequential volatility.
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