J.P. Morgan Asian MLCC Industry: Introducing Long-Term Supply-Demand Model with Multi-Year Bullish View; Prefers JP and TW Names over KR
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Key Views
Automotive electrification is a major driver, with per-vehicle MLCC usage rising from 3,000 units in 2023 to 8,000 by 2030. AI server MLCC content is expected to grow fivefold. Japanese leaders Murata and Taiyo Yuden hold over 70% share in high-end small-form-factor MLCCs. Taiwan's Yageo and Walsin offer cost advantages in the mid-range segment. Korea's Samsung Electro-Mechanics faces competitive pressure from Chinese manufacturers in consumer electronics.
Outlook
The industry rating is upgraded to Overweight. Pricing is expected to rise 3–5% YoY in 2026. Key risks include global recession, faster-than-expected Chinese capacity expansion, and raw material volatility.
Recommended Securities
- Murata (6981 JP): Overweight, TP JPY 12,000
- Taiyo Yuden (6976 JP): Overweight, TP JPY 4,500
- Yageo (2327 TT): Overweight, TP TWD 800
- Walsin (2492 TT): Overweight, TP TWD 120
- Samsung Electro-Mechanics (009150 KS): Neutral, TP KRW 150,000
Key exhibits
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Exhibit 5
Exhibit 6
Exhibit 7
Exhibit 8
