Goldman Sachs TDK (6762.T): Components Strategy Briefing and Factory Tour Highlight Corporate Culture, Competitive Advantages and AI Growth Potential; Buy
Summaries are public. PDF access requires an active membership; all members have the same access. Sign in
Following a September 11, 2026 tour of TDK's Honjo (MLCC), Sakata (wound common-mode filters) and Tsuruoka East (thin-film inductors) plants plus a strategy briefing from the electronic components CEO, Goldman Sachs came away positive and maintains Buy with a 12-month target of ¥4,900 (closing price ¥2,809; 74.5% upside). The report argues the 'TDK United' culture now permeates the shop floor—end-to-end vertically integrated production, horizontal replication of know-how across businesses, and combining materials and core technologies with products and sales channels—creating a distinctive ability to add value across the AI ecosystem. Capacity plans (FY3/26 =100, volume basis) call for MLCC capacity of roughly 105, 125, then 150 through FY3/29; AI/data-center aluminum electrolytic capacitors of about 200, 400, then 700; thin-film inductors of about 100, 150, then 210; and EMC filters of roughly 105, 115, then 120. Demand drivers include rising data center voltages and GPU power for high-voltage, heat-resistant MLCCs; wound common-mode filters are the automotive de facto standard with humanoid robots a potential new market; thin-film inductors benefit from vertical power delivery needs (optical transceivers, IVRs). Key risks: weaker smartphone output, higher input costs and yen appreciation. The target implies 27x FY3/28E P/E.