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Taiyo Yuden Co Ltd 6976

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Stock XTKS Rating as of
JPY 3,732.00 +59.00 (1.61%)
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Company Report

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MLCC Utilization to Pick up Toward End of 2024 for Passive Components Suppliers

Kazunori Ito

Taiyo Yuden is one of the top suppliers of passive components, with the third-largest market share in multilayer ceramic capacitor, or MLCCs, and bandpass filters. Passive components are necessary for all electronic circuits. They are used to store electricity, to control electric flow, to enable wireless communication, and to remove electromagnetic noise. While we acknowledge that shipments of digital appliances are slowing down, we think progress in telecommunication standards—such as 3G, LTE, LTE advanced, and 5G—and increased electronic devices in automobiles will drive the continued expansion of the component market.

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Price vs Fair Value

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6976 is trading at a 23% discount.
Price
JPY 3,673.00
Fair Value
JPY 8,227.00
Uncertainty
High
1-Star Price
JPY 1,799.00
5-Star Price
JPY 8,266.00
Economic Moat
Dtfdh
Capital Allocation
Bfyvwfp

Bulls Say, Bears Say

Bulls

Taiyo Yuden will benefit from increased passive components per phone as a result of advancing technology in telecommunications. In particular, diffusion of LTE and LTE-advanced networks and phones will be the driver.

Bears

Average prices of smartphones have been gradually decreasing since 2012, and the profitability of handset makers has also been declining. Consequently, price-cut pressure for components will strengthen.

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Trading Information

Previous Close Price
JPY 3,673.00
Day Range
JPY 3,673.00–3,759.00
52-Week Range
JPY 3,220.00–4,615.00
Bid/Ask
JPY 3,731.00 / JPY 3,735.00
Market Cap
JPY 465.11 Bil
Volume/Avg
1.5 Mil / 1.5 Mil

Key Statistics

Price/Earnings (Normalized)
195.23
Price/Sales
1.49
Dividend Yield (Trailing)
2.45%
Dividend Yield (Forward)
2.45%
Total Yield
2.49%

Company Profile

Taiyo Yuden produces passive components for electronic devices. Passive components are used to enable wireless communication, store electricity, handle electric flow, remove electromagnetic noise from circuits, and so on. Passive components are imperative for electronic circuits—for instance, one high-end smartphone contains more than 1,000 passive components. Taiyo Yuden is the global third multilayer ceramic capacitor player, with 13% market share in 2021.
Sector
Technology
Industry
Electronic Components
Stock Style Box
Mid Core
Total Number of Employees
21,819
Website
http://www.yuden.co.jp

Competitors

Valuation

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Metric
6976
2327
6762
Price/Earnings (Normalized)
 195.2321.2929.75
Price/Book Value
 1.441.961.62
Price/Sales
 1.492.521.32
Price/Cash Flow
 16.8510.348.52
Price/Earnings
6976
2327
6762

Financial Strength

Metric
6976
2327
6762
Quick Ratio
 2.320.861.21
Current Ratio
 3.691.131.67
Interest Coverage
 0.4910.513.77
Quick Ratio
6976
2327
6762

Profitability

Metric
6976
2327
6762
Return on Assets (Normalized)
 0.78%5.80%3.73%
Return on Equity (Normalized)
 1.29%13.64%7.92%
Return on Invested Capital (Normalized)
 0.83%6.71%5.36%
Return on Assets
6976
2327
6762
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