Passive Components (MLCC, Capacitors, Inductors)

Yangdian Technology announced that Qiu Qinjian, the company's deputy general manager, chief financial officer, and board secretary, has applied to resign from the position of board secretary due to work adjustments. After stepping down, he will continue to serve as deputy general manager and chief financial officer. On the same day, the company held the eleventh meeting of the third board of directors. Upon nomination by chairman Nie Kunlin and qualification review by the board's nomination committee, the board approved the appointment of Zhang Jun as board secretary, with a term starting from the date of approval by this board meeting until the end of the third board's term. Zhang Jun, born in October 1990, holds a master's degree in political economy from Jilin University and is a non-practising member of the Chinese Institute of Certified Public Accountants. He previously served as deputy general manager and board secretary of Xingyun Technology Co., Ltd. and as director of investor relations at Xingyuan Environment Technology Co., Ltd., and has obtained the board secretary qualification certificate issued by the Shenzhen Stock Exchange. The company has seen several senior management changes recently. In June 2026, former chairman Tang Xuemei resigned as chairman for personal reasons but continued to serve as an employee representative director. Non-independent director Zhu Zhenguo also resigned from his position as non-independent director. In July, the company elected Nie Kunlin as chairman. In terms of performance, in the first half of 2026 the company achieved total operating revenue of 765 million yuan, up 18.83 percent year on year, and net profit attributable to the parent company of 31.0066 million yuan, up 43.62 percent year on year.

Vishay Intertechnology reported second-quarter revenues of $888.6 million, up 16.6% year on year, falling short of analysts' expectations by 1.8% even as it beat EPS and operating income estimates. CEO Joel Smejkel said the quarter delivered 9.5% sequential growth to adjusted revenue of $919 million, exceeding the top end of the company's revenue guidance on strengthening demand across all end markets, channels and regions. The stock is down 16% since reporting and currently trades at $32.64. Across the 14 analog semiconductors stocks tracked, group revenues beat consensus estimates by 1.8% while next quarter's revenue guidance came in 4.9% above, and share prices have held steady, up 2.2% on average since the latest earnings results. Monolithic Power Systems posted the group's best quarter with revenues of $980.6 million, up 47.6% year on year and 8.6% above expectations, while Himax had the slowest, with revenues of $227.4 million, up 5.9% and 2% above estimates.

Nidec announced on the 1st that it will sell its electronic components subsidiary Nidec Components, formerly Copal Electronics, to U.S. investment fund Carlyle Group for 102.9 billion yen. The transfer will take place on December 1. The company said it is currently examining the impact of the sale on its consolidated earnings and will promptly disclose any matters that should be made public going forward.

A major Japanese brokerage on September 30 kept its rating on Elecs at Neutral (2) while raising its target price from 820 yen to 890 yen. As of the previous day, September 29, the rating consensus stood at 3 (based on 3 analysts), a "Neutral" level, and the target price consensus was 867 yen (based on 3 analysts).

Kasikorn Securities estimates that NEO will post a third-quarter profit of 212 million baht, up 261% year on year and 2% quarter on quarter, under assumptions of 19.5% sales growth, a 38% gross margin, and a selling and administrative expense ratio of 29.2% of revenue. This puts the first nine months of the year at 516 million baht, up 31% year on year, or 73% of the full-year profit forecast of 705 million baht. The company is maintaining its targets for the year: double-digit sales growth, a gross margin of 37% to 39%, and an SG&A-to-revenue ratio of no more than 27%. For next year, it targets mid-to-high single-digit sales growth. The research team is keeping its hold recommendation on NEO but raising its end-of-next-year target price to 24.78 baht from 24.14 baht, after shifting the valuation base year to the end of next year, compared with the current market price of 23.7 baht.

The analyst at TTB Wealth Securities Public Company Limited has upgraded KCE stock to "Buy" from "Sell," raised its target price to 100 baht from 31 baht, and lifted its profit forecasts for 2026-2029 by 0.6%, 35%, 95% and 137% respectively. The analyst believes the market share KCE lost to Chinese competitors is recovering as more orders flow in amid geopolitical factors, since KCE is a Thai company with production bases in Thailand. EPS for KCE is now expected to grow 85%, 107% and 38% in 2026-2028, while its customer base is expanding from Europe to the United States and existing US customers are increasing their orders. Dollar-denominated sales are expected to grow 21%, 64% and 17% in 2026-2028, compared with a decline of 9% per year in 2023-2025. KCE may also benefit from a shortage of a key raw material, fiberglass, for another one to two quarters, which helps ease price competition. As for the profit outlook for the second half of 2026, third-quarter 2026 profit is expected at 441 million baht, up 51% from a year earlier and 83% from the previous quarter, while fourth-quarter 2026 profit is expected at 573 million baht, up 315% from a year earlier and 30% from the previous quarter.

Nireco announced a revision to its earnings outlook after the close of trading on September 29, raising its consolidated ordinary profit forecast for the fiscal year ending March 2027 by 5.0%, from the previous projection of 2 billion yen to 2.1 billion yen. The prior fiscal year came in at 1.79 billion yen, and the profit growth rate expands from 11.5% to 17.1%, putting the company on track to set a record high for the first time in two years. Meanwhile, it left its first-half ordinary profit forecast for the April-September period unchanged at 780 million yen.

Chaoyang Technology announced on September 29 that the company has released its 2026 plan for issuing A-shares to specific investors, proposing to issue shares to no more than 35 designated investors and raise total proceeds of no more than 560 million yuan. After deducting issuance expenses, the funds are intended for the Vietnam Chaoyang smart manufacturing expansion project, a smart hardware production and construction project, a smart hardware research institute upgrade and construction project, and replenishment of working capital.

Jingwei Huikai announced on September 29 that its 2026 restricted stock incentive plan proposes to grant a total of 39.27 million restricted shares to incentive recipients, accounting for approximately 6.8366% of the company's total share capital. This grant is a one-time grant with no reserved equity, at a grant price of 3.95 yuan per share. The total number of incentive recipients under this plan is 85, including directors of the company and its controlled subsidiaries but excluding independent directors, senior management, core management personnel, core backbone employees, and other personnel the board deems in need of incentives. In the first half of 2026, Jingwei Huikai achieved revenue of 1.768 billion yuan, with a net loss attributable to the parent company of 41.19 million yuan.

Huafeng Co. announced on the evening of September 24 that its wholly-owned subsidiary Huafeng International intends to continue selling up to 360,400 Sanhuan Group shares on the secondary market at an opportune time, meaning Huafeng International plans to fully exit its Sanhuan Group H-share holdings. Previously, Huafeng International participated in Sanhuan Group's initial public offering on the Hong Kong Stock Exchange as an anchor investor and was allotted 781,300 shares. As of the announcement date, Huafeng International had sold 420,900 Sanhuan Group shares on the secondary market. Sanhuan Group is one of China's two leading MLCC makers. In the first half of this year, it achieved revenue of 6.423 billion yuan, up 54.82% year-on-year, and net profit of 1.932 billion yuan, up 56.18% year-on-year. Since the start of this year, its A-share price has risen nearly 171% cumulatively, with the latest price at 123.31 yuan per share and a total market value of 246.2 billion yuan. Sanhuan Group listed in Hong Kong on July 9, 2026, at an issue price of 100.3 Hong Kong dollars per share. As of the close on September 24, its H-share price was 133.6 Hong Kong dollars per share, having touched 152.7 Hong Kong dollars per share on September 21. Huafeng International's current reduction is taking place near the H-share price peak. On the same day, TrendForce released research findings noting that material shortages and cost pressures amid the AI crowding-out effect are opening opportunities for the Chinese mainland supply chain. Brand manufacturers such as Dell, HP, Asus, and Acer have completed verification of related memory supplies and, through introductions by ODM makers including Huaqin, LCFC, and Luxshare Precision, have begun verifying MLCC products from Weirong Technology and Sanhuan Group.

Sidike announced on the evening of September 23 that it plans to invest in a high-end functional BOPET base film expansion project with an annual capacity of 103,000 tonnes, with total investment estimated at about 1.652 billion yuan. The project will be implemented by its wholly owned subsidiary Jiangsu Xingyuantai New Material Technology Co., Ltd., located in Sihong, Jiangsu, with a construction period of 1.5 years. Funding will come from Xingyuantai's own capital and self-raised funds. The project aims to mass-produce multiple series of high-end functional BOPET substrate products, including MLCC release film base film, polarizer release and protective film base film, photosensitive dry film base film, general release and protective film base film, and window film base film, mainly serving downstream sectors such as microelectronic MLCC manufacturing, specialty optical devices, precision PCB circuits, smart terminal protection, automotive and building energy-saving window films, and industrial precision protection. The investment still needs to be submitted to the company's shareholders' meeting for approval before implementation, and requires approval or filing procedures from relevant government departments for project registration, environmental impact assessment, energy conservation review, safety evaluation, and fire protection acceptance. The 2026 interim report shows that in the first half of the year, the company achieved operating revenue of 1.593 billion yuan, up 14.11 percent year on year, and net profit attributable to shareholders of the listed company of 46.0118 million yuan, up 82.38 percent year on year.

Analysts recommend an investment strategy of trading individual electronics stocks around earnings cycles, highlighting DELTA and SMT as standout plays benefiting from AI and data center technology. Nattapon Kamthakrua, Assistant Managing Director of the Investment Analysis Department at Yuan Ta Securities (Thailand) Company Limited, told Than Hoon that the electronics sector is a group with outstanding profit growth in the Thai stock market, with all five companies under coverage having forward orders spanning roughly one to two production cycles, and he expects the group's third-quarter 2026 results to grow continuously both quarter-on-quarter and year-on-year. DELTA stands out in cooling systems and power-related components, while KCE is expanding into humanoid technology and HANA is focusing on solid state cooling technology for data centers. SMT stands out for its ample remaining production capacity and its chance to swing back to profit after a loss in 2025. However, the P/E of electronics stocks is higher than the SET average of about 15 to 16 times, with DELTA trading at roughly 60 times 2027 earnings, KCE at about 50 times, and SMT at around 19 times. The analysts therefore recommend speculative buying of DELTA, KCE, CCET, and HANA, and a buy on SMT. Meanwhile, Sureeporn Teewasuwet, Assistant Managing Director of the Securities Analysis Department at Finansia Syrus Securities Public Company Limited, told Than Hoon that demand from the AI and data center groups has come in very strong, pushing prices of components, chips, memory, and PCBs higher, and this is expected to benefit the operating results of the three electronics companies under coverage from the third quarter of 2026 through the first half of 2027. DELTA is expected to begin recovering in the third quarter of 2026 both quarter-on-quarter and year-on-year, with a chance of setting a new record high in the fourth quarter of 2026, with a target price of 290 baht. KCE is expected to benefit from a roughly 10% increase in printed circuit board selling prices, fully recognized for a full quarter, with a target price of 61 baht, while HANA has a target price of 53 baht. She also warned investors to watch the risk of more new supply entering the market in the second half of 2027, which if it balances with demand would pressure prices of components, chips, memory, and PCBs downward and drag the electronics group's operating results into a correction in 2028 before returning to a normal growth cycle in 2029.

Electronic component stocks moved higher in the morning of September 21, 2026, led by Delta Electronics (Thailand), or DELTA, at 247.00 baht, up 6.00 baht or 2.49%, on trading value of 1,135.79 million baht. Hana Microelectronics, or HANA, stood at 49.50 baht, up 3.66%; KCE Electronics, or KCE, was at 65.75 baht, up 1.15%; and Cal-Comp Electronics (Thailand), or CCET, was at 9.00 baht, up 1.69%. Asia Plus Securities said in an analysis that DELTA's net profit for the third quarter of 2026 will be about 8.8 billion baht, up 45% from the previous quarter and 19% from the same period a year earlier, driven by sales expected to rise to about 78 billion baht, growing 19% from the previous quarter and 46% from the same period a year earlier, after production and deliveries improved on the sourcing of raw materials from other suppliers as substitutes starting in July 2026. At the same time, the gross profit margin is expected to rise to 29.2% from 26.8% in the second quarter of 2026 and 28.3% in the third quarter of 2025, in line with the share of high-margin products, especially those related to AI, data centers, and liquid cooling. The research team maintained its buy recommendation on DELTA and trimmed its profit forecasts for 2026-2027 by about 3% to approximately 34 billion baht and 48 billion baht, respectively, and cut its 2027 target price from 342 baht to 333 baht per share, based on a PER of 86.4 times.

Tisco Securities has upgraded its investment weighting for the electronics sector to Overweight from Neutral, citing better-than-expected data center CAPEX spending in 2026, stronger second-half trends across all companies, and the sector's underperformance of 33% relative to the market in the recent period, which it believes has already priced in much of the market's remaining concerns. The research team raised its recommendation on DELTA to Buy with a fair value of 282 baht, after the market has already absorbed negative factors. Although raw material shortages, uncertainty over royalty fees, and the recent bond issuance by parent company Delta Taiwan remain pressures in the second half, the 37% decline in the share price is believed to have already reflected downside risks. Meanwhile, HANA was upgraded to Buy with its fair value raised to 61.50 baht, reflecting greater confidence after HANA passed all qualification requirements from end customers to generate AI revenue in the third quarter of 2026, with new HDI PCB expected to be a significant revenue driver in 2027. KCE retains its Hold rating with a fair value adjusted to 60.25 baht, as the share price has fully reflected its prospects, with humanoid robots and capacity expansion being the clearest supporting factors for 2028.

Oppenheimer analyst Christopher Glynn initiated coverage on Vishay Intertechnology with an Outperform rating, sending the semiconductor manufacturer's shares up 2.5% in the morning session. An Outperform rating indicates the analyst expects the company's shares to outpace the average return of the broader market or industry benchmarks over a given timeframe. After the initial pop, the shares cooled down to $31.12, up 1% from the previous close. Vishay Intertechnology is up 104% since the beginning of the year, but at $31.12 per share it is still trading 52% below its 52-week high of $64.90 from June 2026. Investors who bought $1,000 worth of the shares 5 years ago would now be looking at an investment worth $1,471.

Three major copper-clad laminate producers have raised prices in succession, driving PCB-related stocks to strengthen against the market trend. At the end of August, Kingboard Laminates issued its seventh price increase letter this year, raising FR-4 copper-clad laminate prices by 10 percent across the board, adjusting prepreg prices by specification, and raising thin fabric prices by up to 20 percent. Panasonic then announced it would raise copper-clad laminate prices from September 1, with some products up by as much as 30 percent, and Nan Ya Plastics followed with increases of 20 to 25 percent. Boosted by this, Goldenmax International surged to its daily limit up, closing the morning session at 76.45 yuan, with more than 180,000 lots locked on the limit-up board, turnover exceeding 3.7 billion yuan, and a total market value of 55.6 billion yuan. Yihao New Materials rose by the 20 percent daily limit, GD-Goworld posted a strong run of two limit-up moves in four sessions, and Sihui Fushi, Sdic, and Wanyuan Tong rose more than 10 percent, while China Jushi and Founder Technology also advanced. According to a China Securities Journal report on September 9, several electronic fabric companies and downstream copper-clad laminate producers said the market has shown relatively good acceptance of the new round of price increases, that electronic fabric supply is somewhat tight, and that leading companies are actively expanding capacity, with new projects expected to come on stream this year and next, at which point price trends will need further market confirmation.

Huaci Shares issued an urgent clarification announcement on the evening of September 15, addressing market rumors one by one regarding MLCC powder, zirconia business, the Wuxi semiconductor precision ceramics industry seminar, and the commissioning of its Vietnam plant. The company made clear that the MLCC-related powder supplied to Chaozhou Three-Circle is still in a small-volume verification stage, has not yet achieved batch supply, and has not generated stable sales revenue. In the first half of 2026, the entire advanced ceramics segment posted operating revenue of only 6.64 million yuan, accounting for just 1.15 percent of total revenue, mainly from zirconia grinding microbeads and dental ceramics. The announcement also clarified that the Wuxi semiconductor precision ceramics industry seminar held on September 12 was led by one of the company's shareholders, Times Bole, and was an open industry technical exchange event. Although Chairman Xu Junqi attended and delivered remarks, no undisclosed material information was revealed, and no agreements were signed or order intentions reached during the meeting. Regarding overseas expansion, the company confirmed that the Vietnam ASEAN Ceramic Valley project was ignited and put into production on September 9, 2026, but stressed that there is a capacity ramp-up cycle from production start to full capacity. Although the first phase has indicative orders, they do not equate to locked-in, definitive sales contracts. The backdrop to this clarification is pressure on company performance: in the first half of 2026, operating revenue was 576 million yuan, down 20.77 percent year on year; net profit attributable to the parent was 103 million yuan, down 14.18 percent; and non-GAAP net profit was 75.77 million yuan, down 31.42 percent. The company said the revenue decline was mainly due to EU anti-dumping measures and the cancellation of export tax rebates. In the first half, export revenue was 399 million yuan, accounting for 69.35 percent of total revenue.

Sunway Communication announced that its wholly-owned subsidiary Yiyang Sunway plans to acquire a 55% stake in Yiyang Electronic Technology for 1.1 billion yuan in cash. After the transaction, it will hold a 70% stake and consolidate the company into its financial statements. The move aims to meet rapidly growing demand from global customers for high-end MLCC products and accelerate the company's strategic layout in the high-end MLCC business. This transaction constitutes a related-party transaction but does not constitute a major asset restructuring, and it still needs to be submitted to the shareholders' meeting for approval.

Recodeal announced it will redirect 200 million yuan of raised funds originally earmarked for the High-Frequency High-Speed Connection System Renovation and Upgrade Project to a new project, the Ruihui Photonics New-Generation High-Precision Optical Communication Passive Connection Components Industrialization Project, in order to accelerate its layout in optical communication connector products. The funds come from convertible bonds issued in 2025. The total investment in the original project has been adjusted from 500 million yuan to 300 million yuan. The new project has a total investment of 306.5287 million yuan and is expected to be completed in 2027, with the implementing entity being wholly owned subsidiary Sichuan Ruihui Photonics Technology Co., Ltd. In the first half of the year, the company achieved operating revenue of 1.548 billion yuan, up 1.51% year on year, while net profit attributable to the parent company was 111 million yuan, down 29.36% year on year, showing revenue growth without profit growth. Second-quarter operating revenue was 796 million yuan, up 4.29% year on year, while net profit attributable to the parent company was approximately 51.99 million yuan, down 36.12% year on year.