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A 134% Surge, 75 P/E Ratio: Why Is the Market Paying Up for Murata's 'Zero Growth'?

Murata Manufacturing, the world's largest passive components maker, saw its stock price surge 134% over the past year and hit a record high on May 28th, despite reporting nearly zero growth in operating profit for its latest fiscal year. This has pushed its valuation to a P/E ratio of approximately 75x. The disconnect is driven by a fundamental market re-rating. The catalyst was a late-May meeting where management upgraded the AI investment cycle outlook to "lasting until around 2030" and noted that demand for its components is roughly double its supply capacity, with customers prioritizing securing volume over price. While Murata's revenue grew only 5.0% and operating profit stagnated at ¥281.8 billion for the fiscal year ending March 2026, its guidance for the current fiscal year projects a 34.8% jump in operating profit to ¥380 billion. This sharp growth is underpinned by expectations that its AI/data center-related revenue will nearly double from ¥170 billion to ¥325 billion, becoming a key pillar of its business. Analysts highlight that this growth stems not from broad price hikes but from a shift towards higher-value, cutting-edge MLCCs for AI servers, where Murata holds over 70% market share. The market is now pricing Murata not as a cyclical component maker but as a critical "AI pick-and-shovel" supplier with structural pricing power. However, the high valuation also carries risk if future AI demand or quarterly guidance falls short of the elevated expectations.

marsbitHace 2 días 08:43