Passive Components
All research in Passive Components — 2 reports.
Yageo is a high-end passive components and sensor platform built through acquisition-led integration, with products spanning MLCCs, tantalum capacitors, and chip resistors. Its Q1 2026 gross margin rose to 38.1% and net profit attributable to the parent reached NT$8.001 billion, up 44.7% year over year, but the current NT$855 share price implies a trailing P/E of about 67x and leaves almost no margin of safety. Report rating Hold: the platform strategy and AI high-end component thesis are credible, but the current price already reflects a neutral-to-optimistic scenario.
Murata Manufacturing is one of the world's largest electronic passive-component companies, centered on MLCC ceramic capacitors and inductors across communications, automotive, computers, and other applications. The core thesis is that AI and server demand is lifting capacitor orders, while FY2026 revenue of JPY 1,830.9 billion, a 15.4% operating margin, and roughly JPY 597.9 billion of net cash make Murata a hidden champion in passive components, though valuation is demanding. Research rating Watch: a high-quality business, but current pricing leaves no conservative margin of safety.