2026年日本峰会：TDK的AI生态系统增长机会

Shoji SatoEquity Analyst Sota HarashimaEquity Analys Japan Summit 2026: AlEcosystem GrowthOpportunities Sota.Harashima@morganstanleymufg.com Yamanishi spoke of growth opportunities in Al Ecosystem.Thefivekeytakeaways were as follows. Top PickElectronicComponentsIJapan Stock Rating Industry ViewIn-LinePrice target￥3,200Up/downside to price target (%)Shr price, close (May 20, 2026)￥2,943Mkt cap, curr, basic (bn)￥5,584.7Div yld (03/26e) (%)1.6Fiscal Year Ending03/25 03/26e03/27e 03/28e businesses, improve businesses marked for intensive monitoring, and realizeinorganic growth through corporate venture capital (CvC) investments, etc. Ofbusinesses marked for intensive monitoring,TDK plans to determine policies inF3/27 for 5 for which improvement measures are currently under discussion. 2) In existing businesses, TDK is working to restore growth not only in rechargeablebatteries &HDD products, but also in passive components likeMLCCs, aluminumelectrolytic capacitors & inductors. In MLCCs, it is growing sales through the lateralroll-out of high-voltage products for Al Ecosystems, leveraging its strength in xEVapplications. It has also established a JV with Nippon Chemical Industries (4092.T,not covered) through which it is working to develop materials for low-voltage, high-capacitance products. In power inductors, it expects growth in low-voltage, high-current products featuring its thin-film tech developed through HDD heads. 3) In small rechargeable batteries for smartphones & wearable devices, the techbattleground remains enhancing energy density. TDK plans to begin massproduction of its 4th generation silicon anodes in F3/27, and expects sales of highenergy density products to continue to grow, backed by increased adoption of metalcasing batteries. In mid-sized batteries, TDK acquired Linergy Power for US$241mnto expand its Al/DC UPS and BBUbattery businesses,and plans managementintegration in Jun. Hyperscalers are prioritizing performance over productionlocation, and are leveraging LFP material & process technologies in which TDK holdsstrength, as well as high LFP output. TDK commenced shipments for UPSapplications in F3/26 and plans to start shipments for BBU applications in F3/27. 4) In HDD products, TDK plans to increase shipment volume in F3/27 by 40%+ YoYfor heads & 20%+ for suspensions. It expects the mix of MAMR in heads & tri-stageactuators in suspensions to rise and drive a shift to higher added-value. TDK's planfor sharp growth in heads is due to a resumption of business with Toshiba and twofirms that had been producing heads in-house. For HAMR, TDK is carrying outdevelopment and mass production preparations targeting a 2028 launch. Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a result,investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a single factor in making their investmentdecision.Foranalystcertificationand otherimportantdisclosures referto the Disclosure Section, located at the end of thisreport. 5) For inorganic growth, TDK plans to expand SPE load ports & flip-chip bonders,and beginmass production of nanocomposite materialsfor bonding logic &powerICs, which it acquired from Napra. For areas that cannot be covered through inhouse R&D, TDK has utilized CVC to invest a total of ￥5Obn in over 50 firms. += Analysts employed by non-U.S. affiliates are not registeredwith FINRA,may not be associated persons of thememberand may not be subject to FINRA restrictions oncommunications witha subject company,public appearancesand trading securities held by a research analyst account. Derived from the base case. DCF assumptions: risk-free rate 2.2%, equity beta 1.27, risk pre- mium 3.7%, yielding WACC 6.3%.Zero growth from F3/36. beyond mobile to grow.HDD heads earnings increase, although our base case does not factor this in TDK's passive components are used in all types of electronic equipment, so demand shiftswithglobaleconomicgrowth,andresultingsupply/demand changes can swaythestock■ Y/$ gain impacts OP by-Y2.Obn For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Website Management), New York, NY,10036 USA.Forvaluationmethodologyandrisks associatedwithanyrecommendation,rating orprice targetreferenced in this researchreport,please contact the Client Support Teamasfollows:US/Canada+1 800 303-2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S.); London +44 (0)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81 (0)3-6836-9000.Alternativelyyoumay contact your investment representative or Morgan Stanley Researchat1585Broadway,(Attention:Research Management),New York,NY10036USAAnalystCertification The following analysts hereby certif