Flash | 31 Mar 2026 08:21:09 ET │ 14 pages Japan Electronic Components Feedback from Asia investor visits (March 2026) CITI'S TAKE We conducted investor visits in Hong Kong for five days from March 23. Key discussion points included: 1) the outlook for end-demand, 2) Rohm tender-offer developments and industry consolidation, and 3) expectations for MLCC price increases. Smartphone demand weakness due to soaring memory prices has already become the consensus, with many investors seeking to identify bottoms f ...

Summary of the Conference Call on Electronic Components Industry Industry Overview - The conference focused on the electronic components industry in Japan, particularly discussing the FY26 earnings outlook and long-term competitiveness of core products among leading companies [1][3]. Key Companies Discussed 1. **Ibiden** - Expected to continue earnings growth, but market consensus is deemed too high. - Anticipated mass-production shipments of FC package substrates for NVIDIA's Rubin starting in F3/27, with unit prices expected to double compared to Blackwell. - Forecasted operating profit (OP) for F3/26 at ¥61.8 billion, F3/27 at ¥77.0 billion, F3/28 at ¥106.4 billion, and F3/29 at ¥137.0 billion [4][7]. 2. **Murata** - Increasing sales to AI/data center applications in core MLCC products. - Expected ASP increases due to product mix improvements. - Holds over 40% global market share in MLCCs, with anticipated tight supply/demand for high-capacitance capacitors [3][8]. 3. **TDK** - Projected to achieve a 7th consecutive year of record profits in F3/27, driven by rechargeable batteries and improvements in other businesses. - Anticipated earnings growth despite a decline in smartphone unit volumes, particularly benefiting from high-value components supplied for iPhones [9]. Earnings and Market Expectations - **Ibiden**: Earnings growth expected, but market consensus is overly optimistic. OP forecasts indicate a gradual increase, with significant contributions anticipated from F3/29 onwards [4][7]. - **Murata**: Anticipated ASP increases and stable supply due to its leading market position. Expected to benefit from high-capacitance MLCCs for AI/data centers [8]. - **TDK**: Expected to offset declines in smartphone shipments with higher value-added components, particularly in iPhone-related sales [9]. Investment Ratings - **Ibiden**: Underweight (UW) rating maintained due to high market expectations [7]. - **Murata**: Overweight (OW) rating maintained, with expectations for share price growth [7]. - **TDK**: Overweight (OW) rating maintained, with gradual earnings growth expected [7]. Additional Insights - The conference highlighted strong investor interest in shipment and production outlooks for major applications, including smartphones, automobiles, and servers [3]. - The discussions also emphasized the importance of product mix and technological advancements in driving future growth within the electronic components sector [8][9]. Conclusion The electronic components industry in Japan is poised for growth, particularly in segments related to AI and data centers. However, companies like Ibiden face challenges with market expectations, while Murata and TDK are expected to leverage their market positions for continued profitability.

股票研究 /[Table_Date] 2026.04.01 MicroLED：开启 AI 光互联新篇章 [Table_Industry] 电子元器件 投资要点： [Table_Report] 相关报告 电子元器件《核聚变材料空间广阔，国内企业积 极突破》2026.01.22 电子元器件《Claude Cowork 正式发布，CPU 需 求加速增长》2026.01.22 电子元器件《钛合金持续渗透，国内企业积极布 局》2026.01.08 电子元器件《存储产业链的"通胀"投资机会》 2026.01.08 电子元器件《互联网大厂加速 AI 布局，国产算 力需求增长可期》2026.01.05 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖隽翀(分析师) | 021-23154139 | xiaojunchong@gtht.com | S0880525040064 | | 钟吉芸(研究助理) | 0755-23976666 | zhongjiyun@gtht.com | S088012 ...

Core Insights - Bel Fuse Inc. announced a strategic realignment of its business units to transition from a product-centric to an end-market-centric organization, aiming to enhance market focus, accelerate innovation, and improve customer engagement [1][4] New Business Unit Structure - Bel will operate through two focused business units organized by end market, ensuring that all customers can benefit from the complete range of technologies and solutions [2] - The Aerospace, Defense & Rugged Solutions business unit accounts for approximately $369 million, or 55% of Bel's 2025 sales, and integrates previous Connectivity Solutions and Enercon businesses [6] - The Industrial Technology & Data Solutions business unit represents around $307 million, or 45% of Bel's 2025 sales, consolidating pre-Enercon Power Solutions and Protection and Magnetic Solutions [6] Leadership Appointments - Steve Dawson has been appointed EVP & President of Industrial Technology & Data Solutions, bringing experience in strategic direction and operational efficiency [6] - Tom Smelker has been appointed EVP & President of Aerospace, Defense & Rugged Solutions, with extensive industry experience in managing significant P&L and expertise in ruggedized computing and RF systems [6]

Core Viewpoint - Eltek Ltd. has filed its annual report for the year ended December 31, 2025, with the U.S. Securities and Exchange Commission, which includes audited consolidated financial statements [1]. Company Overview - Eltek is a global manufacturer and supplier of advanced solutions in the field of printed circuit boards (PCBs), specializing in complex and high-quality PCBs, including HDI, multilayered, and flex-rigid boards for high-end markets [2]. - The company is recognized as a leading entity in the PCB industry in Israel and is compliant with ITAR, holding AS-9100 and NADCAP Electronics certifications [2]. - Eltek's customer base includes prominent companies in the defense, aerospace, and medical sectors across Israel, the United States, Europe, and Asia [2]. Company History and Operations - Founded in 1970, Eltek's headquarters, R&D, production, and marketing center are located in Israel, with operations extending through a subsidiary in North America and agents in Europe, India, South Africa, and South America [3].

Financial Performance - M-tron Industries reported revenues of $14.2 million for Q4 2025, an increase of 11.2% from $12.8 million in Q4 2024 [5][6]. - For the full fiscal year 2025, revenues reached $54.4 million, up 11.0% from $49.0 million in 2024 [5][6]. - Gross margin for Q4 2025 was 46.9%, slightly down from 47.2% in Q4 2024, primarily due to higher tariff-related costs [9][10]. - The fiscal year 2025 gross margin was 44.4%, down from 46.2% in 2024, attributed to product mix and higher tariff-related costs [12]. Profitability - Net income for Q4 2025 was $3.4 million, or $0.99 per diluted share, compared to $2.1 million, or $0.73 per diluted share, in Q4 2024, reflecting a 60.1% increase in net income [10][22]. - For the full year 2025, net income was $8.4 million, or $2.62 per diluted share, slightly down from $8.0 million, or $2.65 per diluted share, in 2024 [12][22]. - Adjusted EBITDA for Q4 2025 was $4.5 million, up from $3.1 million in Q4 2024, driven by higher revenues and lower operating expenses [11][30]. Backlog and Demand - The company's backlog increased by 61.9% to $76.4 million as of December 31, 2025, compared to $47.2 million a year earlier, indicating strong demand for its products [2][14]. - The growth in backlog reflects the company's focus on securing large, long-duration program-centric business, which can significantly impact future revenues [14]. Balance Sheet Strength - M-tron strengthened its balance sheet through a successful warrant exercise, generating approximately $27.5 million in cash, enhancing financial flexibility for strategic acquisitions [4]. - Total current assets increased to $61.2 million as of December 31, 2025, compared to $29.8 million in 2024, indicating improved liquidity [23]. Operational Highlights - The increase in revenues was primarily driven by strong defense program product shipments and increased sales in the avionics sector [8][12]. - The company has maintained a record of annual revenue growth since its IPO in October 2022, showcasing its operational resilience and market demand [2]. Future Outlook - Management plans to discuss the company's performance and future strategies in an upcoming conference call scheduled for March 26, 2026 [14].

Core Insights - Interstate Connecting Components (ICC) has introduced the Amphenol Fiber Systems VITA 87 high-density circular MT connectors, enhancing its fiber optic connectivity portfolio for military and aerospace applications [1][2]. Product Features - The VITA 87 connectors utilize MT-based fiber optic technology within MIL-DTL-38999 Series III packaging, supporting up to 192 fibers in a compact size-15 shell with 4 MTs, and available in shell sizes 11, 13, and 15 [2]. - These connectors support both physical contact (PC) and expanded beam (EB) MT ferrule configurations, providing flexibility for single-mode and multimode applications [3]. - The VITA 87 series offers three levels of alignment precision: shell-to-shell, insert-to-insert, and MT guide pin alignment, ensuring reliable performance in various applications, including military radars and avionics [3]. Performance Specifications - The connectors operate over a temperature range of -46°C to +85°C and feature low insertion loss specifications, meeting the stringent requirements of harsh-environment aerospace and defense applications [4]. Company Background - ICC is a division of Heilind Electronics, recognized as North America's largest interconnect distributor, and is an AS9100D-certified value-added distributor specializing in military-aerospace markets [5]. - Amphenol Fiber Systems International (AFSI) is a leading manufacturer of fiber optic solutions for military, aerospace, and commercial applications, established in 1993 [6].

Company Overview - Jabil Inc. is based in Saint Petersburg, Florida, and provides engineering, manufacturing, and supply chain solutions globally, with a market capitalization of $27.3 billion [1] - The company operates through four segments: Regulated Industries, Intelligent Infrastructure, Connected Living, and Digital Commerce, offering a range of products including electronic hardware and embedded software design services [1] Market Position - Jabil is classified as a large-cap stock, with a market cap exceeding $10 billion, indicating its significant size and influence in the electronic components industry [2] Stock Performance - Despite a recent decline of 8.1% from its 52-week high of $281.37, reached on February 26, JBL stock has increased by 19.2% over the past three months, outperforming the S&P 500 Index, which declined by 3.1% during the same period [3] - Over the past 52 weeks, JBL stock surged by 90.7%, while the S&P 500 delivered returns of 16.7% [5] - JBL has consistently traded above its 200-day and 50-day moving averages for most of the past year [5] Financial Performance - The company reported better-than-expected Q2 2026 results, with net revenue rising by 23.1% year-over-year to $8.3 billion, driven by strong demand in Intelligent Infrastructure and cloud and data center infrastructure [6] - Adjusted EPS for the quarter was $2.69, exceeding analyst estimates [6] Competitive Analysis - Compared to its peer, Flex Ltd. (FLEX), which saw an 82.4% increase in stock price over the past year, Jabil has outperformed in terms of stock performance [7] - Wall Street analysts have a highly optimistic view of JBL, with a consensus rating of "Strong Buy" and a mean price target of $270.40, suggesting a potential rebound of 4.5% from current price levels [7]

INVESTOR PRESENTATION Sidoti March 2026 Small-Cap Conference March 18, 2026 Information included or incorporated by reference in this presentation may contain forward-looking statements. This information may involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different than the future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involv ...

Core Insights - TE Connectivity has been recognized as one of the World's Most Ethical Companies for the 12th consecutive year by Ethisphere, highlighting its commitment to ethical business practices [1][2][3] Company Recognition - TE Connectivity is one of only five companies in the electronics and components industry to receive this recognition [2] - The company has maintained this honor for 12 years, showcasing its consistent ethical standards [3] Governance and Ethics - TE Connectivity emphasizes high ethical standards, with 90,000 employees dedicated to maintaining its reputation as a trusted partner [4] - The company conducted over 142,000 ethics and compliance training sessions in the past year, with more than 99% of employees completing the global Guide to Ethical Conduct training [5] - TE has enhanced its ethics and compliance program to align with leading practices, integrating emerging technologies into risk management [5] Assessment Criteria - The assessment for the World's Most Ethical Companies is based on Ethisphere's Ethics Quotient, which requires over 240 documented proof points on various ethical practices [6] Industry Impact - Ethisphere's chief strategy officer noted that companies with strong ethics and governance programs are positioned for better long-term performance [7] Company Overview - TE Connectivity plc is a global leader in industrial technology, focusing on creating a safer, sustainable, productive, and connected future through its connectivity and sensor solutions [8]