Why did Vectorial Data pick MRAAY?

Three reasons. (1) IT IS THE WAY TO OWN AI WITHOUT BETTING ON A SINGLE CHIP: it does not matter whether the server runs Nvidia, AMD or Google's own chip — they all need thousands of high-capacity capacitors, and Murata makes 4 out of every 10 in the world. Its data-center sales grew 81% in a year (¥69.7 billion in one quarter) and are already 13.9% of the total. (2) THE NUMBERS ALREADY SHOW IT: a record April–June quarter — revenue ¥502,264 million (+20.7%), operating profit ¥98,454 million (+59.8%), net profit ¥81,377 million (+63.7%) — and record orders. On July 31 it raised full-year guidance: revenue ¥2.11 trillion (+15.2%) and operating profit ¥430 billion (+52.6%). It is also raising prices (rivals announced MLCC hikes of up to 30% from August) and expanding factories: a new 10-story building in Izumo and ~¥80 billion of extra investment for data centers. (3) IT PAYS YOU AND BUYS BACK SHARES: a planned dividend of ¥70 per share this year (vs ¥65), with a policy of raising it every year, plus the largest share buyback in its history: ¥150 billion (~4% of the shares). Consensus Strong Buy with an average target of ¥10,485 per share in Tokyo (+46% vs the current ¥7,185). We are entering 42% below its June high ($38.72).

What are the risks of investing in MRAAY?

#1 is the price: the stock is up ~200% this year and trades at ~50 times earnings (39x expected earnings). It has already corrected ~40% from its June high, but a multiple like that leaves little room if AI growth slows for a quarter. Others: (2) China is 47% of its sales and it depends on Chinese rare earths (a plan to decouple in ~3 years); a trade escalation hits it directly. (3) Consumer cycle: the company itself expects smartphones −4% and PCs −10% this year because of memory-chip shortages, and warns that part of the record orders may be customers buying ahead for fear of running out of parts. (4) Yen: every one-yen move against the dollar changes operating profit by ¥4.5 billion; it assumes ¥155 per dollar. (5) Competition: Samsung Electro-Mechanics, Taiyo Yuden and subsidized Chinese makers. (6) Costs: silver and other precious metals it uses as inputs, and logistics risks (Hormuz) the company cites. (7) The dividend (~1%) is small: here the return comes from growth, not the coupon.

Does MRAAY pay dividends?

Yes. Murata Manufacturing Co., Ltd. pays a dividend of about 0.97% per year.

How can I buy MRAAY with little money?

You can buy fractional shares of MRAAY starting from a few dollars with any broker that offers fractional shares. The Vectorial Data method: invest the same amount in every pick, every time.

When was this MRAAY analysis last updated?

The MRAAY analysis was last updated on Invalid Date.

Stocks/MRAAY

MRAAY — Murata Manufacturing Co., Ltd.

TechnologyAsiaJapanBlockchain certified

$22.43

Target: $32.70 (+46%)

P/E Ratio

49.9

P/E Forward

38.7

Dividend

0.97%

Market Cap

$81.6B

EPS

$0.4

Consensus

Strong Buy

What they do

Murata Manufacturing, headquartered in Nagaokakyo (Kyoto, Japan), is the world's largest maker of multilayer ceramic capacitors (MLCCs): tiny parts — many smaller than a grain of sand — that stabilize and filter the electricity inside any electronic circuit. Without them, a chip does not work. That is why they are in everything: smartphones, cars (especially electric ones), computers, home appliances and, more and more, artificial-intelligence servers.

Five product lines: capacitors (51% of sales), inductors and noise filters (12%), communication modules and high-frequency devices, batteries and power supplies, and sensors and SAW filters (together, 36%). By end market, in the latest quarter: communications 31%, mobility 26%, computers 20.5% (of which data centers were 13.9% of the total, +81% in a year), consumer electronics 7% and industrial 15%.

According to Nikkei, Murata holds ~40% of the global MLCC market; its rivals are Samsung Electro-Mechanics and Taiyo Yuden. 74,302 employees; President and CEO Norio Nakajima. Its fiscal year ends in March. The MRAAY ADR (depositary: Citibank) trades in dollars: 2 ADRs = 1 Tokyo share.

Why we like it

Three reasons.

IT IS THE WAY TO OWN AI WITHOUT BETTING ON A SINGLE CHIP: it does not matter whether the server runs Nvidia, AMD or Google's own chip — they all need thousands of high-capacity capacitors, and Murata makes 4 out of every 10 in the world. Its data-center sales grew 81% in a year (¥69.7 billion in one quarter) and are already 13.9% of the total.
THE NUMBERS ALREADY SHOW IT: a record April–June quarter — revenue ¥502,264 million (+20.7%), operating profit ¥98,454 million (+59.8%), net profit ¥81,377 million (+63.7%) — and record orders. On July 31 it raised full-year guidance: revenue ¥2.11 trillion (+15.2%) and operating profit ¥430 billion (+52.6%). It is also raising prices (rivals announced MLCC hikes of up to 30% from August) and expanding factories: a new 10-story building in Izumo and ~¥80 billion of extra investment for data centers.
IT PAYS YOU AND BUYS BACK SHARES: a planned dividend of ¥70 per share this year (vs ¥65), with a policy of raising it every year, plus the largest share buyback in its history: ¥150 billion (~4% of the shares). Consensus Strong Buy with an average target of ¥10,485 per share in Tokyo (+46% vs the current ¥7,185). We are entering 42% below its June high ($38.72).

Key Risk

#1 is the price: the stock is up ~200% this year and trades at ~50 times earnings (39x expected earnings). It has already corrected ~40% from its June high, but a multiple like that leaves little room if AI growth slows for a quarter. Others:

China is 47% of its sales and it depends on Chinese rare earths (a plan to decouple in ~3 years); a trade escalation hits it directly.
Consumer cycle: the company itself expects smartphones −4% and PCs −10% this year because of memory-chip shortages, and warns that part of the record orders may be customers buying ahead for fear of running out of parts.
Yen: every one-yen move against the dollar changes operating profit by ¥4.5 billion; it assumes ¥155 per dollar.
Competition: Samsung Electro-Mechanics, Taiyo Yuden and subsidized Chinese makers.
Costs: silver and other precious metals it uses as inputs, and logistics risks (Hormuz) the company cites.
The dividend (~1%) is small: here the return comes from growth, not the coupon.

This is educational and informational content, not financial advice. Always consult a qualified financial advisor before making investment decisions.

Vectorial Data picked MRAAY on 2026-08-26 at $22.43.

Last updated: Invalid Date

Dividends received by the Vectorial portfolio

MRAAY has not paid a dividend to the portfolio yet.

Full Research

Qué hace, explicado. Un condensador cerámico multicapa (MLCC) es una pieza diminuta que almacena y libera electricidad en microsegundos para que el voltaje dentro de un circuito se mantenga estable. Cada chip moderno necesita cientos alrededor; un teléfono lleva cientos o miles; un auto eléctrico y un servidor de IA, muchos más. Murata Manufacturing (Nagaokakyo, Kioto; TSE 6981; ADR MRAAY) es el mayor fabricante del mundo: ~40% del mercado global de MLCC según Nikkei. Los condensadores son el 51.1% de sus ventas (¥936,400 millones en el año fiscal 2025, +12.6%); inductores y filtros 12.2%; dispositivos y módulos 35.9% (−5.9%, por menor demanda de módulos para smartphones).

Por destino (trimestre abril–junio 2026). Comunicaciones 31.1%, movilidad 26.2%, computadoras 20.5% —dentro de esto, centros de datos ¥69,700 millones = 13.9% del total, +81.1% interanual—, electrónica de consumo 6.8%, industria y otros 15.4%. Por región (año fiscal 2025): Gran China 47.2%, Asia/otros 20.5%, Américas 16.6%, Europa 8.4%, Japón 7.3%.

Resultados. Trimestre abril–junio 2026 (reportado el 31 de julio, IFRS): ingresos ¥502,264 millones (+20.7%, +12.6% sin efecto cambiario; récord), utilidad operativa ¥98,454 millones (+59.8%), utilidad neta ¥81,377 millones (+63.7%), utilidad por acción ¥44.71. Pedidos trimestrales récord; la dirección advirtió que parte puede ser compras adelantadas por temor a escasez. Año fiscal 2025 (abril 2025–marzo 2026): ingresos ¥1.83 billones (+5.0%, récord), utilidad operativa ¥281,835 millones (+0.8%), utilidad neta ¥233,920 millones (plana, por bajas de precio y un deterioro de crédito mercantil en filtros SAW), ROIC 9.7%.

Guía año fiscal 2026 (a marzo 2027), subida el 31 de julio. Ingresos ¥2.11 billones (+15.2%; +¥150,000 millones vs abril), utilidad operativa ¥430,000 millones (+52.6%; +¥50,000 millones), utilidad neta ¥338,000 millones (+44.5%), utilidad por acción ¥185.68. Supuesto cambiario ¥155/USD desde el segundo trimestre; sensibilidad ¥9,000 millones de ingresos y ¥4,500 millones de utilidad operativa por cada yen. Inversión en activos ¥255,000 millones. Supuestos de mercado: smartphones −4% (1,190 millones de unidades), producción de vehículos −3% (50.2% electrificados), PCs −10%.

Precios y capacidad. Samsung Electro-Mechanics subió precios de MLCC ~30% desde el 1 de agosto de 2026 y Taiyo Yuden desde el 1 de septiembre; Murata confirmó alzas desde el 1 de abril en inductores multicapa y ferritas (costo de la plata) y, según Bloomberg, exploró alzas en MLCC para servidores de IA. Capacidad: edificio de 10 pisos (~70,000 m², ~¥47,000 millones) terminado en Izumo el 3 de abril de 2026; ~¥80,000 millones adicionales de inversión en MLCC para centros de datos (¥40,000 millones en cada uno de los dos próximos años fiscales).

Retorno al accionista. Dividendo año fiscal 2025: ¥65 por acción (¥30 + ¥35; payout 50.9%). Previsto año fiscal 2026: ¥70 (¥35 + ¥35). Política: subir el dividendo de forma estable, objetivo 5% de dividendo sobre capital (DOE). Recompra: hasta ¥150,000 millones / 75 millones de acciones (4.12% del total), del 11 de mayo de 2026 al 29 de enero de 2027 —la mayor de su historia—, con cancelación de las acciones. ADR: Citibank; 2 ADRs = 1 acción ordinaria, así que el dividendo por ADR es la mitad (~¥35 → ~1% anual al precio de entrada).

Acción. Tokio ¥7,185 el 26 de agosto de 2026; rango 52 semanas ¥2,403–¥12,895; +197% en el año; P/E ~50x; capitalización ¥13.08 billones (~$81,600 millones). ADR $22.43 de apertura; rango 52 semanas $8.03–$38.72. La subida la detonó la demanda de MLCC para servidores de IA (+15.6% el día de los resultados de julio); la caída de ~40% desde el máximo de junio fue toma de utilidades tras un rally de ~400%. Consenso: Strong Buy; target promedio ¥10,485 (StockAnalysis) / ¥11,494 (TradingView, 16 analistas).

Riesgos. (1) Valuación ~50x utilidades tras un rally de ~200% en el año. (2) Gran China 47% de ventas y dependencia de tierras raras chinas. (3) Ciclo de smartphones/PCs y posible adelanto de pedidos. (4) Yen: ¥4,500 millones de utilidad operativa por cada yen. (5) Competencia coreana, japonesa y china subsidiada. (6) Costo de metales preciosos y riesgo logístico (Ormuz). Próximos resultados: 30 de octubre de 2026.

More picks in Technology

See all Technology picks →

More picks from Japan

KXIAY — Kioxia Holdings Corporation

Researched: 8/26/2026Updated: 8/26/2026Next review: 2/26/2027

This is not financial advice. Consult a certified financial advisor.

The author may hold positions in the securities discussed.

Past performance does not guarantee future results.