--- title: "Yageo posts a record quarter and Murata's orders jump 56%, yet both stocks sit 40% below highs" description: "Yageo just posted its seventh straight monthly revenue record and Murata's orders jumped 56 percent, yet both stocks trade roughly 40 percent below their highs. Two camps are pricing the same shortage in opposite ways, and the test arrives when Yageo reports October 29 and Murata October 30." publisher: "The Inference" section: "Hardware" published: 2026-10-12T15:26:54.158Z modified: 2026-10-12T15:26:54.158Z canonical: https://theinference.org/article/yageo-posts-a-record-quarter-and-murata-s-orders-jump-56-yet-both-stocks-sit-40-below-highs language: en keywords: "MLCC, Murata Manufacturing, Yageo, Semiconductors, AI Hardware, Stocks" --- # Yageo posts a record quarter and Murata's orders jump 56%, yet both stocks sit 40% below highs > Yageo just posted its seventh straight monthly revenue record and Murata's orders jumped 56 percent, yet both stocks trade roughly 40 percent below their highs. Two camps are pricing the same shortage in opposite ways, and the test arrives when Yageo reports October 29 and Murata October 30. ## The charge: records above, shares below [Yageo](https://theinference.org/markets/companies/yageo), the Taiwanese passive-components maker, said October 8 that [third-quarter revenue hit a record TWD 49.50 billion, up 49.7 percent year on year](https://www.ad-hoc-news.de/boerse/news/corporate-news/yageo-stock-sits-47-87-percent-below-its-yearly-high-as-revenue-records-mount/70297904), with September its seventh consecutive monthly record at TWD 17.10 billion, up 46.1 percent [1]. Murata, the world's largest maker of multilayer ceramic capacitors, or MLCCs, booked June-quarter orders of JPY 673.869 billion, up 56.3 percent, on a backlog up 38.5 percent from March 31 [3]. ![A multilayer ceramic capacitor soldered onto a green printed circuit board, seen in close-up](https://storage.googleapis.com/theinference-public/img/c844a9533810f399.jpg) *The multilayer ceramic capacitor, the component at the center of the AI-server shortage. Murata is the world's largest MLCC maker. (Phiarc, CC BY-SA 4.0 via Wikimedia Commons)* Equity investors are not paying up. Yageo last traded at TWD 636, 47.87 percent below its 52-week high of TWD 1,220, and Murata closed October 9 at JPY 7,970, about 38 percent below its peak of JPY 12,895 [1][2][3]. *Chart: **Both stocks trade about 40 percent below their 52-week highs** Column chart comparing each stock's latest close with its 52-week high: Yageo at TWD 636 versus a high of TWD 1,220, Murata at JPY 7,970 versus a peak of JPY 12,895.* *Latest closes against 52-week highs, in local currency, as of October 9, 2026. Sources: AD HOC NEWS reports cited in the text. [1][2][3]* ## The evidence: the squeeze is real on the street A single AI server carries 15,000 to 25,000 of these capacitors, and the market has split in two [6]. In Shenzhen's Huaqiangbei component bazaar, [prices for AI-server parts run at up to five times year-ago levels](https://www.msn.com/en-xl/technology/hardware-and-devices/china-s-mlcc-market-splits-in-2-as-ai-server-demand-outpaces-consumer-electronics/ar-AA2cI6gP), and China's state broadcaster has reported some hot models at ten times their original price since the June rally began [7]. ![Cross-section of a multilayer ceramic chip capacitor showing its layered internal structure](https://storage.googleapis.com/theinference-public/img/23da9a4ffac23ad2.jpg) *Cross-section of an MLCC: hundreds of ceramic and electrode layers stacked into a chip a few millimeters long. (TubeTimeUS, CC BY-SA 4.0 via Wikimedia Commons)* Samsung Electro-Mechanics, which splits the AI-server market with Murata, raised all MLCC prices by 30 percent on August 1, then signed its [largest-ever long-term contract: 1.07 trillion won, about $781 million](https://biz.heraldcorp.com/article/10858377), to supply AI-server capacitors through December 2027, part of 2.25 trillion won in long-term deals since May [6][8]. Murata's capacity math explains the rush. An extra JPY 80 billion of capex approved in April lifts output only 10 to 15 percent, so the company is retiring part numbers across nine series to free lines for AI parts, [finished a new production building in Vietnam on October 8](https://www.ad-hoc-news.de/boerse/news/corporate-news/murata-manufacturing-announces-vietnam-building-what-it-means-for-murata-manufacturing-stock/70286674), and [put the world's smallest three-terminal capacitor into mass production on September 30](https://newshub.medianet.com.au/2026/09/murata-begins-mass-production-of-worlds-smallest-0201-inch-size-three-terminal-low-esl-mlccs/174164/) [4][5][6]. *Chart: **Murata's June quarter: orders and profit grew almost three times faster than sales** Bar chart of Murata's June-quarter year-on-year growth: revenue 20.7 percent, orders received 56.3 percent, operating profit 59.8 percent.* *Year-on-year change, April to June 2026 quarter (Q1 of the fiscal year ending March 31, 2027). Reported results as cited. [3][6]* ## The defense: the maker calls its own orders overheated President Norio Nakajima [told the July 31 results briefing](https://note.com/juicy_stoat5332/n/n07a56265fa45) that orders were "a bit overheated" and that Murata would not raise prices on existing products; the full-year outlook still assumes prices fall [6]. Consumer-grade spot prices in Huaqiangbei have already dropped two-thirds from their peak, a correction one distributor calls "more speculative rather than driven by downstream demand" [7]. The scar is 2018: Murata's first price hike in 18 years delivered a record year, then two quarters of falling orders and a down 2019 [6]. Today's multiples are hardly pricing doom, at 54.8 times earnings for Murata and 42.8 for Yageo against 26.5 for TDK, the Japanese components maker, and Murata itself [bought JPY 16.10 billion of its stock in September](https://www.ad-hoc-news.de/boerse/news/corporate-news/murata-manufacturing-buys-back-shares-murata-manufacturing-stock-falls-4-02-percent/70263448), JPY 76.10 billion so far of a JPY 150 billion authorization [2][3]. *Chart: **The market charges more for the squeeze: Murata and Yageo trade far above TDK** Bar chart of trailing price-to-earnings ratios: Murata at 54.8 times, Yageo at 42.8 times, TDK at 26.5 times.* *Trailing price-to-earnings multiples as reported, October 2026. Sources: AD HOC NEWS reports cited in the text. [2][3]* ## The stake: a cheap way in, or already right Yageo reports October 29, Murata October 30 [1][3]. The tell is Murata's July-September order figure against its own overheated call, and whether full-year guidance still assumes falling prices. If contract prices follow spot, an order book up 56 percent plus a company buying back its own stock about 38 percent below its high is the cheapest listed way into the squeeze. If the spike is gray-market froth, 54.8 and 42.8 times earnings have already priced in more than enough. Murata's list prices are unchanged while Huaqiangbei stalls charge five to ten times them. Another record order figure on October 30 says the shortage is reaching contract prices; a falling one says the resellers were the only buyers paying. ## Takeaway Records and 56 percent order growth are not pricing through to the stocks, which sit about 40 percent below highs because investors doubt a squeeze the makers themselves call overheated; Yageo's October 29 print and Murata's July-September orders on October 30 settle whether contract prices follow the bazaar. ## Sources 1. [AD HOC NEWS, 'Yageo stock sits 47.87 percent below its yearly high as revenue records mount', 12 October 2026](https://www.ad-hoc-news.de/boerse/news/corporate-news/yageo-stock-sits-47-87-percent-below-its-yearly-high-as-revenue-records-mount/70297904) 2. [AD HOC NEWS, 'Yageo stock trades at TWD 636, 47.9 percent below its high', 12 October 2026](https://www.ad-hoc-news.de/boerse/news/corporate-news/yageo-stock-trades-at-twd-636-47-9-percent-below-its-high/70301193) 3. [AD HOC NEWS, 'Murata Manufacturing buys back shares. Murata Manufacturing stock falls 4.02 percent', 8 October 2026](https://www.ad-hoc-news.de/boerse/news/corporate-news/murata-manufacturing-buys-back-shares-murata-manufacturing-stock-falls-4-02-percent/70263448) 4. [AD HOC NEWS, 'Murata Manufacturing announces Vietnam building: what it means for Murata Manufacturing stock', 10 October 2026](https://www.ad-hoc-news.de/boerse/news/corporate-news/murata-manufacturing-announces-vietnam-building-what-it-means-for-murata-manufacturing-stock/70286674) 5. [Medianet News Hub / Business Wire, 'Murata Begins Mass Production of World's Smallest 0201-inch Size Three-Terminal Low-ESL MLCCs', 30 September 2026](https://newshub.medianet.com.au/2026/09/murata-begins-mass-production-of-worlds-smallest-0201-inch-size-three-terminal-low-esl-mlccs/174164/) 6. [Hard-ya no Toshi Memo (note.com), 'AI servers are short on capacitors, yet Murata Manufacturing's outlook assumed price declines', 8 October 2026, recapping Nikkei, EE Times Japan, TrendForce and Korea Herald reporting](https://note.com/juicy_stoat5332/n/n07a56265fa45) 7. [South China Morning Post (Iris Deng, via MSN), 'China's MLCC market splits in 2 as AI server demand outpaces consumer electronics', 21 September 2026](https://www.msn.com/en-xl/technology/hardware-and-devices/china-s-mlcc-market-splits-in-2-as-ai-server-demand-outpaces-consumer-electronics/ar-AA2cI6gP) 8. [The Herald Business (Kim Hyun-il), 'Samsung Electro-Mechanics lands record W1.7tr MLCC deal with global tech giant', 1 September 2026](https://biz.heraldcorp.com/article/10858377) --- Yageo posts a record quarter and Murata's orders jump 56%, yet both stocks sit 40% below highs — The Inference. Canonical: https://theinference.org/article/yageo-posts-a-record-quarter-and-murata-s-orders-jump-56-yet-both-stocks-sit-40-below-highs