MLCC Price Hike ‘Murata’-Driven Ripple Effect…Samsung Electro-Mechanic…

가상으로 만든 반도체 기판과 MLCC 모습 / 사진 제미나이로 생성

As Japan’s Murata Manufacturing Co., Ltd., the world’s largest supplier of multilayer ceramic capacitors (MLCC), officially signaled the possibility of a price increase for AI server products, market expectations are rising for an earnings rebound and stock re-rating of Samsung Electro-Mechanics. Since Murata and Samsung Electro-Mechanics lead the global MLCC market, if Murata raises prices, Samsung Electro-Mechanics may follow suit.

As a result, Samsung Electro-Mechanics’ stock, which closed at 309,500 won on February 13, the day before the Lunar New Year holiday, surged on the 19th when the market reopened. As of 3:44 p.m., the share price stood at 358,500 won, soaring 15.83% from the previous day.

나카지마 노리오 무라타 사장 / 사진 무라타 공작소 홈페이지 갈무리

Murata President Noriyuki Nakajima said in a media interview on the 17th, “Current orders for high-spec MLCCs for AI data centers amount to about twice our production capacity.” He acknowledged that supply is unable to keep up with explosive demand growth. Murata plans to closely assess actual market demand by the end of the first quarter and make a final decision on whether to raise prices within February.

The stock market reacted immediately after Nakajima’s interview. Over the following two days, Murata’s share price jumped 10%. A price hike in MLCCs is expected to be a key factor driving Murata’s operating profit growth.

Industry sources believe Murata’s move will serve as a decisive trigger for improving profitability in Samsung Electro-Mechanics’ component business division.

Samsung Electro-Mechanics’ MLCC utilization rate is reportedly at 90–95%, close to full capacity. While the company had sought earnings improvement through higher utilization rates, it has now reached a phase where further profit growth is limited by additional utilization increases alone. In particular, recent declines in selling prices for IT MLCCs have offset the effects of product mix improvement, limiting upside in operating margins.

The key variable for upward revisions in future earnings estimates is product selling prices. If Murata-led price hikes for high-spec MLCCs used in AI servers materialize, Samsung Electro-Mechanics is also expected to benefit naturally from higher selling prices and ease margin pressure.

According to market analysis data from Meritz Securities, Samsung Electro-Mechanics’ expected return on equity (ROE) for 2026 is around 10.6%. In 2018 and 2021, when ROE reached around 14% and the industry hit peak conditions, the company’s stock was re-rated to a price-to-book ratio (PBR) of 2.6–2.7 times.

Yang Seung-soo, an electrical/electronics and IT components analyst at Meritz Securities, said, “Samsung Electro-Mechanics’ current stock price reflects a PBR of about 2.3 times based on consensus. If AI MLCC price hikes materialize, there is room for multiple expansion alongside ROE improvement, and we believe there is also the possibility of entering valuation ranges above previous peak levels.”