Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Minebea bid ¥6,200/share for Shibaura, but Yageo countered at ¥7,130/share (~¥90–95bn), now cleared by regulators.</li>
<li>Yageo’s FEFTA approval removes Minebea’s “certainty” advantage, leaving its lower bid exposed.</li>
<li>Unless Minebea revises above its self-declared ceiling, Shibaura’s ~13% global thermistor share likely shifts to Yageo.</li>
</ul>


Minebea bid ¥6,200/share for Shibaura, but Yageo countered at ¥7,130/share (~¥90–95bn), now cleared by regulators.
Yageo’s FEFTA approval removes Minebea’s “certainty” advantage, leaving its lower bid exposed.
Unless Minebea revises above its self-declared ceiling, Shibaura’s ~13% global thermistor share likely shifts to Yageo.


Minebea Mitsumi (6479 JP): Capital Discipline Over Reach — But at What Cost?

<ul>
<li>MinebeaMitsumi is focused on expanding semiconductor backend capacity with the Cebu Mitsumi facility, ramping aerospace machining in India, and scaling AI/data center cooling bearings through FY27–28.</li>
<li>In Q1 FY26, MinebeaMitsumi posted record revenues of ¥366.9bn (+3.2% YoY), though operating income declined 7.8% YoY to ¥17.4bn due to yen appreciation and rare-earth supply disruptions.</li>
<li>Trading at a reasonable 8.1× EV/EBITDA and 20.9× P/E (TTM), the stock offers a mid-range multiple relative to peers like Nidec and NSK, reflecting a stable but cyclical industrial franchise.</li>
</ul>


MinebeaMitsumi is focused on expanding semiconductor backend capacity with the Cebu Mitsumi facility, ramping aerospace machining in India, and scaling AI/data center cooling bearings through FY27–28.
In Q1 FY26, MinebeaMitsumi posted record revenues of ¥366.9bn (+3.2% YoY), though operating income declined 7.8% YoY to ¥17.4bn due to yen appreciation and rare-earth supply disruptions.
Trading at a reasonable 8.1× EV/EBITDA and 20.9× P/E (TTM), the stock offers a mid-range multiple relative to peers like Nidec and NSK, reflecting a stable but cyclical industrial franchise.


MinebeaMitsumi Inc. (TSE:6479) – Precision Leader in Transition with Growth Catalysts Ahead

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Memory names surging after bullish broker upgrades as mkt refuses to sell off into the shutdown.</li>
<li>Boeing taking a break but outlook for CF suppliers such as Toray ahead of the announcement for now Chinese orders looks positive.</li>
<li>Oil takes a sizeable hit with OPEC signalling supply increases on the way.</li>
</ul>


Memory names surging after bullish broker upgrades as mkt refuses to sell off into the shutdown.
Boeing taking a break but outlook for CF suppliers such as Toray ahead of the announcement for now Chinese orders looks positive.
Oil takes a sizeable hit with OPEC signalling supply increases on the way.


Japan Morning Connection: Wolfspeed Out of Chapter 11 as Expected and Stock Rallies 1726%

<ul>
<li>Great numbers from Advantest, Teradyne, Seagate and SK Hynix set to send AI related surging.</li>
<li>Jensen Huang spreads NVDA's net wider while dispelling concerns of a bubble.</li>
<li>Qorvo-Skyworks merger could tighten the competitive market for the likes of Murata.</li>
</ul>


Great numbers from Advantest, Teradyne, Seagate and SK Hynix set to send AI related surging.
Jensen Huang spreads NVDA's net wider while dispelling concerns of a bubble.
Qorvo-Skyworks merger could tighten the competitive market for the likes of Murata.


Japan Morning Connection: A Sea of Knockout Earnings Set to Send Tech and AI Surging

<ul>
<li>ADP jobs paints a rosy picture for rate cuts despite the lack of official data this Friday.</li>
<li>Memory melted higher again, while INTC lines up AMD as a potential Fab customer.</li>
<li>Softbank will jump after Qualcomm announced use of ARM v9 in its latest PC and smartphone chips.</li>
</ul>


ADP jobs paints a rosy picture for rate cuts despite the lack of official data this Friday.
Memory melted higher again, while INTC lines up AMD as a potential Fab customer.
Softbank will jump after Qualcomm announced use of ARM v9 in its latest PC and smartphone chips.


Japan Morning Connection: No Hoots Given as Market Beelines for Hyper Risk-On as Govt. Shuts Down

Japan

Minebea Mitsumi manufactures and markets miniature and instrument ball bearings.  The Company also makes DC motors, servo motors, stepping motors, spindle motors, pivot assemblies, rod-end and spherical bearings, fasteners, and computer keyboards. Minebea Mitsumi has production facilities in Thailand and Singapore.

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Minebea Mitsumi (6479 JP)