APAC Wrap: 21 May 2026

AT&S; MLCC inputs; GL Techno; PCBs; SSDs

May 22, 2026

∙ Paid

I will be at Computex in two weeks - please reach out if you’d like to meet.

As always, if you can’t meet in person, always happy to hear from you in DMs about what you are interested in hearing more about.

This is the usual weekly roundup of what we have been discussing online, in the chat, DMs or on X.

AT&S: AMD and Intel supplier with capacity expansion funded by LTAs, with more on the way.

Kairos@KairosPraxis

Strong numbers from $ATS in their Q4 earnings report. Beat estimates easily, but highlight is the improved guidance, now at upper end of previous guide. I added to my position at 110€. - Guide: 30-35% revenue growth in FY26 and margins going from 23.3% ---> 27.5% puts them

Kairos @KairosPraxis

New position and one that I'm particularly excited about: AT&S $ATS is an 🇦🇹 AI-infra company specializing in printed circuit boards and ABF substrates. Despite the crazy run up last year, stock is trading at 8-10x forward EV/EBITDA. - Their customers include Infineon (PCBs), https://t.co/Shf9I1BTMq

9:23 PM · May 21, 2026 · 1.78K Views

2 Replies · 1 Repost · 7 Likes

MLCCs: Fintwit now looking upstream

P Equity Research 📰@pequityresearch

🎯 Barium titanate is the main material in MLCCs. Sakai leads with 16.5% market share. They have struggled with their titanium dioxide business, but they have terminated that segment of their business which should help their profitability for the future.

Daniel Romero @HyperTechInvest

MLCCs are becoming a mainstream investment theme The problem is that the main plays are already expensive: - > Taiyo Yuden: 34x earnings - > Murata: 42x earnings The biggest opportunity is now in materials ━━━━━━━━━━━━━━━━━━ This is how the MLCC cycle

11:17 PM · May 21, 2026 · 24 Views

GL Techno: Industrials specialist Monolith Capital now a fan

Monolith Capital@Monolith_Cap

Using proceeds from the Santec $6777.T sale, I built up a sizable position in GLTechno $255A.T GLTechno has two core businesses: (1) analytical instruments and (2) semiconductor equipment parts. (1) The analytical instruments business, GL Sciences, is a steadily growing cash

12:08 PM · May 20, 2026 · 9.19K Views

2 Replies · 8 Reposts · 87 Likes

Memory, PCBs, MLCCs

In case you missed it, this was being reposted on X yesterday, the point being the % increases of the various line items.

MS:

Based on our latest estimates, we estimate MLCC content for VR200 to be ~US$4.3K. This would present a quite meaningful increase vs. GB300 at only ~US$1.5K, and could explain why high-end AI server MLCC demand is currently so strong and causing all the ODMs to aggressively trying to secure and build as much inventory as possible, ahead of the Rubin rack ramp from 2H26 on wards. Our checks indicate that the MLCC content per computing board and switch board is increasing quite meaningfully, with the computing board MLCC content showing a larger content increase. In addition, the newly introduced BlueField and ConnectX modules will also contribute to more MLCC content per rack.

Feedback from chat on why this is the wrong way to look at it:

Collyer Bridge