Stock Showdown — Santec ([[6777/6777|6777]]) vs. JEM ([[6855/6855|6855]]) vs. Anritsu ([[6754/6754|6754]]) vs. [[6976/6976|Taiyo Yuden]] ([[6976/6976|6976]]) vs. Dexerials (4980)
Date: March 1, 2026
Five Japanese technology / electronic components stocks, all benefiting from the AI / semiconductor / optical infrastructure supercycle. Each plays a different role in the value chain — from optical test instruments (Santec, Anritsu) to semiconductor testing consumables (JEM), passive components (Taiyo Yuden), and specialty electronic materials (Dexerials).
1. At-a-Glance Snapshot
| Metric | Santec (6777) | JEM (6855) | Anritsu (6754) | Taiyo Yuden (6976) | Dexerials (4980) |
|---|---|---|---|---|---|
| Company Name | santec Holdings Corp | Japan Electronic Materials | Anritsu Corporation | Taiyo Yuden Co., Ltd. | Dexerials Corporation |
| Sector / Industry | Photonics / Optical Components | Semiconductor Equipment (Probe Cards) | Test & Measurement | Passive Components (MLCCs, Inductors) | Electronic Materials (ACF, Optical Films) |
| Market Cap | JPY 233B (~$1.5B) | JPY 102B (~$0.8B) | JPY 384B (~$2.0B) | JPY 289B (~$1.9B) | JPY 445B (~$2.8B) |
| Enterprise Value | JPY 222B | JPY 95B | JPY 336B | JPY 340B | JPY 434B |
| Price | JPY 19,810 | JPY 8,040 | JPY 2,999 | JPY 4,444 | JPY 2,588 |
| 52-Week Range | JPY 3,375 -- 21,650 | JPY 1,252 -- 10,270 | JPY 1,145 -- 3,198 | JPY 2,163 -- 4,990 | JPY 1,383 -- 3,333 |
| 52-Week Performance | +237% | +246% | +113% | +77% | +74% |
| YTD Performance | +117% | +109% | +31% | +22% | +12% |
| Dividend Yield | 0.76% | 1.0% | 1.3% | 1.3% | 2.2% |
| Beta | 0.41 (5Y) | 1.50 | ~1.1 (est.) | ~1.1 | 0.49 |
2. Business Model Comparison
Company Descriptions
Santec (6777): Develops and manufactures precision optical components (tunable lasers, LCOS-based spatial light modulators) and optical test instruments (swept-source OCT, fiber optic testers). Niche leader serving data center interconnect testing, biomedical imaging, and quantum research.
JEM (6855): Pure-play manufacturer of probe cards — the critical consumable tools used to electrically test semiconductor chips on wafers. Specializes in memory-directed probe cards, with a rapidly growing HBM (High Bandwidth Memory) testing business. One of the global top-5 probe card makers.
Anritsu (6754): Develops test & measurement instruments for telecom networks, including the industry-standard BERTWave MP2110A for optical transceiver manufacturing (10G through 1.6T). Also operates food inspection (PQA) and environmental measurement segments.
Taiyo Yuden (6976): One of Japan's leading passive component manufacturers, producing multilayer ceramic capacitors (MLCCs), inductors, and FBAR/SAW devices. Products are embedded in virtually every electronic device — smartphones, automobiles, industrial equipment, and data center servers.
Dexerials (4980): Specialty electronic materials maker spun out of Sony Chemical. Produces anisotropic conductive films (ACF, 74% global share), anti-reflection films (93% global share), optical elastic resin, and thermal interface materials. Products are critical for display bonding and optical coatings.
| Dimension | Santec (6777) | JEM (6855) | Anritsu (6754) | Taiyo Yuden (6976) | Dexerials (4980) |
|---|---|---|---|---|---|
| Revenue Model | Hardware (components + instruments) | Semi-consumable probe cards | Instruments + SW + services | Component mfg (volume) | Specialty materials (volume) |
| Revenue Segments | Instruments 74%, Components 20%, Systems 6% | Probe Cards 99%, Electron Tubes 1% | T&M 63%, Food Inspection 24%, Env. 8% | Capacitors ~58%, Inductors ~19%, Other ~23% | Electronic Mat. 55%, Optical Mat. 45% |
| Geographic Mix | Overseas 75% / Japan 25% | Japan-heavy, growing Asia | Overseas 67% / Japan 33% | Overseas ~75% / Japan ~25% | Overseas 67% / Japan 33% |
| Customer Concentration | Moderate-High (NVIDIA, hyperscalers) | High (Samsung, SK Hynix, Micron) | Moderate (transceiver OEMs, carriers) | Low-Moderate (diversified OEM base) | Moderate-High (display OEMs, Apple chain) |
| Competitive Moat | IP + Niche Specialization (Strong) | Precision Engineering + HBM (Moderate) | Standard Platform (MP2110A) (Strong) | Scale + MLCC Quality (Moderate) | Near-Monopoly Shares (Very Strong) |
| TAM & Penetration | Photonics: $1.75T; Santec niche: ~$3-5B | Probe cards: $2.5B, growing 8-10% CAGR | Comms T&M: ~$39B, growing 5% CAGR | Passive components: ~$35B | ACF: $160M+; AR films + adjacencies: $1B+ |
| Secular Tailwinds | AI/DC optical interconnects, OCT, quantum | HBM boom, advanced node transitions | 800G/1.6T optics, 5G-A, 6G | 5G, EV, AI servers, automotive | AR/VR displays, auto electronics, photonics |
Business Model Takeaway
- Most durable model: Dexerials — near-monopoly market positions (74% ACF, 93% AR films) with high switching costs create exceptional durability. These are designed-in materials, not easily displaced.
- Largest growth runway: JEM — the HBM probe card market is expanding rapidly as AI drives exponential HBM demand, and probe cards are consumed (replaced) with production volumes.
- Red flags: All five are exposed to semiconductor/electronics cyclicality. Santec and JEM are the most concentrated on single themes (AI optical, HBM respectively).
3. Financial Health — Side by Side
Income Statement
| Metric | Santec (6777) | JEM (6855) | Anritsu (6754) | Taiyo Yuden (6976) | Dexerials (4980) |
|---|---|---|---|---|---|
| Revenue (TTM) | JPY 28.0B | JPY 29.8B | JPY 113.0B | JPY 341.4B | JPY 115.2B |
| Revenue Growth (YoY) | +27.3% | +47.4% | +2.8% | +5.8% | +4.9% |
| Revenue Growth (3Y CAGR) | ~37% | ~0% (cyclical) | ~1% | ~2% | ~6% |
| Revenue Growth (NTM est.) | +7-9% | +18% | +9% | +4% | -6% (guided) |
| Gross Margin | 58.1% | 41.5% | ~56% (est.) | ~27% (est.) | 56.3% |
| Operating Margin | 31.6% | 22.8% | 12.4% | ~5.9% | 36.0% |
| Net Margin | 22.1% | 16.4% | 9.7% | 0.7% (depressed) | 25.1% |
| EPS (TTM) | JPY 524 | JPY 385 | JPY 83 | ~JPY 36 (est.) | JPY 146 (post-split) |
| EPS Growth (YoY) | +12.6% | +80% | +35% | NM (recovery) | +23% |
| EPS (NTM est.) | JPY 575 | JPY 340 (guided) | JPY 85 | ~JPY 100 | JPY 120 (guided) |
Cash Flow & Balance Sheet
| Metric | Santec (6777) | JEM (6855) | Anritsu (6754) | Taiyo Yuden (6976) | Dexerials (4980) |
|---|---|---|---|---|---|
| FCF (TTM) | JPY 4.3B | JPY 2.7B | JPY 7.3B | JPY ~15B (est.) | JPY ~20B (est.) |
| FCF Margin | 15.3% | 9.2% | 6.5% | ~4.5% | ~17% |
| Net Debt | Net cash JPY 10.7B | Net cash JPY 8.0B | Net cash JPY 48.5B | Net debt ~JPY 50B | Near net cash |
| Net Debt / EBITDA | Net cash | Net cash | Net cash | ~2.5x | ~0x |
| Interest Coverage | 590x | N/A (net cash) | Very high | ~5x | Very high |
| Current Ratio | 3.23 | 4.48 | >3.0 | ~1.5 | 1.38 |
| Debt/Equity | 0.12 | 0.22 | 0.05 | ~0.45 | 0.17 |
Financial Health Ranking
- Santec — Fortress balance sheet (net cash = JPY 10.7B), 58% gross margins, 32% operating margins, minimal debt. Excellent.
- Dexerials — Near net cash, 56% gross margins, 36% operating margins — the best profitability in the group. Slightly lower current ratio.
- Anritsu — Net cash = 16% of market cap. Most financially conservative of the group. But operating margins are the lowest after Taiyo Yuden.
- JEM — Net cash, high current ratio (4.5x), but recent capex cycle produced negative FCF in FY2025. Cyclical earnings swing is a concern.
- Taiyo Yuden — Only company with meaningful net debt (~JPY 50B). Margins compressed significantly (net margin 0.7%). Recovery underway but from a weak position.
4. Growth Comparison
| Metric | Santec (6777) | JEM (6855) | Anritsu (6754) | Taiyo Yuden (6976) | Dexerials (4980) |
|---|---|---|---|---|---|
| Revenue CAGR (3Y hist.) | ~37% | ~0% (cyclical) | ~1% | ~2% | ~6% |
| Revenue CAGR (3Y fwd est.) | ~8% | ~10% | ~20% (to FY2030 target) | ~4% | ~6% |
| EPS CAGR (3Y hist.) | ~34% | NM (cyclical) | ~-5% (recovery) | NM (collapse/recovery) | ~20% |
| EPS CAGR (3Y fwd est.) | ~10% | ~15% | ~15% | ~80% (from depressed base) | ~7% |
| R&D as % of Revenue | ~10-15% (est.) | Not disclosed | ~10-12% | ~6% | ~6% |
| Recent Organic Growth | Strong (AI/DC demand) | Strong (HBM demand) | Moderate (800G ramp) | Recovering (MLCC restocking) | Moderate (+4.9%) |
| M&A Activity | MOGLabs (quantum lasers, 2025) | None significant | DEWETRON (EV testing, 2025) | None significant | Subsidiaries in HK/TW/KR (2024-25) |
Growth Drivers — by Stock
Santec: (1) AI data center optical interconnect testing, (2) swept-source OCT in biomedical and industrial inspection, (3) quantum computing instrumentation via MOGLabs.
JEM: (1) HBM probe card demand explosion (SK Hynix, Samsung, Micron), (2) advanced node transitions requiring more complex/frequent probe card replacement, (3) Kumamoto plant expansion near TSMC's new fab.
Anritsu: (1) 800G/1.6T optical transceiver testing ramp (MP2110A platform), (2) 5G-Advanced and O-RAN testing, (3) EV/battery testing diversification via DEWETRON.
Taiyo Yuden: (1) Automotive MLCC content growth (EV, ADAS), (2) AI server MLCC demand, (3) smartphone cycle recovery driving volume normalization.
Dexerials: (1) Particle-arrayed ACF penetration in China/Korea smartphones, (2) anti-reflection film expansion in notebooks/tablets, (3) automotive electronics display bonding growth (+17% YoY).
Growth Ranking
| Rank | Stock | Current Momentum | Forward Runway |
|---|---|---|---|
| 1 | JEM (6855) | Explosive (+47% rev) | Strong (HBM) |
| 2 | Santec (6777) | Very strong (+27%) | Strong (AI optics) |
| 3 | Anritsu (6754) | Moderate (+3%) | Strong (FY2030: JPY 200B) |
| 4 | Taiyo Yuden (6976) | Recovering (+6%) | Moderate (passive cycle) |
| 5 | Dexerials (4980) | Moderate (+5%) | Moderate (niche growth) |
5. Valuation Comparison
Absolute Multiples
| Multiple | Santec (6777) | JEM (6855) | Anritsu (6754) | Taiyo Yuden (6976) | Dexerials (4980) |
|---|---|---|---|---|---|
| P/E (TTM) | 37.8x | 20.9x | 36.0x | 81.9x | 17.7x |
| P/E (NTM) | 34.6x | 23.1x | 35.0x | ~44x | 15.3x |
| EV/EBITDA (TTM) | 23.3x | 11.7x | 17.9x | ~18x (est.) | 9.9x |
| EV/Revenue (TTM) | 7.95x | 3.18x | 1.70x | 1.00x | 3.90x |
| P/FCF | ~54x | ~37x | ~52x | ~19x | ~22x |
| P/B | 9.39x | 3.35x | 2.10x | 1.40x | 4.20x |
| PEG Ratio | ~3.6x | ~0.3x (distorted) | ~4.0x | ~0.5x (distorted) | 1.4x |
Relative to Own History
| Stock | NTM P/E | 5Y Avg P/E (est.) | Premium / Discount | Justified? |
|---|---|---|---|---|
| Santec | 34.6x | ~15x | +131% premium | Partially — AI re-rating real, but extreme |
| JEM | 23.1x | ~15x | +54% premium | Yes — HBM cycle upgrade justifies it |
| Anritsu | 35.0x | ~22x | +59% premium | Stretched — 800G story is real but priced in |
| Taiyo Yuden | ~44x | ~18x | +144% premium | No — earnings are depressed; recovery must deliver |
| Dexerials | 15.3x | ~18x | -15% discount | Yes — attractively priced vs. own history |
Growth-Adjusted Valuation
| Stock | NTM P/E | EPS Growth (NTM) | PEG | Verdict |
|---|---|---|---|---|
| Santec | 34.6x | ~10% | 3.5x | Expensive |
| JEM | 23.1x | ~24% | 1.0x | Fair |
| Anritsu | 35.0x | ~9% | 3.9x | Expensive |
| Taiyo Yuden | ~44x | ~80% (cyclical recovery) | 0.5x | Optically cheap, but recovery PEG is misleading |
| Dexerials | 15.3x | ~7% | 2.2x | Fair to Cheap |
Valuation Ranking (Growth-Adjusted)
- Dexerials — At 15x forward P/E with 56% gross margins and near-monopoly positions, this is the cheapest on a quality-adjusted basis.
- JEM — 23x forward with 47% revenue growth. PEG ~1.0x. Fair value for a high-growth cyclical.
- Taiyo Yuden — Optically expensive at 44x, but earnings are at cyclical trough. If FY2026 guidance is met, P/E normalizes to ~30x. Still not cheap.
- Santec — 35x forward with decelerating growth (from 27% to single digits). The AI premium is priced in.
- Anritsu — 35x forward with ~9% growth is the richest on a PEG basis. Analyst targets (JPY 2,086) are well below current price.
6. Quality & Capital Allocation
| Metric | Santec (6777) | JEM (6855) | Anritsu (6754) | Taiyo Yuden (6976) | Dexerials (4980) |
|---|---|---|---|---|---|
| ROIC | 45.7% | 23.0% | ~8% (est.) | ~3% (depressed) | 30.7% |
| ROE | 27.0% | 17.2% | 7.4% | ~1.5% (depressed) | 30.9% |
| ROIC vs. WACC | Creating value strongly | Creating value | Near breakeven | Destroying value (temp.) | Creating value strongly |
| Insider Ownership | 40.4% (founder family) | 19.3% | Not disclosed | ~2% (institutional mgmt) | ~3% (mgmt) |
| Recent Insider Activity | Neutral (long-term holders) | Neutral | N/A | Neutral | Neutral |
| Buyback Yield (TTM) | None | None | Some buybacks | None | ~4% (aggressive) |
| Dividend Growth (3Y CAGR) | ~48% | ~14% | ~2% | Flat | ~21% |
| Payout Ratio | 38% | 26% | 34% | NM (low earnings) | 36% (73% total payout) |
| Capital Allocation Grade | B+ | B | B- | C | A |
Capital Allocation Commentary
Santec: Conservative — retains cash, no buybacks, but growing dividends aggressively (+48% CAGR). Founder family alignment (40% ownership) is a positive.
JEM: Investing heavily in capacity (Kumamoto plant expansion), which is the right call in an HBM upcycle. Payout ratio is low (26%), prioritizing growth investment.
Anritsu: Balance sheet is under-leveraged (net cash = 16% of market cap). DEWETRON acquisition shows M&A discipline. But ROE at 7.4% is below cost of equity — the net cash drag is a negative for capital efficiency.
Taiyo Yuden: Weakest capital allocation. Heavy capex through the downturn produced ROE of 1.5%. No buybacks despite depressed stock. Need to demonstrate recovery before rating improves.
Dexerials: Best-in-class. 73% total payout ratio (dividends + buybacks), JPY 20B in share repurchases, treasury share cancellations, and 21% dividend CAGR — all while maintaining 31% ROE. This is textbook shareholder value creation.
Quality Ranking
- Dexerials — 31% ROE, 30% ROIC, near-monopoly positions, aggressive shareholder returns.
- Santec — 46% ROIC, 27% ROE, but no buybacks and small scale limit the grade.
- JEM — 23% ROIC, investing appropriately in the cycle.
- Anritsu — Solid franchise but ROE of 7.4% is disappointing for a net-cash company.
- Taiyo Yuden — Quality business model temporarily producing poor returns. Needs recovery to prove out.
7. Risk Comparison
Risk Matrix
| Risk Dimension | Santec (6777) | JEM (6855) | Anritsu (6754) | Taiyo Yuden (6976) | Dexerials (4980) |
|---|---|---|---|---|---|
| Cyclicality | High | High | Moderate | High | High |
| Customer Concentration | High | High | Moderate | Low | Moderate-High |
| Regulatory Risk | Low | Low | Low | Low | Moderate (geopolitical) |
| Leverage Risk | Very Low | Very Low | Very Low | Moderate | Very Low |
| Key-Person Risk | High (founder family) | Low | Low | Low | Low |
| Competitive Disruption | Moderate | Moderate | High (Keysight) | Moderate (6981/6981 | Murata, Samsung) |
| Macro Sensitivity | High (FX + AI capex) | High (semi capex) | Moderate | High (consumer elec.) | Moderate |
| Valuation Risk | Very High (38x PE) | High (+246% in 52W) | Very High (35x PE) | High (81x PE trough) | Moderate (15x PE) |
Top Risk — by Stock
- Santec: Valuation compression. At 38x PE vs. historical 15x, any growth deceleration triggers a violent de-rating. RSI at 98 (extreme).
- JEM: Cyclical peak risk. Revenue swung from JPY 24B to 17B to 30B in 3 years. If HBM capex slows, earnings could crater.
- Anritsu: Competitive intensity. Keysight's R&D budget ($1B+) exceeds Anritsu's entire revenue. Teradyne/MLTP JV is a direct threat.
- Taiyo Yuden: Margin recovery failure. If MLCC pricing remains weak or fixed costs don't leverage, the stock re-rates lower from an already depressed earnings base.
- Dexerials: China/Taiwan geopolitical risk. 54% of revenue comes from China + Taiwan. A conflict or tech decoupling scenario would be devastating.
Risk Ranking (Lowest to Highest)
- Dexerials — Lowest risk on fundamentals (monopoly, strong balance sheet), but geopolitical tail risk exists.
- Anritsu — Fortress balance sheet, diversified segments, but competitive risk is real.
- JEM — Cyclical but benefiting from structural HBM trend. Balance sheet is strong.
- Taiyo Yuden — Weakest financial position in the group with margin uncertainty.
- Santec — Excellent business, but valuation is the highest risk in the group. Parabolic chart.
8. Technical Setup
| Technical Dimension | Santec (6777) | JEM (6855) | Anritsu (6754) | Taiyo Yuden (6976) | Dexerials (4980) |
|---|---|---|---|---|---|
| Trend (50d vs. 200d MA) | Above both (parabolic) | Above both (strong uptrend) | Above both (uptrend) | Above both (recovery) | Above both (golden cross) |
| RSI (14-day) | ~98 (Extreme overbought) | 53-68 (Neutral) | 66 (Neutral-high) | ~55 (Neutral) | ~62 (Neutral) |
| Distance from 52-Week High | -6% | -22% | -6% | -11% | -22% |
| Recent Volume Trend | Elevated (momentum) | Elevated then pullback | Steady accumulation | Moderate | Moderate |
| Near-Term Setup | Unfavorable (extended) | Neutral (pulled back) | Neutral (near high) | Favorable (uptrend, not extended) | Favorable (golden cross, not extended) |
Technical Verdict
Best entry timing now: Dexerials and Taiyo Yuden. Both are in uptrends but not technically extended — RSI is neutral, and they've pulled back from recent highs. Dexerials has a confirmed golden cross.
Wait for pullback: Santec (RSI 98 is a screaming caution signal), Anritsu (near 52-week high, approaching overbought). JEM has already pulled back 22% from its high, making it more actionable than Santec or Anritsu.
9. Composite Scorecard
| Dimension | Weight | Santec (6777) | JEM (6855) | Anritsu (6754) | Taiyo Yuden (6976) | Dexerials (4980) |
|---|---|---|---|---|---|---|
| Business Quality | 20% | 5/5 | 4/5 | 4/5 | 3/5 | 5/5 |
| Financial Health | 15% | 5/5 | 4/5 | 4/5 | 2/5 | 5/5 |
| Growth | 20% | 4/5 | 5/5 | 3/5 | 3/5 | 3/5 |
| Valuation | 20% | 1/5 | 3/5 | 2/5 | 2/5 | 4/5 |
| Quality & Capital Allocation | 10% | 4/5 | 3/5 | 3/5 | 2/5 | 5/5 |
| Risk (inverted) | 10% | 1/5 | 3/5 | 3/5 | 2/5 | 4/5 |
| Technical Timing | 5% | 1/5 | 3/5 | 3/5 | 4/5 | 4/5 |
| Weighted Score | 100% | 3.10 | 3.60 | 3.05 | 2.50 | 4.15 |
Scoring Detail
- Santec: Best-in-class business (58% GM, 46% ROIC) destroyed by extreme valuation (38x PE, RSI 98). You're buying an A+ business at an F valuation.
- JEM: Strongest growth momentum (47% revenue growth), reasonable valuation (21x TTM), but cyclical risk tempers the score.
- Anritsu: Solid franchise, fortress balance sheet, but expensive (35x PE) for single-digit growth. Sub-par ROE (7.4%).
- Taiyo Yuden: Weakest financial position, depressed margins, expensive on depressed earnings. Recovery thesis needs to play out.
- Dexerials: The most balanced stock in the group — monopoly market positions, 36% operating margins, 31% ROE, best capital allocation, and the cheapest valuation (15x forward PE). Clear winner.
10. Final Verdict
Ranking
| Rank | Ticker | Weighted Score | Verdict | One-Line Rationale |
|---|---|---|---|---|
| 1 | Dexerials (4980) | 4.15 | BUY | Near-monopoly positions + best margins + best capital allocation + cheapest valuation = best risk/reward |
| 2 | JEM (6855) | 3.60 | WATCH | Explosive HBM growth but cyclical risk and +246% run limit near-term upside; wait for deeper pullback |
| 3 | Santec (6777) | 3.10 | WATCH | Exceptional business but RSI 98 and 38x PE make this a "sell the rip, buy the dip" situation |
| 4 | Anritsu (6754) | 3.05 | PASS | Good company but expensive for its growth rate; analyst targets are well below current price |
| 5 | Taiyo Yuden (6976) | 2.50 | PASS | Weakest financials, most expensive on normalized basis, and recovery is uncertain |
If You Can Only Buy One
Dexerials (4980). This is the standout in every dimension that matters for a durable investment. At 15x forward P/E, you're paying a discount to its own 5-year average despite the company having 74% global share in ACF, 93% in anti-reflection films, 36% operating margins, 31% ROE, and returning 73% of earnings to shareholders. The automotive electronics growth driver (+17% YoY) provides a secular catalyst independent of smartphone cycles. The 22% pullback from its 52-week high and neutral RSI (62) create a favorable entry point. The only real risk is geopolitical (54% revenue from China + Taiwan), but that risk is priced in at this multiple.
JEM (6855) is the runner-up with the highest growth rate in the group, but the business is inherently more cyclical — probe card demand could collapse in a memory downturn. Dexerials' near-monopoly market positions make it far more defensible if conditions deteriorate.
If You Want Diversification
Own Dexerials + JEM as a two-stock combination:
- Dexerials provides defensive quality — monopoly positions, high margins, strong balance sheet, and the cheapest valuation. Anchors the portfolio.
- JEM provides cyclical growth upside — if the HBM supercycle continues, this stock has the most earnings leverage.
The two have low business overlap (display materials vs. semiconductor testing) and different end-market exposures (consumer electronics/auto vs. memory semiconductor capex), providing genuine diversification within the Japanese tech materials space.
If you want a third, add Santec but only on a 15-25% pullback from current levels. The business quality is exceptional — it just needs a better entry price.
Sources
- Yahoo Finance - 6777.T, 6855.T, 6754.T, 6976.T, 4980.T
- Stock Analysis - TYO:6777, TYO:6855, TYO:6754, TYO:4980
- MarketScreener - Santec, JEM, Anritsu, Dexerials
- Simply Wall St - Taiyo Yuden
- Anritsu IR - Financial Strategy
- Dexerials IR - Market Share
- Omega Investment - Dexerials
- TradingView - Technical Analysis, TSE-6855, TSE-4980
- Mordor Intelligence - Probe Card Market
- Substack - Anritsu Deep Dive
- Alpha Spread - Dexerials Valuation
- Taiyo Yuden IR