SEMCO 009150 bullish update from UBS conference. Raising OP ests 15-20% as MLCC guided up and ABF substrate margins expanding in out years. Supply:demand remains tight & more price hikes coming up.

MLCCs 6981 6976 009150: MS going hard on the specks of clay this week. 40 pg report, upgrading Taiyo Yuden 6976 to hold, top picks Murata 6981 and SEMCO 009150. Key theme: MLCCs are still "early cycle" in late 2026.

$LNVGY — #Lenovo# (HKEX: 00992) jumped 20% in a day, and the number behind it reframes a company the market has labeled a "PC maker" for 20 years. The catalyst: $54B in AI-server order backlog as of June 2026, up 157% from $21B a quarter earlier. With its infrastructure segment (ISG) booking $8.5B in quarterly revenue, that backlog covers roughly a year and a half of server business — and orders are growing faster than revenue. The bigger shift was margins. ISG's operating margin swung from -2.0% a year ago to +9.1% this quarter — its first real proof it can turn revenue into profit, not just scale. That pulled group gross margin from 14.7% to 16.5%. The read from the desk: a year ago Lenovo was priced on PC units. After this print, the anchor moved to ISG's margin trajectory and that $54B backlog. → NFA. For informational purposes only.

MURATA 6981 SEMCO 009150: Passives o/p regionally. Sea change today...perhaps the "news" that SA was to blame for July volatility cleansed our collective psychology. At any rate, positive fundamentals persist, e.g., MS with SEMCO "top pick" note last week.