Murata Manufacturing shares rallied Wednesday to reach their highest point in over a decade, adding to anticipation that the Japanese maker of smartphone components will see higher earnings, as a major Chinese mobile carrier begins selling iPhones.
Murata shares on the Tokyo Stock Exchange jumped 496 yen, or 5%, to close Wednesday at 10,060 yen ($95.66), breaking the 10,000 yen mark for the first time in 12 years. Over the past year, the stock’s value has nearly doubled.
The firm counts itself among Apple’s publicly acknowledged parts suppliers. Amid brisk smartphone component sales, in October Murata made a significant upward revision to its group earnings forecast for the year through March.
The rally comes as Apple positions itself to increase its share of the Chinese smartphone market. China Mobile, which claims over 700 million customers, will begin selling the iPhone on Friday. Analysts see the development as boosting demand for smartphone parts, thereby potentially enhancing Murata’s profitability.
Investor enthusiasm for Apple-related stocks rippled across the market Wednesday. Alps Electric and Taiyo Yuden both saw share value increase by 4%, while Ibiden jumped 5%. (Nikkei)
