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原始內容
Morgan Stanley | RESEARCH
August 18, 2026 10:17 AM GMT
Eclat Textile | Asia Pacific
Growth Trajectory Unchanged; Attractive after Recent Pullback
Key highlights from Eclat's analyst briefing on August 18:
- 2Q26 GPM was down QoQ due to better strength of existing customers' legacy products despite new customers' high-GPM products still contributing to Eclat's growth (sales to new customers up double-digits).
- Order visibility remained at 6 months despite some uncertainty toward the end of 2026. Eclat was cautiously optimistic on the 1H27 outlook. Monthly sales run rate of NT$3bn as a floor was unchanged, but the company sounded confident on having a higher bar.
- One of the three new customers started shipments while the other two will start in 3Q26.
- Raw material cost (started coming down since May) is not an issue for 2H26 GPM but Eclat is closely monitoring the FX trend. It did not change prior GPM range guidance at 28-32%, noting it may revisit toward year-end.
- There is some delay on the Indonesia plant due to more complex design; Eclat still targets 4Q27 for mass production.
We believe the recent share price pullback since 2Q26 results (-15% vs. TAIEX +2%) has largely factored in softer margins and current valuation at 11.6x MSe 2026 EPS is attractive, in our view.
MORGAN STANLEY TAIWAN LIMITED+
Terence Cheng Equity Analyst Terence.Cheng@morganstanley.com
+886 2 2730-2873
Eclat Textile (1476.TW, 1476 TT)
Taiwan Consumer and Industrials | Taiwan
| Stock Rating Industry View Price target Up/downside to price target (%) Shr price, close (Aug 18, 2026) 52-Week Range Sh out, dil, curr (mn) Mkt cap, curr (mn) EV, curr (mn) Avg daily trading value (mn) | NTS470.00-307.50 | Overweight In-Line NT$470.00 51 NT$310.50 274 NT$85,191 NT$81,138 NT$479 | ||
|---|---|---|---|---|
| EPS (NTS)** | 20.10, 26.85 29,40 | 32.20 | ||
| Prior EPS (NTS)** | ||||
| Revenue, net (NT$ mn) | 37,990 | 40,932 44,945 | 48,850 | |
| EBITDA (NTS mn) | 7,968 10,026 11,102 | 12,158 | ||
| 8,065 | ||||
| ModelWare net inc (NT | 5,515 | 7,365 | 8,835 | |
| $ mn) P/E | 19.1 | 11.6 | 10.6 | |
| 9.6 | ||||
| P/BV | 3.6 | 3.1 | 2.9 | 2.7 |
| RNOA (%) ROE (%) | 22.7 | 29.7 | 35.3 | 38.6 |
| 19.1 | 24.9 | 29.3 | 29.9 | |
| EV/EBITDA | 12.7 | 8.1 | 7.2 | 6.4 |
| Div yld (%) | 4.4 | 6.4 | 7.1 | 7.7 |
| FCF yld ratio (%)** | 5.6 | 8.5 | 9.2 | 10.5 |
| Leverage (EOP) (%) | (9.6) | (8.8) | (14.3) | (20.7) |
Unless otherwise noted all metrics are based on Morgan Stanley ModelWare Tamelyor
**= Based on consensus methodology e= Morgan Stanley Research estimates
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Valuation Methodology and Risks
Eclat Textile (1476.TW)
We apply a 17.5x P/E multiple to our 2026e EPS estimate vs. the 11-37x range since its 2015 re-rating, reasonable in our view, and moderately below the average of 24x since 2015, reflecting our positive stance on its quality growth track, supported by strong R&D on top of supply-side consolidation with near-term volatility. We believe an optimistic outlook with both revenue and margin upside should continue to drive the structural upcycle.
Risks to Upside
- Favorable FX trends (TWD depreciation vs. USD)
- Market share gains from competitors
- Smooth capacity ramp-ups in Vietnam and Indonesia
- New customers' revenue contribution better than expected
Risks to Downside
- Deteriorating macro environment
- Changes to brands' sourcing and product strategy
- Failure to execute on innovation
- Weak market sentiment toward the apparel OEM group, pressuring valuation
Morgan Stanley | RESEARCH
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