260531_1590_2049_ms_automation

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Asia Summer School 2026

M May 31, 2026 06:05 PM GMT

Greater China Technology Hardware | Asia Pacific

Automation - Read-across from China's May Manufacturing PMI

In this report, we focus on China's manufacturing PMI, which we see as a potential catalyst for Airtac's and Hiwin's share prices.

China's manufacturing PMI further edged down to 50.0 in May from 50.3 in April:

• This was aligned with MSe of 50.0.
• Production index dropped by 0.3ppt MoM to 51.2, while new orders index declined by 0.7ppt MoM to 49.9 during the month, likely reflecting the impacts from elevated oil prices and softer fiscal stimulus.

Our view:

• We expect the broad-based recovery in the industrial automation space to continue playing out, supported by demand from the tech, battery and other traditional sectors.
• We stay OW on both Airtac (1590.TW) and Hiwin (2049.TW) within the Taiwan automation space:
• ° AirTAC should continue to outgrow the market through broader product offerings and further share gains, while valuation remains undemanding at 21x 2027e P/E (vs. mid-cycle average of 25x).
• ° Hiwin should witness more margin expansion in the coming quarters, supported by higher utilization and price hikes as delivery lead times keep lengthening. The stock now trades at 36x 2027e P/E vs. a peakcycle range of 35-40x, though we believe there could be potential upside to earnings estimates if this upcycle sustains into coming years.

Idea

Morgan Stanley Taiwan Limited+

Derrick Yang

Equity Analyst

Derrick.Yang@morganstanley.com

+886 2 2730-2862

Vivi Huang

Research Associate

Vivi.Huang@morganstanley.com

+886 2 2730-2860

Sharon Shih

Equity Analyst

Sharon.Shih@morganstanley.com

+886 2 2730-2865

Greater China Technology Hardware

Asia Pacific Industry View

In-Line

Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.

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