PDF 原檔：8069 元太(E ink)｜20260608｜MS_original.pdf
原始內容
M June 8, 2026 11:54 PM GMT
E Ink Holdings Inc. | Asia Pacific
May Sales +13% MoM/+1% YoY
In this report, we focus on E Ink's monthly sales, which we believe could be a catalyst for its share price.
Details:
- May sales were NT$3,280mn (+13% MoM/+1% YoY).
- QTD sales reached 61% of our 2Q26 revenue estimate of NT$10,043mn (+16% QoQ/-5% YoY) and 60% of consensus at NT$10,229mn (+18% QoQ/4% YoY).
Our view:
- We see 2Q26 revenue tracking slightly behind market expectations.
- That said, the April preliminary EPS of NT$1.02 points to some upside risk to consensus estimates of NT$2.85 for 2Q26 (see our report).
- Management maintained the guidance to grow by 20-25% in 2026, driven by 20-30% growth from ESLs, single digit % growth from e-readers/e-notes and high single digit % of revenue contribution from signage (mostly retail media and indoor applications).
- In the near term, we believe that the market is awaiting more data points to support management's positive guidance post the recent rally from trough level valuations.
- Longer term, we believe it will continue to benefit from e-paper demand from various applications, given its dominant industry position.
- Stay OW with PT of NT$250 (19x 2027 P/E vs. currently at 15x).
Exhibit 1 : E Ink's monthly sales vs. its share price since 2015
｜20260608｜MS_001.png)
Note: Past performance is no guarantee of future results. Results shown do not include transaction costs. Source: Company data, TEJ, Morgan Stanley Research.
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 |
｜20260608｜MS_002.png)
E Ink Holdings Inc. (8069.TWO, 8069 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | In-Line |
| Price target | NT$250.00 |
| Up/downside to price target (%) | 26 |
| Shr price, close (Jun 8, 2026) | NT$198.50 |
| 52-Week Range | NT$286.00-135.00 |
| Sh out, dil, curr (mn) | 1,150 |
| Mkt cap, curr (mn) | NT$228,308 |
| EV, curr (mn) | NT$233,865 |
| Avg daily trading value (mn) | NT$1,314 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 9.14 | 11.37 | 13.07 | 15.67 |
| EPS (NT$)§ | 10.09 | 11.92 | 14.20 | 16.14 |
| Revenue, net (NT$ mn) | 36,116 | 43,339 | 49,878 | 59,024 |
| EBITDA (NT$ mn) | 13,458 | 16,456 | 19,062 | 22,755 |
| ModelWare net inc (NT | 10,515 | 13,077 | 15,037 | 18,027 |
| $ mn) | ||||
| P/E | 21.7 | 17.5 | 15.2 | 12.7 |
| P/BV | 3.3 | 3.0 | 2.8 | 2.5 |
| RNOA (%) | 13.8 | 14.6 | 16.9 | 20.3 |
| ROE (%) | 18.2 | 18.7 | 19.7 | 21.8 |
| EV/EBITDA | 17.5 | 13.9 | 11.7 | 9.5 |
| Div yld (%) | 3.0 | 3.7 | 4.3 | 5.1 |
| FCF yld ratio (%)** | 4.2 | 5.3 | 6.1 | 7.3 |
| Leverage (EOP) (%) | 2.1 | (4.9) | (11.1) | (17.5) |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
** = Based on consensus methodology
§ = Consensus data is provided by Refinitiv Estimates
e = Morgan Stanley Research estimates
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.
圖片清單（已驗證 2026-07-02）
回補驗證：僅涵蓋已被 lib 頁嵌入的圖片，非全量驗證。
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
8069 元太(E ink)｜20260608｜MS_001.png |
56KB | 真資料圖 | 雙軸折線圖，左軸「Share Price」NT$（藍線）、右軸「Monthly Sales (RHS)」NT$mn（黃線），X軸2015-2026年 |