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原始內容
M July 2, 2026 03:43 PM GMT
AirTAC International | Asia Pacific
June Sales Flat MoM, Up 45% YoY
Here we focus on AirTAC's monthly sales, which we believe could be a catalyst for its share price.
What's new:
- June sales were NT$3,913mn (flat MoM/+45% YoY).
- Overall 2Q26 revenue came in at NT$12,164mn (+21% QoQ/+36% YoY), another record high and exceeding our estimate of NT$11,342mn (+13% QoQ/ +27% YoY) and consensus of NT$10,941mn (+9% QoQ/+22% YoY), by 7% and 11%, respectively.
- By segment, shipments from battery (+50%), machine tool (+45%), automobile (+30%), general machinery (+28%), and electronics (+25%) outperformed during the month.
Outlook:
- Orders for the month continued to exceed shipments in June, with both above its own expectations.
- Management remains positive on the growth outlook, supported by the industry upcycle, Chinese government policy, and its own share gains.
- We stay OW, as current valuation of 21x 2027e P/E seems undemanding vs. its mid-cycle average of 25x.
Exhibit 1 : AirTAC monthly sales vs. its share price since 2015
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
Morgan Stanley Asia Limited+
Andy Meng, CFA
Equity Analyst
Andy.Meng@morganstanley.com
+852 2239-7689
AirTAC International (1590.TW, 1590 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | In-Line |
| Price target | NT$2,000.00 |
| Up/downside to price target (%) | 44 |
| Shr price, close (Jul 2, 2026) | NT$1,390.00 |
| 52-Week Range | NT$1,600.00-741.00 |
| Sh out, dil, curr (mn) | 200 |
| Mkt cap, curr (mn) | US$8,731 |
| EV, curr (mn) | US$8,580 |
| Avg daily trading value (mn) | US$30 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 41.97 | 56.77 | 65.77 | 73.77 |
| EPS (NT$)§ | 41.43 | 55.33 | 62.57 | 69.46 |
| Revenue, net (NT$ mn) | 34,330 | 42,689 | 49,091 | 55,118 |
| EBITDA (NT$ mn) | 12,866 | 16,460 | 18,887 | 21,122 |
| ModelWare net inc (NT | 8,400 | 11,363 | 13,165 | 14,767 |
| $ mn) | ||||
| P/E | 22.2 | 24.5 | 21.1 | 18.8 |
| P/BV | 3.5 | 4.8 | 4.2 | 3.8 |
| RNOA (%) | 17.7 | 23.3 | 25.3 | 26.4 |
| ROE (%) | 17.5 | 21.6 | 22.7 | 22.5 |
| EV/EBITDA | 14.1 | 16.5 | 14.2 | 12.5 |
| Div yld (%) | 2.2 | 2.1 | 2.0 | 2.4 |
| FCF yld ratio (%) | 3.4 | 2.7 | 3.2 | 3.7 |
| Leverage (EOP) (%) | (9.1) | (11.8) | (15.5) | (19.0) |
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.