PDF 原檔：報告_MS_亞德客1590_20260903_original.pdf
原始內容
M September 3, 2026 02:36 PM GMT
AirTAC International | Asia Pacific
August Sales -7% MoM/+43% YoY
Here we focus on AirTAC's monthly sales, which we believe could be a catalyst for its share price.
What's new:
- August sales came in at NT$3,708mn (-7% MoM/+43% YoY), with the sequential decline mainly due to seasonality.
- By segment, shipments of textiles (+47% YoY), electronics (+36% YoY), machine tool (+35% YoY) and battery (+30% YoY) outperformed during the month.
- QTD revenue reached 66% of our estimate at NT$11,586mn (-5% QoQ/+41% YoY) and 70% of consensus' at NT$11,015mn (-9% QoQ/+34% YoY).
Outlook:
- We see its 3Q26 revenue tracking in line with our estimate.
- Management remains positive on its growth outlook driven by its share gains and the policy-supported industry upcycle, which it expects to extend into 2027.
- Stay OW, as current valuation of 20x 2027e P/E is undemanding vs. its midcycle average of 25x.
Exhibit 1 : AirTAC monthly sales vs. its share price since 2015
Source: Company data, TEJ, Morgan Stanley Research. Note: Past performance is no guarantee of future results. Results shown do not include transaction costs.
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 |
| 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 (%) | 45 |
| Shr price, close (Sep 3, 2026) | NT$1,375.00 |
| 52-Week Range | NT$1,615.00-741.00 |
| Sh out, dil, curr (mn) | 200 |
| Mkt cap, curr (mn) | US$8,671 |
| EV, curr (mn) | US$8,520 |
| Avg daily trading value (mn) | US$35 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 41.97 | 60.77 | 68.77 | 77.77 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 41.43 | 58.33 | 67.29 | 74.62 |
| Revenue, net (NT$ mn) | 34,330 | 45,007 | 50,917 | 57,428 |
| EBITDA (NT$ mn) | 12,866 | 17,543 | 19,669 | 22,130 |
| ModelWare net inc (NT | 8,400 | 12,165 | 13,765 | 15,567 |
| $ mn) | ||||
| P/E | 22.2 | 22.6 | 20.0 | 17.7 |
| P/BV | 3.5 | 4.7 | 4.1 | 3.7 |
| RNOA (%) | 17.7 | 25.1 | 25.9 | 27.3 |
| ROE (%) | 17.5 | 23.1 | 23.4 | 23.4 |
| EV/EBITDA | 14.1 | 15.3 | 13.5 | 11.8 |
| Div yld (%) | 2.2 | 2.1 | 2.2 | 2.5 |
| FCF yld ratio (%) | 3.4 | 2.7 | 3.5 | 3.9 |
| Leverage (EOP) (%) | (9.1) | (11.0) | (15.2) | (18.7) |
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.