PDF 原檔：報告_MS_亞德客1590_20261103_original.pdf
圖片清單（已驗證 2026-11-04）
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52KB | 真資料圖 | Exhibit 1：2015–2026 AirTAC 股價（藍線，左軸 NT$）與月營收（黃線，右軸 NT$mn，0–4,500）對照；月營收 2026 年上緣約 4,000，股價高點約 1,600 後回落至約 1,150 |
報告_MS_亞德客1590_20261103_002.png |
59KB | 文字卡 | MS 披露頁：股價（藍線）與目標價（紅色階梯線）歷史，2023–2026；目標價標示 1,150→1,130→1,050→1,000→1,050→1,030→1,130→1,180→1,230→2,000 |
原始內容
M Update November 3, 2026 03:30 PM GMT
AirTAC International | Asia Pacific
October Sales -6% MoM/+32% YoY
Here we focus on AirTAC's onthly sales, which we believe could be a catalyst for its share price.
What's new:
- October sales came in at NT$3,565mn (-6% MoM/+32% YoY), mainl on 15% fewer working da s, as dail shipments were up 7% MoM.
- B segment, shipments of machine tools (+31% YoY), electronics (+30% YoY), batteries (+27% YoY), machiner (+25% YoY) and textiles (+25% YoY) outperformed during the month.
- QTD revenue reached 33% of our estimate at NT$10,918mn (-5% QoQ/+21% YoY) and 32% of consensus at NT$11,228mn (-2% QoQ/+24% YoY).
Outlook:
- We think 4Q26 revenue is tracking in line with management guidance of roughl flat QoQ - better than the t pical seasonal decline.
- Management remains positive on the growth outlook, driven b share gains alongside c clical upturn tailwinds and government polic support.
- We remain OW, as the current valuation of 15x 2027e P/E is undemanding vs. its mid-c cle average of 25x.
Exhibit 1: AirTAC monthly sales vs. share price since 2015
Source: Company data, TEJ, organ Stanley Research. Note: Past performance is no guarantee of future results. Results shown do not include transaction costs.
organ Stanley Taiwan Limited+
Derrick Yang
Equity Analyst
Derrick.Yang@morganstanley.com
+886 2 2730-2862
Vivi Huang
Research Associate Vivi.Huang@morganstanley.com
organ Stanley Asia Limited+
And Meng, CFA
Equity Analyst
+886 2 2730-2860
+852 2239-7689
Morgan Stanley appreciates your support in the 2027 Extel Asia Research Survey. Voting opens 10 Novem er 2026.
AirTAC International (1590.TW, 1590 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry iew | In-Line |
| Price target | NT$2,000.00 |
| Up/downside to price target (%) | 90 |
| Shr price, c ose (Nov 3, 2026) | NT$1,050.00 |
| 52-Week Range | NT$1,615.00-866.00 |
| Sh out, di , curr (mn) | 200 |
| Mkt cap, curr (mn) | US$6,446 |
| EV, curr (mn) | US$6,299 |
| Avg dai y trading va ue (mn) | US$35 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 41.97 | 60.77 | 68.77 | 77.77 |
| EPS (NT$)§ | 41.43 | 58.30 | 68.04 | 74.61 |
| Revenue, net (NT$ mn) | 34,330 | 45,007 | 50,917 | 57,428 |
| EBITDA (NT$ mn) | 12,866 | 17,543 | 19,669 | 22,130 |
| Mode Ware net inc (NT | 8,400 | 12,165 | 13,765 | 15,567 |
| $ mn) | ||||
| P/E | 22.2 | 17.3 | 15.3 | 13.5 |
| P/BV | 3.5 | 3.6 | 3.2 | 2.8 |
| RNOA (%) | 17.7 | 25.1 | 25.9 | 27.3 |
| ROE (%) | 17.5 | 23.1 | 23.4 | 23.4 |
| EV/EBITDA | 14.1 | 11.6 | 10.2 | 8.9 |
| Div y d (%) | 2.2 | 2.7 | 2.9 | 3.3 |
| FCF y d ratio (%) | 3.4 | 3.5 | 4.6 | 5.1 |
| Leverage (EOP) (%) | (9.1) | (11.0) | (15.2) | (18.7) |
Un ess otherwise noted, a metrics are based on Morgan Stan ey Mode Ware framework
** = Based on consensus methodo ogy
§ = Consensus data is provided by Refinitiv Estimates
e = Morgan Stan ey 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.
For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.
= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.
M Update
AlphaSignals Catalyst Event Reaction
| Company / Cata yst | Date | Impact to thesis | Cata yst versus expectation |
|---|---|---|---|
| AirTAC International 1590.TW | |||
| October 2026 sa es | 03 Nov 2026 | Unchanged | In- ine |
Source:Company data, Morgan Stan ey Research M Update
Valuation Methodology and Risks
AirTAC International (1590.TW)
Base case, 29x 2027e P/E. We believe this methodolog better captures earnings growth momentum for industrial automation component pla s (market sentiment moves along with business c cles). As the industr enters an up-c cle, we think appl ing a near-peak c cle valuation of 29x P/E is reasonable given the stronger business outlook.
Risks to Upside
- n Stronger macroeconomic climate in China
- n Stronger-than-expected demand from industrial automation
Risks to Downside
- n Sharper economic downturn in China
- nMiniature linear guidewa business development taking more time
- n Larger-than-expected investment in new products but weaker-than-expected demand
M Update
Disclosure ection
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