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原始內容
M July 8, 2026 06:43 PM GMT
E Ink Holdings Inc. | Asia Pacific
June Sales +23% 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:
- June sales were NT$4,041mn (+23% MoM/-1% YoY).
- 2Q26 sales came in at NT$10,216mn (+18% QoQ/-4% YoY), largely in line with our estimate at NT$10,043mn (+16% QoQ/-5% YoY) and the consensus at NT$10,227mn (+18% QoQ/-4% YoY).
Our view:
- Management retained its guidance of revenue to grow by 20-25% in 2026, driven by 20-30% growth from ESLs, single-digit % growth from e-readers/enotes and high-single-digit % of revenue contribution from signage (mostly retail media and indoor applications).
- That said, the potential impact to the end demand for its e-readers/e-notes from the rising memory costs is worth monitoring.
- Longer term, we continue to believe in secular demand in e-paper from various applications and E Ink's dominant to ride on the trend
- 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
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
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 (Jul 8, 2026) | NT$199.00 |
| 52-Week Range | NT$286.00-135.00 |
| Sh out, dil, curr (mn) | 1,150 |
| Mkt cap, curr (mn) | NT$228,883 |
| EV, curr (mn) | NT$234,440 |
| Avg daily trading value (mn) | NT$1,371 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 9.14 | 11.37 | 13.07 | 15.67 |
| EPS (NT$)§ | 10.09 | 12.00 | 14.30 | 16.14 |
| Revenue, net (NT$ 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
§ = Consensus data is provided by Refinitiv Estimates
** = Based on consensus methodology
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.