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原始內容
M July 16, 2026 04:43 PM GMT
E Ink Holdings Inc. | Asia Pacific
Read-across from Pricer's 2Q26 Results
Continuous progress on ESL rollouts and a less cautious stance among retailers are positive developments for e-paper demand. Stay OW.
What's new:
- Pricer (PRICb.ST, not covered), a major systems integrator for Electronic Shelf Label (ESL) systems, announced 2Q26 revenue of SEK486.4mn (flat QoQ/+8% YoY), driven by demand in Canada, the US, Scandinavia and the Pacific region. Growth remained steady in the Benelux region, while net sales in France fell slightly YoY.
- Order intake was SEK568.1mn (+22% QoQ/+13% YoY), implying a book-to-bill ratio of 1.2, vs. 1.0 in 1Q26 and 1.1 in 2Q25. The growth reflected successful rollouts and new customer validations in several priority markets, compared to relatively cautious market conditions observed last year.
- While management still sees macro uncertainties weighing on investment decisions, it does see shifts in markets such as North America, where customers are now starting to plan and invest in new digitalization projects.
- Key client engagements to highlight:
- ° Operations continued to improve in Canada, as it reached a US$51mn agreement with Sobeys for 300-350 stores in the next 18 months.
- ° Increasing order intakes in the US, driven by 1) the rollout of installations in the Defense Commissary Agency's store network through the partnership with IBM Federal, as well as 2) installations from both new and existing customers.
- ° Better growth and closer relationships with key retailers in Scandinavia post the shift into its own sales team vs. prior re-seller network
- ° Demand from core markets in the Pacific region also increased during the quarter.
Our view:
- We see positive implications from Pricer's comments on the consistent trend in retail digitalization and improving sentiment toward ESL among retailers.
- We continue to like E Ink as a dominant supplier to benefit from the secular e-paper demand in various applications. OW with PT of NT$250 (19x 2027 P/ E vs. currently at 14x).
Update
| 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 Industry View | Overweight In-Line | |||
|---|---|---|---|---|
| Price target | NT$250.00 | |||
| Up/downside to price target | (%) | 36 | ||
| Shr price, close (Jul 16, | 2026) | NT$184.00 | ||
| 52-Week Range | NT$286.00-135.00 | |||
| Sh out, dil, curr (mn) | 1,150 | |||
| Mkt cap, curr (mn) | NT$211,631 | |||
| EV, curr (mn) | NT$217,188 | |||
| Avg daily trading value | (mn) | NT$1,364 | ||
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e 15.67 |
| EPS (NT$)** | 9.14 | 11.37 12.01 | 13.07 14.31 | 16.14 |
| EPS (NT$)§ Revenue, net (NT$ mn) | 10.09 36,116 | 43,339 | 49,878 | 59,024 |
| EBITDA (NT$ mn) | 13,458 | 16,456 | 19,062 | 22,755 |
| ModelWare net inc (NT | 18,027 | |||
| 10,515 | 13,077 | 15,037 | ||
| $ mn) | ||||
| P/E | 21.7 | 16.2 | 14.1 | 11.7 |
| P/BV | 3.3 | 2.8 | 2.6 | 2.4 |
| RNOA (%) | 13.8 | 14.6 | 16.9 | 20.3 |
| ROE (%) | 18.2 | 18.7 | 19.7 | 21.8 |
| EV/EBITDA | 17.5 | 12.9 | 10.8 | 8.8 |
| Div yld (%) | 3.0 | 4.0 | 4.6 | 5.5 |
| FCF yld ratio (%)** | 4.2 | 5.7 | 6.6 | 7.9 |
| 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.