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原始內容
M July 31, 2026 01:24 AM GMT
E Ink Holdings Inc. | Asia Pacific
Read-across from Vusion's 2Q26 Results
Positive implications from Vusion's comments on new project wins and initiatives in retail media, although the market seems to be awaiting more data points to support E-Ink's full-year revenue growth expectations of 20-25% in 2026.
What's new:
Vusion (VU.PA, NC), a system integrator for electronic shelf label (ESL) systems, reported 2Q26 adjusted revenue of €545.4mn (+86% QoQ/+31% YoY). Of this, 80% came from Americas/APAC (+41% YoY) and 20% from EMEA (+3% YoY).
- North America and Asia Pacific: Management said growth was driven by the deployment of EdgeSense at Walmart in the US, with completion expected by end of the year. Other projects involving new solutions and geographies underway will continue to drive momentum.
- EMEA: Business activity remained solid and was evenly distributed across the region - particularly in France, the DACH region, the UK, Scandinavia, Spain and Turkey. Find more information on new deals: More Details
- Order intake was €365mn in 2Q26 (+16% QoQ/+7% YoY), with a book-to-bill (B/B) ratio of 0.67 (vs. 1.08 in 1Q26 and 0.82 in 2Q25). Management expects a stronger 2H26 vs. 1H26, to reach positive growth on a full-year basis, as it sees multiple deals converting later in the year and momentum carrying into 1H27. It also reaffirmed the 2027 ambition of reaching ~EUR2.2bn as achievable.
- Management's full year guidance was unchanged with revenue growth of 1520% YoY, with ~40% YoY growth for VAS revenue.
- It announced acquirement of In-Store Media (ISM) to accelerate the creation of a platform for digital in-store retail media and advertising. ISM is headquartered in Barcelona, and has relationships with 90 retail banners and over 1,600 brands, with track record in 9 countries across EMEA, Americas and APAC. ISM generated ~€120mn of revenue in 2025, while the deal is expected to close by end of 2026.
Our view:
- We see positive implications for E-Ink from Vusion's new ESL details and more deployment in the retail media space, pointing to more opportunities beyond the Walmart project completion by end of 2026.
- For E-Ink's share price movement, we believe the market is awaiting more data points to support its 2026 full year revenue growth guidance of 20-25% (1H26 revenue +1% YoY), despite the lower base in 2H26.
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
Price target
Up/downside to price target (%)
Shr price, close (Jul 30, 2026)
52-Week Range
Sh out, dil, curr (mn)
Mkt cap, curr (mn)
EV, curr (mn)
Avg daily trading value (mn)
Overweight In-Line
NT$250.00
37
NT$182.00
NT$286.00-135.00
1,150
NT$209,330
NT$214,888
NT$1,385
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 9.14 | 11.37 | 13.07 | 15.67 |
| EPS (NT$)§ | 10.09 | 12.01 | 14.31 | 16.14 |
| Revenue, net (NT$ 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 | 16.0 | 13.9 | 11.6 |
| P/BV | 3.3 | 2.8 | 2.6 | 2.3 |
| RNOA (%) | 13.8 | 14.6 | 16.9 | 20.3 |
| ROE (%) | 18.2 | 18.7 | 19.7 | 21.8 |
| EV/EBITDA | 17.5 | 12.7 | 10.7 | 8.7 |
| Div yld (%) | 3.0 | 4.1 | 4.7 | 5.6 |
| FCF yld ratio (%)** | 4.2 | 5.8 | 6.7 | 7.9 |
| 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
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