報告_MS_元太8069_20260908

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原始內容

M September 8, 2026 08:56 AM GMT

E Ink Holdings Inc. | Asia Pacific

August Sales +20% MoM/+3% YoY

In this report, we focus on E Ink's monthly sales, which we believe could be a catalyst for its share price.

Details:

• August sales were NT$3,446mn (+20% MoM/+3% YoY).
• QTD sales reached 63% of our 3Q26 revenue estimate of NT$9,985mn (-2% QoQ/-4% YoY) and 62% of consensus at NT$10,213mn (flat QoQ/-2% YoY).

Our view:

• The solid rebound in the Aug monthly sales should alleviate the potential risk of missing full-year guidance again (now at 10-15% YoY for 2026), in our view, as 3Q26 revenue is tracking in line with our estimate for a modest decline QoQ.
• While the worst seems to be behind us and valuation is at a trough level of 12x 2027 P/E, we see no strong catalysts in the near term, despite our positive long-term view on e-paper demand across various applications.

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+

E Ink Holdings Inc. (8069.TWO, 8069 TT)

Greater China Technology Hardware | Taiwan

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

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Update

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AlphaSignals Catalyst Event Reaction

Source:Company data, Morgan Stanley Research

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Valuation Methodology and Risks

E Ink Holdings Inc. (8069.TWO)

Base case, 12x 2027e P/E. We believe this valuation methodology best captures E Ink's earnings growth momentum. We view our target multiple of 12x as fair, considering our estimated 17% earnings CAGR for 2025-28. The implied PEG of 0.7x is largely in line with its typical level in 2022-25, when the stock was trading at an average P/E of 22x one-year forward consensus EPS with a 37% earnings CAGR.

Risks to Upside

• n Firmer-than-expected ESL orders
• n Stronger demand for e-readers and e-notes
• n Better macro conditions
• n Milder competition
• n Brisker inventory digestion

Risks to Downside

• n Softer-than-expected ESL orders
• n Slower demand for e-readers and e-notes
• n Macro headwinds
• n Intensified competition
• n More protracted inventory digestion

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Acer Inc., Advantech, AirTAC International, Asustek Computer Inc., AU Optronics, Bizlink, Catcher Technology, Chenbro, Compal Electronics, Delta Electronics Inc., E Ink Holdings Inc. , Ennostar Inc, Eoptolink Technology Inc Ltd, FIT Hon Teng Ltd, Giga-Byte Technology Co. Ltd., GoerTek Inc, Gold Circuit Electronics Ltd., Hon Hai Precision, Innolux, Lenovo, Lens Technology, Lingyi Itech Guangdong Co, Lite-On Technology, Luxshare Precision Industry Co., Ltd., Pegatron Corporation, Q Technology (Group) Company Ltd, Quanta Computer Inc., Shanghai Conant Optical Co Ltd, Shenzhen Transsion Holdings Co Ltd, Suzhou TFC Optical Communication Co Ltd., TCL Corp., Unimicron, Wistron Corporation, Wiwynn Corp, Xiaomi Corp, Yageo Corp., Yangtze Optical Fibre and Cable JSC Ltd, Zhen Ding, Zhongji Innolight Co Ltd.

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Stock Price, Price Target and Rating History (See Rating Definitions)

500

450

400

350

150

100

50

09/01

2023

1/7/26 : 205; 5/11/26 : 250₽ 8/10/25 : 150

Stock and Industry Ratings (abbreviations belowd appear as + Stock Rating/Industry View

E Ink Holdings Inc. (8069.TW0) - As of 09/08/26 GMT in TUD

Industry : Greater China Technologu Hardware

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Stock Ratings: Overnight cop Equal-weight dE) Underusight dus Not-Rated iNRo No Rating Augilablecna Industry View: Attractine dAD In-line tID Caut ious No Rating

Effective January 1S, 2014, the stocks covered by Morgan Stanley Pacifie will be rated relative to the analust's industry cop industry tear's coverage. Effective January 15, 2014, the industry view benchmarks for Morgan Stanley Asia Pacifie are as follous: releuant MSCI country

index or MSCI sub-regional index or MSCI AC Asia Pacific ex Japan Index.

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INDUSTRY COVERAGE: Greater China Technology Hardware

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Zhen Ding (4958.TW)

Stock Ratings are subject to change. Please see latest research for each company.

• Historical prices are not split adjusted.

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