報告_MS_元太8069_20261008

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原始內容

M Update October 8, 2026 11:46 AM GMT

E Ink Holdings Inc. | Asia Pacific

September Sales +5% MoM/ +14% YoY

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

Details:

• September sales were NT$3,613mn (+5% MoM/+14% YoY)
• 3Q26 sales came in at NT$9,936mn (-3% QoQ/-5% YoY), in line with our estimate at NT$9,985mn (-2% QoQ/-4% YoY) and the consensus at NT $9,774mn (-4% QoQ/-6% YoY)

Our view:

• E Ink's monthly sales run rate will need to stay at the September level through year end to achieve its full-year revenue guidance of up 10-15% YoY for 2026 This implies its 4Q26 revenue will be up by 9% QoQ, which still looks within reach, despite the softer seasonality
• While the worst seems to be behind us and valuation is at a trough level of 12x 2027e P/E, we see no strong catalysts in the near term, despite our longterm positive view on e-paper demand across various applications Stay EW

Exhibit 1: E Ink's monthly sales vs. its share price since 2015

Note: Past performance is no guarantee of future results. esults shown do not include transaction costs. Source: Company data, TEJ, Morgan Stanley esearch.

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

§ = 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.

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

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
• nMilder competition
• n Brisker inventory digestion

Risks to Downside

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

M Update

Disclosu e Section

The information and opinions in Morgan Stanley Research were prepared or are disseminated by Morgan Stanley Asia Limited (which accepts the responsibility for its contents) and/or Morgan Stanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary Authority of Singapore (which accepts legal responsibility for its contents and should be contacted with respect to any matters arising from, or in connection with, Morgan Stanley Research), and/or Morgan Stanley Taiwan Limited and/or Morgan Stanley & Co International plc, Seoul Branch, and/or Morgan Stanley Australia Limited (A.B.N. 67 003 734 576, holder of Australian financial services license No. 233742, which accepts responsibility for its contents), and/or Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19 009 145 555, holder of Australian financial services license No. 240813, which accepts responsibility for its contents), and/or Morgan Stanley India Company Private Limited having Corporate Identification No (CIN) U22990MH1998PTC115305, regulated by the Securities and Exchange Board of India ('SEBI') and holder of licenses as a Research Analyst (SEBI Registration No. INH000001105); Stock Broker (SEBI Stock Broker Registration No. INZ000244438), Merchant Banker (SEBI Registration No. INM000011203), and depository participant with National Securities Depository Limited (SEBI Registration No. IN-DP-NSDL-567-2021) having registered office at Altimus, Level 39 & 40, Pandurang Budhkar Marg, Worli, Mumbai 400018, India; Telephone no. +91-22-61181000; Compliance Officer Details: Mr. Tejarshi Hardas, Tel. No.: +91-22-61181000 or Email: tejarshi.hardas@morganstanley.com; Grievance officer details: Mr. Tejarshi Hardas, Tel. No.: +91-22-61181000 or Email: msic-compliance@morganstanley.com which accepts the responsibility for its contents and should be contacted with respect to any matters arising from, or in connection with, Morgan Stanley Research, and their affiliates (collectively, "Morgan Stanley"). Morgan Stanley India Company Private Limited (MSICPL) may use AI tools in providing research services. All recommendations contained herein are made by the duly qualified research analysts.

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