Read-across from Pricer‘s 2Q26 Results

研报英文原文证据摘录

Read-across from Pricer‘s 2Q26 Results

Update

July 16, 2026 04:43 PM GMT

Morgan Stanley Taiwan Limited+ME Ink Holdings Inc. | Asia Pacific Derrick Yang

Equity Analyst

Read-across from Pricer's 2Q26 Derrick.Yang@morganstanley.comVivi Huang +886 2 2730-2862

Research Associate

Vivi.Huang@morganstanley.com +886 2 2730-2860

Results Morgan Stanley Asia Limited+

Andy Meng, CFA

Continuous progress on ESL rollouts and a less cautious stance Equity Analyst

Andy.Meng@morganstanley.com +852 2239-7689

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

QoQ/+8% YoY), driven by demand in Canada, the US, Scandinavia and the Greater China Technology Hardware | Taiwan

Pacific region. Growth remained steady in the Benelux region, while net sales Stock Rating Overweight

Industry View In-Line

in France fell slightly YoY. Price target NT$250.00

Up/downside to price target (%) 36

• Order intake was SEK568.1mn (+22% QoQ/+13% YoY), implying a book-to-bill

Shr price, close (Jul 16, 2026) NT$184.00

ratio of 1.2, vs. 1.0 in 1Q26 and 1.1 in 2Q25. The growth reflected successful 52-Week Range NT$286.00-135.00

Sh out, dil, curr (mn) 1,150

rollouts and new customer validations in several priority markets, compared Mkt cap, curr (mn) NT$211,631

to relatively cautious market conditions observed last year. EV, curr (mn) NT$217,188

Avg daily trading value (mn) NT$1,364

• While management still sees macro uncertainties weighing on investment

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

decisions, it does see shifts in markets such as North America, where

EPS (NT$)** 9.14 11.37 13.07 15.67