Morgan Stanley is neutral on Yuantai (8069), with a target price of 200 yuan.

(Picture taken from Yuantai official website)

[Financial Channel/Comprehensive Report] Electronic paper manufacturer E Ink Yuantai Technology (8069) announced yesterday (8) that its consolidated revenue in January this year was 2.578 billion yuan, a monthly decrease of 17% and an annual increase of nearly 10%.

Morgan Stanley (Morgan Stanley) reported that Yuantai's revenue growth may slow down this year, maintaining a "neutral" rating with a target price of 200 yuan.

Yuan Tai's revenue performance in January was slightly higher than Morgan Stanley's and Wall Street's consensus forecasts, in line with some recent market expectations.

Morgan Stanley maintains its view that Yuanta’s revenue growth may slow down this year after growing 53% in 2022 and 84% in Q2 and Q3 last year, because the electronic shelf label (ESL) supply chain may need to digest excess inventory.

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Overall, Morgan Stanley remains bullish on the long-term trend of rising ESL penetration, as system integrators see good demand from retailers.

Maintain neutral rating, target price 200 yuan.

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