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原始內容
M July 27, 2026 04:04 PM GMT
Bizlink | Asia Pacific
Preliminary June Profit Announcement
June preliminary profit points to upside to market expectations, likely from recovering GM.
Bizlink announced its preliminary profit for June, per TWSE regulatory requirements:
- Revenue reached NT$8,518mn (+16% MoM/+64% YoY; 37% of 2Q26 revenue of NT$23,253mn), which was 37% of both our estimate at NT$22,836mn (+9% QoQ/+35% YoY) and consensus at NT$23,026mn (+10% QoQ/+36% YoY) for 2Q26.
- Pretax income was NT$1,510mn (+57% YoY; margin at 17.7%), which was 41% of our pretax income estimate at NT$3,703mn (margin at 16.2%) and 38% of consensus at NT$3,938mn (margin at 17.1%) for 2Q26.
- Net income was NT$1,180mn (+61% YoY; EPS NT$6.05; NPM 13.9%), which was 43% of our estimated net income at NT$2,752mn (EPS NT$14.23; NPM 12.0%) and 41% of consensus at NT$2,912mn (EPS NT$14.94; NPM 12.6%) for 2Q26.
Our view:
- We see some upside to our earnings estimates and consensus for 2Q26, supported by 30%+ GM during the quarter, in our view. This is consistent with our expectation that the lower GM of 28.8% in 1Q26 was temporary
- Looking ahead into 2H26, we believe the power interconnects should continue to benefit from server rack shipment growth along with higher dollar content from next-generation GPU servers and HVDC architecture into 2027, while data interconnects should grow with increasing AEC adoption and spec upgrade. Moreover, Bizlink has multiple optical interconnect offerings as well for longer-term growth. Stay OW.
- Bizlink is scheduled to report its 2Q26 earnings at 2:30 PM HKT on August 21.
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 |
Bizlink (3665.TW, 3665 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | In-Line |
| Price target | NT$3,665.00 |
| Up/downside to price target (%) | 70 |
| Shr price, close (Jul 27, 2026) | NT$2,150.00 |
| 52-Week Range | NT$3,010.00-821.00 |
| Sh out, dil, curr (mn) | 193 |
| Mkt cap, curr (mn) | NT$415,737 |
| EV, curr (mn) | NT$421,313 |
| Avg daily trading value (mn) | NT$5,974 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 46.57 | 63.77 | 120.77 | 143.77 |
| EPS (NT$)§ | 47.71 | 66.92 | 113.57 | 145.71 |
| Revenue, net (NT$ mn) | 71,247 | 97,108 | 149,307 | 173,575 |
| EBITDA (NT$ mn) | 15,154 | 19,697 | 34,427 | 41,565 |
| ModelWare net inc (NT | 9,005 | 12,331 | 23,352 | 27,800 |
| $ mn) | ||||
| P/E | 32.6 | 33.7 | 17.8 | 15.0 |
| P/BV | 6.4 | 7.6 | 5.6 | 4.4 |
| RNOA (%) | 24.2 | 24.1 | 40.5 | 42.1 |
| ROE (%) | 24.9 | 26.4 | 41.6 | 36.8 |
| EV/EBITDA | 20.1 | 21.2 | 11.8 | 9.4 |
| Div yld (%) | 0.8 | 0.7 | 1.0 | 1.8 |
| FCF yld ratio (%)** | (0.8) | 1.7 | 3.3 | 5.8 |
| Leverage (EOP) (%) | (0.9) | (8.0) | (18.9) | (32.3) |
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.