PDF 原檔：報告_MS_貿聯3665_20260906_original.pdf
原始內容
M September 6, 2026 03:11 PM GMT
Bizlink | Asia Pacific
August Sales -8% MoM/+54% YoY
In this report, we focus on Bizlink's monthly sales, which we believe could be a catalyst for its share price.
Details:
- August sales came in at NT$8,892mn (-8% MoM/+54% YoY)
- QTD reached 65% of our 3Q26 estimate at NT$28,521mn (+23% QoQ/+55% YoY) and consensus at NT$27,268mn (+17% QoQ/+48% YoY).
Our view:
- We think 3Q26 revenue is tracking roughly in line with our estimate.
- Looking into 2H26, we expect HPC to remain the main growth driver, as power interconnects should continue to see momentum from AI/general servers. Meanwhile, data interconnects should grow along with new ASIC model ramp and GPU sever demand.
- Moreover, semi cap equipment revenue growth should also sustain.
- Stay OW.
Exhibit 1 : Bizlink'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+
| Derrick Yang Equity Analyst Derrick.Yang@morganstanley.com | +886 2 2730-2862 |
|---|---|
| Vivi Huang Research Associate Vivi.Huang@morganstanley.com | +886 2 2730-2860 |
| 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 (%) | 71 |
| Shr price, close (Sep 4, 2026) | NT$2,145.00 |
| 52-Week Range | NT$3,010.00-971.00 |
| Sh out, dil, curr (mn) | 193 |
| Mkt cap, curr (mn) | NT$414,770 |
| EV, curr (mn) | NT$420,346 |
| Avg daily trading value (mn) | NT$6,303 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 46.57 | 69.77 | 120.77 | 143.77 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 47.71 | 68.14 | 114.69 | 151.04 |
| Revenue, net (NT$ mn) | 71,247 | 101,953 | 151,516 | 174,996 |
| EBITDA (NT$ mn) | 15,154 | 21,153 | 34,384 | 41,510 |
| ModelWare net inc (NT | 9,005 | 13,491 | 23,353 | 27,800 |
| $ mn) | ||||
| P/E | 32.6 | 30.7 | 17.8 | 14.9 |
| P/BV | 6.4 | 7.4 | 5.5 | 4.4 |
| RNOA (%) | 24.2 | 26.2 | 39.8 | 41.7 |
| ROE (%) | 24.9 | 28.9 | 40.8 | 36.5 |
| EV/EBITDA | 20.1 | 19.7 | 11.8 | 9.4 |
| Div yld (%) | 0.8 | 0.7 | 1.0 | 1.8 |
| FCF yld ratio (%)** | (0.8) | 1.8 | 3.4 | 5.9 |
| Leverage (EOP) (%) | (0.9) | (8.3) | (19.1) | (32.5) |
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.