260602_ms_bizlink

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Asia Summer School 2026

M June 2, 2026 01:36 AM GMT

Bizlink | Asia Pacific

Read-across from Credo's FY4Q26 Results

We see positive implications for Bizlink from Credo's comments on AEC growth and emerging ALC opportunities.

FY4Q26 (ended April 2026) results:

• Credo (CRDO.US, not covered) reported revenue of US$437mn (+7% QoQ/ +157% YoY), consistent with consensus forecasts of US$433mn and guidance of US$425-435mn.
• Non-GAAP GM was 68.3% (-0.3ppt QoQ) above consensus at 65.4% and guidance at 64-66%.
• NP was US$227mn (+9% QoQ/+247% YoY), above consensus at US$199mn.
• Four customers each contributed more than 10% of Credo's revenue in FY4Q26, i.e., 34%, 27%, 16% and 10%, respectively.

FY1Q27 and FY27 outlook:

• FY1Q27 revenue is guided to be US$465-475mn (+8% QoQ/+111% YoY at the midpoint, above consensus of US$460mn), non-GAAP GM of 67-69% (vs. consensus at 65%) and opex of US$86-90mn.
• For FY27, Credo expects total revenue to grow >80% YoY (vs. consensus at 65-70% YoY), with mid-single-digit % sequential growth in 1Q/2Q mostly on AEC and a significant inflection in 2H mainly from optical revenue (>US $600mn for FY27 from Zero-Flap Optics, silicon photonics PICs and optical DSPs).
• Credo expects GM to stay largely consistent YoY, while operating expenses are set to grow ~50% YoY.
• Customer mix will become less concentrated, as it continues to diversify among CSPs and neocloud customers (neoclouds to make up 20% of revenue in the coming years).
• Credo expects AEC adoption to broaden, with some scale-up revenue emerging in FY27, becoming more substantial in FY28.
• ALCs and OmniConnect gearboxes should start to ramp from FY28, as guided previously.

Bizlink Read-across:

• We do not see much incremental information from the results and earnings call for this quarter.
• However, the reiteration of AEC penetration being in the early innings and the ALC ramp from FY28 (starting May 2027) are consistent with our view on solid data interconnect business growth at Credo's partner Bizlink
• We stay constructive on Bizlink for its multiple drivers in the AI deployment theme, including data/power interconnects and semi cap equipment.

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

Sharon Shih

Equity Analyst

Sharon.Shih@morganstanley.com

+886 2 2730-2865

Bizlink (3665.TW, 3665 TT)

Greater China Technology Hardware | Taiwan

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv 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.

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