260822_3665_貿聯_ubs_bizlink

PDF 原檔：260822_3665_貿聯_ubs_bizlink_original.pdf

圖片清單（已驗證 2026-08-24）

原始內容

First Read

BizLink Holding

Q226 margin largely in line; we expect robust H226 growth

Q: How did the results compare vs expectations?

A: BizLink's Q226 operating profit rose 29% QoQ, 6%/2% above the UBS/consensus estimates, on a gross margin recovery. Net profit rose 31% QoQ, 6%/1% above the UBS/consensus estimates, on a lower effective tax rate.

Q: What were the most noteworthy areas in the results?

A: Q226 sales increased 12% QoQ, primarily supported by growth in electrical appliances (EA) (+56% QoQ), industrial (+13% QoQ) and automotive (+12% QoQ). The EA increase was largely attributable to a sales contribution from PAS, a newly acquired subsidiary that began to be consolidated into the financial statements in May 2026. Industrial sales benefited from continued momentum in SPE (+28% QoQ), as the boxbuild business continued to strengthen. IT and datacom sales rose only 2% QoQ, as shipments were slow due to a product transition during April-May. BizLink's monthly sales picked up strongly in June-July. We view this as evidence of HPC product shipments returning to a normal pattern. Gross margin expanded 2.0ppt QoQ, above the UBS estimate. That was mainly supported by higher utilization, effective material cost management and production efficiency improvement. However, it was partially offset by a higher-than-expected opex/sales ratio, as scale benefits were less than we expected.

Q: Has the company's outlook/guidance changed?

A: BizLink did not provide quantitative guidance, while remaining constructive on sustained order growth driven by the AI investment cycle, even though data center deployment is not linear. BizLink indicated it is selective in capacity expansion, with two major criteria: customer-backed demand and decent ROI. XFS has expanded capacity in fiber assembly to support robust growth despite still accounting for a small part of the sales mix. The Interplex deal is scheduled to be completed before year-end 2026 (schedule unchanged). Aside from HPC, management is positive about capital equipment (box-building services for semi equipment customers) and automation.

How would we expect investors to react?

A: We think the results/earnings call is a neutral event. We expect sustained strong earnings growth of 28% QoQ in Q326 to serve as a positive share price catalyst, supported by data cable shipments returning to a normal pattern, cable shipments for a new ASIC platform and a gross margin recovery, as utilization keeps increasing. There may be upside from power cables, as power sidecars could be adopted earlier. We raise our 2026-28E earnings 5-7% to 44%/83%/22% growth, mainly to factor in UBS latest view on rack shipments and ASIC shipments volumes, along with higher opex/sales. We raise our PT from NT$3,430 to NT$3,617 (same 30x 2027E PE). We remain at Buy.

Source: Company accounts, LSEG Eikon, UBS estimates. Metrics marked as (UBS) have had analyst adjustments applied. Valuations: based on an average share price that year, (E): based on a share price of NT$ 2,275.00 on 21-Aug-2026

Figure 1: Q226 results comparison

Source: Refinitiv, company data, UBS estimates

Figure 2: Summary of earnings estimate changes

Source: UBS estimates

Forecast returns

Company Description

Founded in 1996, BizLink is headquartered in Fremont, California. BizLink provides interconnect solutions, including connectors, harnesses and cables for a wide range of industries, such as industrials, automotive, IT & data communications, and electrical appliances. BizLink has 34 production facilities located in Asia, America and Europe.

Valuation Method and Risk Statement

Our price target is based on a PE multiple.

The key company-specific risks are: 1) a global economic slowdown impacting end-demand; 2) a slower-than-expected change in the product mix leading to slower-than-expected grossmargin expansion; and 3) a rise in raw material prices.

The key industry-specific risks are: unexpected changes in the underlying global macro environment, currency and interest rate movement and commodity price inflation.

Quantitative Research Review

UBS Global Research publishes a quantitative assessment of its analysts' responses to certain questions about the likelihood of an occurrence of a number of short term factors in a product known as the 'Quantitative Research Review'. The views for this month can be found below. Views contained in this assessment on a particular stock reflect only the views on those short term factors which are a different timeframe to the 12-month timeframe reflected in any equity rating set out in this note. For previous responses please make reference to (i) previous UBS Global Research reports; and (ii) where no applicable research report was published that month, the Quantitative Research Review which can be found at https://neo.ubs.com/quantitative, or contact your UBS sales representative for access to the report or the Quantitative Research Team on ubs-quant-answers@ubs.com. A consolidated report which contains all responses is also available and again you should contact your UBS sales representative for details and pricing or the Quantitative Research Team on the email above.

BizLink Holding

Required Disclosures

This document has been prepared by UBS Securities Pte. Ltd., Taipei Branch, an affiliate of UBS AG. UBS AG, its subsidiaries, branches and affiliates, including former Credit Suisse AG and its subsidiaries, branches and affiliates are referred to herein as "UBS".

For information on the ways in which UBS manages conflicts and maintains independence of its UBS Global Research product; historical performance information; certain additional disclosures concerning UBS Global Research recommendations; and terms and conditions for certain third party data used in research report, please visit https://www.ubs.com/disclosures. Unless otherwise indicated, information and data in this report are based on company disclosures including but not limited to annual, interim, quarterly reports and other company announcements. The figures contained in performance charts refer to the past; past performance is not a reliable indicator of future results. Additional information will be made available upon request. UBS Securities Co. Limited is licensed to conduct securities investment consultancy businesses by the China Securities Regulatory Commission. UBS acts or may act as principal in the debt securities (or in related derivatives) that may be the subject of this report. This recommendation was finalized on: 21 August 2026 05:57 PM GMT. UBS has designated certain UBS Global Research department members as Derivatives Research Analysts where those department members publish research principally on the analysis of the price or market for a derivative, and provide information reasonably sufficient upon which to base a decision to enter into a derivatives transaction. Where Derivatives Research Analysts coauthor research reports with Equity Research Analysts or Economists, the Derivatives Research Analyst is responsible for the derivatives investment views, forecasts, and/or recommendations. Quantitative Research Review: UBS Global Research publishes a quantitative assessment of its analysts' responses to certain questions about the likelihood of an occurrence of a number of short term factors in a product known as the 'Quantitative Research Review'. Views contained in this assessment on a particular stock reflect only the views on those short term factors which are a different timeframe to the 12-month timeframe reflected in any equity rating set out in this note. For the latest responses, please see the Quantitative Research Review Addendum at the back of this report, where applicable. For previous responses please make reference to (i) previous UBS Global Research reports; and (ii) where no applicable research report was published that month, the Quantitative Research Review which can be found at https://neo.ubs.com/ quantitative, or contact your UBS sales representative for access to the report or the Quantitative Research Team on ubs-quantanswers@ubs.com. A consolidated report which contains all responses is also available and again you should contact your UBS sales representative for details and pricing or the Quantitative Research team on the email above.