PDF 原檔：260528_3665_貿聯_ms_bizlink_original.pdf
原始內容
M May 28, 2026 04:51 PM GMT
Bizlink | Asia Pacific
Asia AI Summit 2026 Feedback
- GM trajectory: 1Q26 GM of 28.8% (-3.2ppt QoQ) will likely be temporary as the impact of a less favorable revenue mix in the HPC business should be alleviated in the coming quarters amid the new model ramp. Management stays positive on the full-year GM and earnings outlooks.
- Content value for power interconnects: On top of overall server shipment growth, power interconnects should continue to benefit from the higher power density of server racks and (more meaningfully) the Vera Rubin generation, as well as incremental dollar content from HVDC power rack architecture.
- Optical business: Bizlink has strengthened its capabilities in the optical space following the acquisition of XFS in early 2026. We expect it to leverage customer relationships to supply the shuffle box from 2027, though more significant volume should come in 2028.
Update
| Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ |
|---|---|---|---|---|
| Derrick Yang Equity Analyst | Derrick Yang Equity Analyst | Derrick Yang Equity Analyst | Derrick Yang Equity Analyst | Derrick Yang Equity Analyst |
| Derrick.Yang@morganstanley.com +886 2 2730-2862 | Derrick.Yang@morganstanley.com +886 2 2730-2862 | Derrick.Yang@morganstanley.com +886 2 2730-2862 | Derrick.Yang@morganstanley.com +886 2 2730-2862 | Derrick.Yang@morganstanley.com +886 2 2730-2862 |
| Vivi Huang | Vivi Huang | Vivi Huang | Vivi Huang | Vivi Huang |
| Research Associate | Research Associate | Research Associate | Research Associate | Research Associate |
| Equity Analyst | Equity Analyst | Equity Analyst | Equity Analyst | Equity Analyst |
| Sharon.Shih@morganstanley.com | Sharon.Shih@morganstanley.com | Sharon.Shih@morganstanley.com | +886 2 2730-2865 | +886 2 2730-2865 |
| Bizlink (3665.TW, 3665 TT) | Bizlink (3665.TW, 3665 TT) | Bizlink (3665.TW, 3665 TT) | Bizlink (3665.TW, 3665 TT) | Bizlink (3665.TW, 3665 TT) |
| Greater China Technology Hardware | Taiwan | Greater China Technology Hardware | Taiwan | Greater China Technology Hardware | Taiwan | Greater China Technology Hardware | Taiwan | Greater China Technology Hardware | Taiwan |
| Stock Rating Overweight Industry View In-Line | Stock Rating Overweight Industry View In-Line | Stock Rating Overweight Industry View In-Line | Stock Rating Overweight Industry View In-Line | Stock Rating Overweight Industry View In-Line |
| Price target NT$3,665.00 | Price target NT$3,665.00 | Price target NT$3,665.00 | Price target NT$3,665.00 | Price target NT$3,665.00 |
| Up/downside to price target (%) 73 | Up/downside to price target (%) 73 | Up/downside to price target (%) 73 | Up/downside to price target (%) 73 | Up/downside to price target (%) 73 |
| Shr price, close (May 28, 2026) NT$2,115.00 | Shr price, close (May 28, 2026) NT$2,115.00 | Shr price, close (May 28, 2026) NT$2,115.00 | Shr price, close (May 28, 2026) NT$2,115.00 | Shr price, close (May 28, 2026) NT$2,115.00 |
| 52-Week Range NT$3,010.00-605.02 | 52-Week Range NT$3,010.00-605.02 | 52-Week Range NT$3,010.00-605.02 | 52-Week Range NT$3,010.00-605.02 | 52-Week Range NT$3,010.00-605.02 |
| Sh out, dil, curr (mn) 193 | Sh out, dil, curr (mn) 193 | Sh out, dil, curr (mn) 193 | Sh out, dil, curr (mn) 193 | Sh out, dil, curr (mn) 193 |
| Mkt cap, curr (mn) NT$408,969 EV, curr (mn) NT$414,545 | Mkt cap, curr (mn) NT$408,969 EV, curr (mn) NT$414,545 | Mkt cap, curr (mn) NT$408,969 EV, curr (mn) NT$414,545 | Mkt cap, curr (mn) NT$408,969 EV, curr (mn) NT$414,545 | Mkt cap, curr (mn) NT$408,969 EV, curr (mn) NT$414,545 |
| Avg daily trading value (mn) NT$5,582 | Avg daily trading value (mn) NT$5,582 | Avg daily trading value (mn) NT$5,582 | Avg daily trading value (mn) NT$5,582 | Avg daily trading value (mn) NT$5,582 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
| EPS (NT$)** | 46.57 | 63.77 | 120.77 | 143.77 |
| EPS (NT$)§ | 47.71 | 67.11 | 109.42 | 144.28 |
| Revenue, net (NT$ 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 | 33.2 | 17.5 | 14.7 |
| P/BV | 6.4 | 7.4 | 5.5 | 4.4 |
| RNOA (%) | 24.2 | 24.1 | 40.5 | 42.1 |
| ROE (%) | 24.9 | 26.4 | 41.6 | 36.8 |
| EV/EBITDA | 20.1 | 20.8 | 11.6 | 9.2 |
| Div yld (%) | 0.8 | 0.7 | 1.0 | 1.8 |
| FCF yld ratio (%)** | (0.8) | 1.7 | 3.4 | 5.9 |
| 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
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