PDF 原檔：260610_3665_貿聯_ms_bizlink_original.pdf
原始內容
M June 10, 2026 09:58 PM GMT
Bizlink | Asia Pacific
Acquisition of Interplex Datacom Adding Strategic and Financial Value
We view the deal positively for Bizlink as it could lead to strategic synergies and appears EPS-accretive even in a conservative scenario.
What's new:
- Bizlink announced it would acquire Interplex Datacom at an enterprise value of US$850mn and up to US$50mn of contingent consideration, funded by a combination of cash and committed debt financing.
- Interplex Datacom, headquartered in Singapore, is a global provider of customized interconnect solutions and high precision mechanical products. Its manufacturing footprint spans across China (Suzhou and Huizhou), Vietnam, Malaysia, and Thailand, with over 1,900 employees. It generated ~US$392mn in revenue for the 12 months ended March 31, 2026.
- On top of the direct contribution to revenue and profits, Bizlink thinks the deal could help bring in more comprehensive product offerings, high precision mechanical processing capability, global manufacturing footprints, and customer relationships.
Our view:
- As of 1Q26, BizLink had NT$12,974mn in cash and cash equivalents and NT $16,704mn of outstanding bank credits. Although there are no details regarding how the debt financing will be structured, we think the maximum fully diluted share count increase would be ~6% if it decides to fund the deal entirely by newly issued CB/ECB.
- On the revenue and earnings contribution, if we conservatively assume Interplex will have the same US$392mn in revenue in 2027 with a similar net margin of ~15%, Interplex could incrementally add 8% to revenue and earnings for Bizlink in 2027, implying the deal would be EPS accretive even in such a scenario.
- We therefore see this as a good deal for Bizlink from both strategic and financial perspectives.
- We remain OW with PT of NT$3,665 (30x 2027e P/E).
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 |
| Sharon Shih Equity Analyst Sharon.Shih@morganstanley.com | +886 2 2730-2865 |
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 (Jun 9, 2026) | NT$2,155.00 |
| 52-Week Range | NT$3,010.00-621.85 |
| Sh out, dil, curr (mn) | 193 |
| Mkt cap, curr (mn) | NT$416,704 |
| EV, curr (mn) | NT$422,280 |
| Avg daily trading value (mn) | NT$5,686 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 46.57 | 63.77 | 120.77 | 143.77 |
| EPS (NT$)§ | 47.71 | 67.27 | 109.42 | 144.28 |
| Revenue, net (NT$ 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 | 33.8 | 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 | 11.9 | 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
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