PDF 原檔：260821_3665_貿聯_daiwa_bizlink_original.pdf
圖片清單（已驗證 2026-08-24）
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
260821_3665_貿聯_daiwa_bizlink_001.png |
30KB | 裝飾·logo·banner | 股價走勢縮圖，無座標標示 |
260821_3665_貿聯_daiwa_bizlink_002.png |
20KB | 裝飾·logo·banner | 相對績效縮圖，無可讀數值 |
260821_3665_貿聯_daiwa_bizlink_003.png |
45KB | 真資料圖 | 100% 堆疊長條圖「Bizlink: product mix」，2019-2028E 營收結構：IT Datacomm 由 2019 年 6% 升至 2027E 60%／2028E 64%；EA、Automotive、Industrial、Others 同步壓縮，Industrial 由 2022 年 37% 降至 2028E 24% |
260821_3665_貿聯_daiwa_bizlink_004.png |
43KB | 真資料圖 | 折線圖「Bizlink: 1-year forward PER」，Aug-17～Aug-26，股價線疊 7x／14x／21x／28x／35x 本益比帶，2026 年 8 月股價約在 21x-28x 帶之間 |
原始內容
Taiwan
Bizlink Holding (3665 TT)
Target price:
TWD3,065.00 (from TWD3,053.00)
Share price (21 Aug):
TWD2,275.00
|
Up/downside: +34.7%
2Q26 results: better than expected
- 2Q26 net profit slightly beat our and the Bloomberg consensus by 3-5%
- Benefitting from spec upgrade on its copper, power and optic solutions
- Reaffirming our Buy (1) call; raising 12M TP to TWD3,065
What's new: After market hours, Bizlink released its 2Q26 results and held an investor call today (21 August). Its gross margin in 2Q26 improved QoQ to 30.8% from 28.8% due to ongoing product mix optimisation and rising capacity utilisation. We believe Bizlink will be one of the key beneficiaries from AI infrastructure (for HPC and semi cap), and rising product complexity should underpin its margin expansion in the following years. We reaffirm our Buy (1) call. We now forecast an earnings CAGR of 48.2% from 45.6% previously over 2026-28E.
What's the impact: 2Q26 results beat slightly. Bizlink's 2Q26 revenue of TWD23,281m (+11.6% QoQ, +37.5% YoY) was in line with our estimate and the consensus estimate. Its gross margin was 30.7% (vs. 28.8% in 1Q26 and 31.1% in 2Q25), higher than our estimate (30.2%) but in line with the consensus estimate (30.7%). The recovery in gross margin vs. 1Q26 is due to product mix improvement and a higher utilisation rate. Its operating profit of TWD4,010m (+29.0% QoQ, +39.9% YoY) slightly beat our and the consensus estimates by 2.5% and 1.1%, respectively. Thus, its operating margin of 17.2% (vs. 14.9% in 1Q26 and 16.9% in 2Q25) was roughly in line with our estimate (17.0%) and the consensus (17.3%). Overall, its 2Q26 net profit of TWD2,982m (+31.1% QoQ, +47.3% YoY) also slightly beat our and the Bloomberg estimates by 4.8% and 2.9%, respectively. Its 2Q26 basic EPS finished at TWD15.28.
Key highlights from results call. During the call, Bizlink mentioned that its copper, power and optical solutions should lead it to win more layers of increasingly integrated AI infrastructure, and the product complexity (higher power density, bandwidth and integration requirement) trend is also positive for its gross margin expansion. The acquisition of Interplex Datacom (see memo ) is expected to close in 2H26 and should strengthen Bizlink's capabilities in precision metal fabrication and mechanical and structural components, as well as electrical and connectivity capabilities. We raised our 2026-28E EPS by 1-5%, mainly on our more aggressive revenue assumptions on its order share win potential.
What we recommend: We reiterate our Buy (1) call and raise our 12M TP to TWD3,065 (from TWD3,053), based on an unchanged PER of 30x (equal to a 0.62x PEG over 2026-28E; at the high-end of its past-3-year range of 6-34x) applied to our 1-year forward diluted EPS forecast. Key downside risks: weaker-than-expected orders from secular growth drivers (HPC and semi cap) and slower-than-expected gross-margin expansion.
How we differ: Our 2026-28E EPS are 1-5% above the consensus, as our more aggressive revenue and operating margin assumptions.
21 August 2026
Daiwa
5
3
→
2
1
Buy
Helen Chien
Helen Chien
(886) 2 8758 6254 helen.chien@daiwacm-cathay.com.tw
Neil Teng, CFA (886) 2 8758 6256 neil.teng@daiwacm-cathay.com.tw
Forecast revisions (%)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue change | 1.4 | 3.9 | 4.5 |
| Net profit change | 0.5 | 3.6 | 4 |
| Core EPS (FD) change | 1.2 | 4.2 | 4.7 |
Source: Daiwa forecasts
Share price performance
| 12-month range | 929.00-2,940.00 |
|---|---|
| Market cap (USDbn) | 13.88 |
| 3m avg daily turnover (USDm) | 201.53 |
| Shares outstanding (m) | 195 |
| Major shareholder | Chairman and family (22.0%) |
Financial summary (TWD)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue (m) | 98,299 | 131,652 | 165,098 |
| Operating profit (m) | 18,203 | 29,600 | 39,588 |
| Net profit (m) | 13,607 | 22,419 | 29,873 |
| Core EPS (fully-diluted) | 69.466 | 114.451 | 152.506 |
| EPS change (%) | 49.9 | 64.8 | 33.2 |
| Daiwa vs Cons. EPS (%) | 4.8 | 0.3 | 1.4 |
| PER (x) | 32.7 | 19.9 | 14.9 |
| Dividend yield (%) | 1.5 | 2.5 | 3.4 |
| DPS | 34.9 | 57.4 | 76.5 |
| PBR (x) | 7.7 | 6.0 | 4.7 |
| EV/EBITDA (x) | 22.0 | 13.6 | 10.3 |
| ROE (%) | 26.0 | 33.9 | 35.5 |
Source: FactSet, Daiwa forecasts
Bizlink: revisions to revenue and earnings forecasts
| 2026E | 2026E | 2026E | 2027E | 2027E | 2027E | 2028E | 2028E | 2028E | |
|---|---|---|---|---|---|---|---|---|---|
| (TWDm) | New | Previous | Change | New | Previous | Change | New | Previous | Change |
| Sales | 98,299 | 96,959 | 1.4% | 131,652 | 126,692 | 3.9% | 165,098 | 158,046 | 4.5% |
| Gross profit | 30,700 | 30,676 | 0.1% | 43,850 | 43,089 | 1.8% | 56,286 | 55,719 | 1.0% |
| Gross profit margin | 31.2% | 31.6% | -0.4pp | 33.3% | 34.0% | -0.7pp | 34.1% | 35.3% | -1.2pp |
| Operating profit | 18,203 | 18,358 | -0.8% | 29,600 | 28,785 | 2.8% | 39,588 | 38,261 | 3.5% |
| Operating profit margin | 18.5% | 18.9% | -0.4pp | 22.5% | 22.7% | -0.2pp | 24.0% | 24.2% | -0.2pp |
| Net profit | 13,607 | 13,541 | 0.5% | 22,419 | 21,649 | 3.6% | 29,873 | 28,714 | 4.0% |
| Net profit margin | 13.8% | 14.0% | -0.1pp | 17.0% | 17.1% | -0.1pp | 18.1% | 18.2% | -0.1pp |
| Fully diluted EPS (TWD) | 69.47 | 68.67 | 1.2% | 114.45 | 109.79 | 4.2% | 152.51 | 145.62 | 4.7% |
Source: Daiwa forecasts
Bizlink: 2Q26 results review
| (TWDm) | Bizlink's 2Q26 results | Daiwa's forecast | Differ | Bloomberg consensus | Differ |
|---|---|---|---|---|---|
| Revenue | 23,281 | 22,989 | 1.3% | 22,978 | 1.3% |
| Gross profit | 7,154 | 6,946 | 3.0% | 7,056 | 1.4% |
| Operating profit | 4,010 | 3,912 | 2.5% | 3,967 | 1.1% |
| Profit before tax | 3,897 | 3,791 | 2.8% | 3,905 | -0.2% |
| Net profit | 2,982 | 2,844 | 4.8% | 2,897 | 2.9% |
| Basic EPS (TWD) | 15.28 | 14.59 | 4.8% | 15.07 | 1.4% |
| Margin | |||||
| Gross margin | 30.7% | 30.2% | 0.5pp | 30.7% | 0pp |
| Operating margin | 17.2% | 17.0% | 0.2pp | 17.3% | 0pp |
| Pre-tax margin | 16.7% | 16.5% | 0.2pp | 17.0% | -0.3pp |
| Net margin | 12.8% | 12.4% | 0.4pp | 12.6% | 0.2pp |
Source: Company, Bloomberg, Daiwa forecasts
Bizlink: quarterly P&L
| 2026E | 2026E | 2026E | 2026E | 2027E | 2026E | 2027E | 2028E | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (TWDm) | 1Q26 | 2Q26E | 3Q26E | 4Q26E | 1Q27E | 2Q27E | 3Q27E | 4Q27E | |||
| Revenue | 20,864 | 23,281 | 25,686 | 28,467 | 27,371 | 30,454 | 34,733 | 39,094 | 98,299 | 131,652 | 165,098 |
| Gross profit | 6,002 | 7,154 | 8,112 | 9,432 | 8,853 | 9,915 | 11,725 | 13,357 | 30,700 | 43,850 | 56,286 |
| Operating profit | 3,108 | 4,010 | 4,927 | 6,158 | 5,514 | 6,413 | 8,147 | 9,526 | 18,203 | 29,600 | 39,588 |
| Pre-tax profit | 3,043 | 3,897 | 4,886 | 6,167 | 5,503 | 6,402 | 8,137 | 9,456 | 17,994 | 29,499 | 39,307 |
| Net profit | 2,274 | 2,982 | 3,664 | 4,687 | 4,183 | 4,866 | 6,184 | 7,186 | 13,607 | 22,419 | 29,873 |
| Basic EPS (TWD) | 11.66 | 15.28 | 18.78 | 24.02 | 21.43 | 24.94 | 31.69 | 36.83 | 69.74 | 114.89 | 153.09 |
| Margin | |||||||||||
| Gross margin | 28.8% | 30.7% | 31.6% | 33.1% | 32.3% | 32.6% | 33.8% | 34.2% | 31.2% | 33.3% | 34.1% |
| Operating margin | 14.9% | 17.2% | 19.2% | 21.6% | 20.1% | 21.1% | 23.5% | 24.4% | 18.5% | 22.5% | 24.0% |
| Pre-tax margin | 14.6% | 16.7% | 19.0% | 21.7% | 20.1% | 21.0% | 23.4% | 24.2% | 18.3% | 22.4% | 23.8% |
| Net margin | 10.9% | 12.8% | 14.3% | 16.5% | 15.3% | 16.0% | 17.8% | 18.4% | 13.8% | 17.0% | 18.1% |
| YoY | |||||||||||
| Revenue | 29.4% | 37.5% | 39.5% | 43.9% | 31.2% | 30.8% | 35.2% | 37.3% | 38.0% | 33.9% | 25.4% |
| Gross profit | 22.6% | 35.8% | 32.5% | 49.3% | 47.5% | 38.6% | 44.5% | 41.6% | 35.8% | 42.8% | 28.4% |
| Operating profit | 31.7% | 39.9% | 37.0% | 69.5% | 77.4% | 59.9% | 65.4% | 54.7% | 46.1% | 62.6% | 33.7% |
| Pre-tax profit | 34.1% | 43.0% | 40.9% | 81.2% | 80.8% | 64.3% | 66.5% | 53.3% | 51.6% | 63.9% | 33.2% |
| Net profit | 41.0% | 47.3% | 39.4% | 71.1% | 83.9% | 63.2% | 68.8% | 53.3% | 51.1% | 64.8% | 33.2% |
| QoQ | |||||||||||
| Revenue | 5.5% | 11.6% | 10.3% | 10.8% | -3.9% | 11.3% | 14.0% | 12.6% | |||
| Gross profit | -5.0% | 19.2% | 13.4% | 16.3% | -6.1% | 12.0% | 18.3% | 13.9% | |||
| Operating profit | -14.4% | 29.0% | 22.9% | 25.0% | -10.5% | 16.3% | 27.1% | 16.9% | |||
| Pre-tax profit | -10.6% | 28.1% | 25.4% | 26.2% | -10.8% | 16.3% | 27.1% | 16.2% | |||
| Net profit | -17.0% | 31.1% | 22.9% | 27.9% | -10.8% | 16.3% | 27.1% | 16.2% |
Source: Company, Daiwa forecasts
Bizlink: product mix
Source: Company, Daiwa forecasts
Bizlink Holding (3665 TT): 21 August 2026
Bizlink: 1-year forward PER
Source: Bloomberg, Daiwa forecast
Daiwa
Financial summary
Key assumptions
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Industrial revenue YoY (%) | 38.5 | 295.1 | 3.1 | 7.4 | 12.5 | 21.9 | 15 | 15 |
| Automotive revenue YoY (%) | 38.8 | 134 | 7.2 | (23.3) | (16.1) | 14.9 | 5 | 5 |
| IT DataComm revenue YoY (%) | 9.6 | 40.7 | (28.2) | 26.4 | 131.0 | 68 | 55 | 35 |
Profit and loss (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| IT DataComm | 10,228 | 14,395 | 10,337 | 13,072 | 30,201 | 50,748 | 78,659 | 106,189 |
| Industrial | 5,010 | 19,793 | 20,400 | 21,902 | 24,651 | 30,037 | 34,543 | 39,724 |
| Other Revenue | 13,327 | 19,569 | 20,314 | 19,107 | 16,395 | 17,514 | 18,450 | 19,185 |
| Total Revenue | 28,564 | 53,757 | 51,052 | 54,080 | 71,247 | 98,299 | 131,652 | 165,098 |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS | (21,935) | (39,970) | (38,465) | (38,828) | (48,643) | (67,599) | (87,802) | (108,812) |
| SG&A | (3,109) | (6,857) | (6,815) | (7,177) | (8,329) | (10,308) | (11,687) | (13,396) |
| Other op.expenses | (863) | (1,384) | (1,534) | (1,510) | (1,818) | (2,189) | (2,564) | (3,302) |
| Operating profit | 2,658 | 5,546 | 4,237 | 6,566 | 12,458 | 18,203 | 29,600 | 39,588 |
| Net-interest inc./(exp.) | (65) | (450) | (817) | (389) | (280) | (163) | (281) | (281) |
| Assoc/forex/extraord./others | 48 | 196 | 22 | 141 | (312) | (46) | 180 | 0 |
| Pre-tax profit | 2,641 | 5,293 | 3,442 | 6,318 | 11,866 | 17,994 | 29,499 | 39,307 |
| Tax | (619) | (1,462) | (1,132) | (1,928) | (2,861) | (4,388) | (7,080) | (9,434) |
| Min. int./pref. div./others | 14 | 7 | 7 | 6 | 0 | 1 | 0 | 0 |
| Net profit (reported) | 2,036 | 3,838 | 2,317 | 4,396 | 9,005 | 13,607 | 22,419 | 29,873 |
| Net profit (adjusted) | 2,036 | 3,838 | 2,317 | 4,396 | 9,005 | 13,607 | 22,419 | 29,873 |
| EPS (reported)(TWD) | 15.223 | 25.021 | 14.366 | 25.407 | 46.572 | 69.739 | 114.890 | 153.091 |
| EPS (adjusted)(TWD) | 15.223 | 25.021 | 14.366 | 25.407 | 46.572 | 69.739 | 114.890 | 153.091 |
| EPS (adjusted fully-diluted)(TWD) | 14.113 | 22.827 | 13.776 | 23.799 | 46.334 | 69.466 | 114.451 | 152.506 |
| DPS (TWD) | 9.130 | 10.000 | 9.000 | 12.000 | 15.000 | 34.870 | 57.445 | 76.545 |
| EBIT | 2,658 | 5,546 | 4,237 | 6,566 | 12,458 | 18,203 | 29,600 | 39,588 |
| EBITDA | 3,595 | 7,435 | 6,291 | 8,777 | 15,012 | 20,393 | 32,015 | 42,228 |
Cash flow (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Profit before tax | 2,641 | 5,293 | 3,442 | 6,318 | 11,866 | 17,994 | 29,499 | 39,307 |
| Depreciation and amortisation | 936 | 1,888 | 2,054 | 2,211 | 2,554 | 2,190 | 2,415 | 2,640 |
| Tax paid | (619) | (1,462) | (1,132) | (1,928) | (2,861) | (4,388) | (7,080) | (9,434) |
| Change in working capital | (2,655) | (2,975) | 3,222 | 373 | (3,029) | (12,624) | (2,296) | (15,245) |
| Other operational CF items | 13 | 36 | (141) | (65) | 65 | 174 | 281 | 281 |
| Cash flow from operations | 315 | 2,779 | 7,446 | 6,909 | 8,595 | 3,346 | 22,819 | 17,549 |
| Capex | (1,358) | (1,520) | (2,942) | (3,265) | (3,517) | (3,600) | (3,600) | (3,600) |
| Net (acquisitions)/disposals | (14) | (8,975) | 45 | (1,987) | (544) | 0 | 0 | 0 |
| Other investing CF items | (104) | (594) | (1,678) | 875 | (6,777) | 0 | 0 | 0 |
| Cash flow from investing | (1,475) | (11,088) | (4,575) | (4,377) | (10,838) | (3,600) | (3,600) | (3,600) |
| Change in debt | 584 | (98) | 1,893 | 1,130 | (1,781) | 0 | 0 | 0 |
| Net share issues/(repurchases) | 0 | 2,880 | 1,150 | 0 | 0 | 0 | 0 | 0 |
| Dividends paid | (1,083) | (1,386) | (1,564) | (1,470) | (2,278) | (2,925) | (6,804) | (11,209) |
| Other financing CF items | (334) | 12,465 | (2,421) | (2,603) | 9,371 | 0 | 0 | 0 |
| Cash flow from financing | (833) | 13,861 | (942) | (2,943) | 5,312 | (2,925) | (6,804) | (11,209) |
| Forex effect/others | (158) | (264) | 201 | (41) | 0 | 0 | 0 | 0 |
| Change in cash | (2,150) | 5,288 | 2,130 | (452) | 3,070 | (3,179) | 12,415 | 2,740 |
| Free cash flow | (1,042) | 1,260 | 4,504 | 3,644 | 5,079 | (254) | 19,219 | 13,949 |
Source: FactSet, Daiwa forecasts
Bizlink Holding (3665 TT): 21 August 2026
Daiwa
Financial summary continued …
Balance sheet (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Cash & short-term investment | 3,210 | 8,498 | 10,627 | 10,176 | 14,395 | 11,216 | 23,632 | 26,372 |
| Inventory | 6,379 | 12,323 | 10,103 | 11,232 | 13,824 | 22,157 | 23,824 | 33,627 |
| Accounts receivable | 7,480 | 10,644 | 8,823 | 10,767 | 14,770 | 20,651 | 26,664 | 32,749 |
| Other current assets | 675 | 1,129 | 2,338 | 1,493 | 8,422 | 8,422 | 8,422 | 8,422 |
| Total current assets | 17,743 | 32,594 | 31,891 | 33,668 | 51,412 | 62,446 | 82,541 | 101,170 |
| Fixed assets | 3,864 | 10,301 | 12,143 | 14,677 | 17,324 | 19,237 | 20,925 | 22,389 |
| Goodwill & intangibles | 1,519 | 6,802 | 6,703 | 8,369 | 9,019 | 9,019 | 9,019 | 9,019 |
| Other non-current assets | 2,350 | 3,749 | 3,947 | 4,201 | 4,558 | 4,558 | 4,558 | 4,558 |
| Total assets | 25,477 | 53,446 | 54,683 | 60,915 | 82,313 | 95,261 | 117,044 | 137,136 |
| Short-term debt | 2,190 | 3,226 | 4,532 | 5,014 | 4,814 | 4,814 | 4,814 | 4,814 |
| Accounts payable | 6,771 | 9,549 | 8,511 | 10,994 | 14,681 | 16,270 | 21,654 | 22,298 |
| Other current liabilities | 198 | 997 | 674 | 787 | 1,135 | 1,135 | 1,135 | 1,135 |
| Total current liabilities | 9,159 | 13,772 | 13,717 | 16,795 | 20,630 | 22,219 | 27,602 | 28,246 |
| Long-term debt | 315 | 14,011 | 13,322 | 4,703 | 11,678 | 11,678 | 11,678 | 11,678 |
| Other non-current liabilities | 853 | 3,158 | 3,046 | 3,200 | 3,362 | 3,362 | 3,362 | 3,362 |
| Total liabilities | 10,327 | 30,942 | 30,086 | 24,698 | 35,670 | 37,259 | 42,643 | 43,287 |
| Share capital | 1,375 | 1,564 | 1,633 | 1,896 | 1,954 | 1,951 | 1,951 | 1,951 |
| Reserves/R.E./others | 13,750 | 20,921 | 22,952 | 34,313 | 44,680 | 56,043 | 72,443 | 91,891 |
| Shareholders' equity | 15,125 | 22,485 | 24,585 | 36,209 | 46,634 | 57,994 | 74,394 | 93,843 |
| Minority interests | 26 | 19 | 12 | 8 | 8 | 7 | 7 | 7 |
| Total equity & liabilities | 25,477 | 53,446 | 54,683 | 60,915 | 82,313 | 95,261 | 117,044 | 137,136 |
| EV | 443,209 | 452,647 | 451,128 | 443,438 | 445,993 | 449,170 | 436,755 | 434,015 |
| Net debt/(cash) | (705) | 8,740 | 7,227 | (458) | 2,097 | 5,275 | (7,140) | (9,880) |
| BVPS (TWD) | 110.031 | 143.724 | 150.543 | 191.021 | 239.188 | 297.230 | 381.246 | 480.913 |
Key ratios (%)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Sales (YoY) | 26.7 | 88.2 | (5.0) | 5.9 | 31.7 | 38.0 | 33.9 | 25.4 |
| EBITDA (YoY) | 9.4 | 106.8 | (15.4) | 39.5 | 71 | 35.8 | 57.0 | 31.9 |
| Operating profit (YoY) | 8.7 | 108.6 | (23.6) | 55.0 | 89.7 | 46.1 | 62.6 | 33.7 |
| Net profit (YoY) | 11.4 | 88.5 | (39.6) | 89.7 | 104.8 | 51.1 | 64.8 | 33.2 |
| Core EPS (fully-diluted) (YoY) | 10.3 | 61.7 | (39.6) | 72.8 | 94.7 | 49.9 | 64.8 | 33.2 |
| Gross-profit margin | 23.2 | 25.6 | 24.7 | 28.2 | 31.7 | 31.2 | 33.3 | 34.1 |
| EBITDA margin | 12.6 | 13.8 | 12.3 | 16.2 | 21.1 | 20.7 | 24.3 | 25.6 |
| Operating-profit margin | 9.3 | 10.3 | 8.3 | 12.1 | 17.5 | 18.5 | 22.5 | 24.0 |
| Net profit margin | 7.1 | 7.1 | 4.5 | 8.1 | 12.6 | 13.8 | 17.0 | 18.1 |
| ROAE | 14.4 | 20.4 | 9.8 | 14.5 | 21.7 | 26.0 | 33.9 | 35.5 |
| ROAA | 8.4 | 9.7 | 4.3 | 7.6 | 12.6 | 15.3 | 21.1 | 23.5 |
| ROCE | 15.5 | 19.3 | 10.3 | 14.9 | 22.8 | 26.5 | 35.8 | 39.3 |
| ROIC | 15.8 | 17.6 | 9.0 | 13.5 | 22.4 | 24.6 | 34.5 | 39.8 |
| Net debt to equity | n.a. | 38.9 | 29.4 | n.a. | 4.5 | 9.1 | n.a. | n.a. |
| Effective tax rate | 23.5 | 27.6 | 32.9 | 30.5 | 24.1 | 24.4 | 24.0 | 24.0 |
| Accounts receivable (days) | 81.9 | 61.5 | 69.6 | 66.1 | 65.4 | 65.8 | 65.6 | 65.7 |
| Current ratio (x) | 1.9 | 2.4 | 2.3 | 2.0 | 2.5 | 2.8 | 3.0 | 3.6 |
| Net interest cover (x) | 40.7 | 12.3 | 5.2 | 16.9 | 44.5 | 111.4 | 105.2 | 140.8 |
| Net dividend payout | 68.1 | 40.8 | 63.4 | 51.8 | 32.2 | 50.0 | 50.0 | 50.0 |
| Free cash flow yield | n.a. | 0.3 | 1.0 | 0.8 | 1.1 | n.a. | 4.3 | 3.1 |
Source: FactSet, Daiwa forecasts
Company profile
Founded in 1996 and listed on Taiwan's main board in 2011, Bizlink Holding (Bizlink) is a verticallyintegrated provider for interconnect solutions for IT & CE (28% of 2025 revenue), electrical appliances (16%), automotive (15%) and industrial (39%). Major clients include Dell, HP, Tesla, Polaris, Thermo King, Dyson and GE Healthcare.
Bizlink Holding (3665 TT): 21 August 2026
Daiwa
ESG analysis
ESG risks
| Risks | Management | Analyst comments | |
|---|---|---|---|
| Executive/board quality | 2 | The CEO and chairperson of Bizlink are not the same individual. Bizlink has 7 directors, including 3 independent directors, on its board. With backgrounds in engineering (directors) and materials science/law (independent directors), we view this as positive as we believe that their wide-ranging experience will help lead Bizlink under the competitive environment. | |
| G | Capital management | 2 | Bizlink's payout ratio has gradually declined over the past decade, from 79% in 2016 to 33% in 2025. Considering the company's mergers over this period, we view the drop in payout ratio as reasonable. |
| Related party & transaction | 2 | No revenue and COGS are generated from related-party transactions - we see no issues. | |
| S | Supply chain management | 1 | To improve its product quality, Bizlink has high-standard/eco-friendly production processes, and places high importance on client feedback. The company received an overall positive rating of 93% in its 2023 customer survey. Bizlink has a 100% local sourcing policy (achieved 75% in 2023) - this is to ensure a high standard of services from suppliers and to help reduce its carbon footprint. Furthermore, Bizlink has more than 500 suppliers globally; only 25% of its procurement is from the company's top-10 suppliers. Though we believe Bizlink is relatively safe from material sourcing risks in the long term, the company has still been impacted by the recent plastic and copper price hikes. |
Note: Management score represents a company's ability to manage/benefit from certain ESG topics. The scores range from 1 to 3, with 1 being the strongest.
Update Date: 31 Mar 2026
Source: Daiwa, Company
Bizlink Holding (3665 TT): 21 August 2026
Daiwa