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原始內容
J PMORGAN
BizLink
Partnership with ams-Osram strengthens optical positioning
BizLink has announced a partnership with ams-Osram on a next-generation optica interconnect so ution targeting AI sca e-up so utions, everaging ams-Osram's photonics and BizLink's fiber-array and connectivity capabi ities. We view the co aboration as a positive deve opment for BizLink's optica roadmap and a nearterm sentiment cata yst, a though the techno ogy remains at an ear y stage with imited revenue contribution for now.
- What's new? On Sep 21, BizLink announced an ecosystem partnership with ams-Osram (AMS SW, covered by Craig A McDowe ), a g oba eader in innovative ight and sensor so utions, to co-deve op next-generation optica interconnect so utions for AI sca e-up connectivity, centered on a ow-power, ow- atency 'wide-and-s ow' optica ink architecture. The two companies p an to demonstrate a connectorized mu ti-core fiber so ution at the ECOC 2026 (European Conference on Optica Communications) in Spain over Sep 21-23. ams-Osram wi provide the microVCSEL photonics engine, whi e BizLink wi contribute its fiber-array assemb y, optica connectivity, and high-vo ume manufacturing expertise.
- Positive implications for BizLink. We view the partnership as another step in BizLink's expansion into optica connectivity fo owing its acquisition of XFS ear ier this year, which he ps broaden its optica capabi ities beyond its existing copper interconnect so utions. In addition, the co aboration high ights the expansion of optica interconnects from sca e-out to sca e-up architectures. Instead of re ying on higher speeds per optica channe , the 'wide and s ow' architecture distributes data across mu tip e ower-speed anes using mu ticore fiber and high-density connectivity, direct y everaging BizLink's fiberarray and connectivity strengths. We thus see the announcement as a near-term positive sentiment cata yst, a though the techno ogy remains at an ear y stage with meaningfu revenue contribution ike y to take time before fu commercia ization.
Sources for: Style Exposure - J.P. Morgan Global Markets Strategy; all other tables are company data and J.P. Morgan est mates.
See page 5 for analyst certification and important disclosures, including non-US analyst disclosures.
www.jpmorganmarkets.com
This document is being provided for the exclusive use of [讀者資訊已遮蔽].
Overweight
665.TW, 665 TT
Price (21 Sep 26):NT$2 300.00 Price Target (Jun-27):NT$ ,100.00
Taiwan Industrials
Amanda Chang AC
(886-2) 2725-9861 amanda.chang@jpmorgan.com J.P. Morgan Securities (Taiwan) Limited
Karen Li, CFA
(852) 2800-8589
J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited
Style Exposure
| Quant - Factors | Current - %Rank | Hist %Rank (1=Top) - 6M | Hist %Rank (1=Top) - 1Y | Hist %Rank (1=Top) - 3Y | Hist %Rank (1=Top) - 5Y |
|---|---|---|---|---|---|
| Value | 39 | 36 | 41 | 9 | |
| Growth | 18 | 26 | 9 | 59 | 87 |
| Momentum | 34 | 19 | 4 | 62 | 90 |
| Quality | 21 | 62 | 33 | 48 | 77 |
| Low Vol | 85 | 94 | 87 | 64 | 54 |
— 3665.TW Price (NT$)
— TSE (rebased)
| YTD | 1m | 3m | 12m | |
|---|---|---|---|---|
| Abs | 51.3% | 1.1% | 9.5% | 106.3% |
| Rel | -13.5% | -4.4% | 6.8% | 21.9% |
Company Data
| Shares O/S (mn) | 200 |
|---|---|
| 52-week range (NT$) | 3,010.00-971.00 |
| Market cap ($ mn) | 14,424 |
| Exchange rate | 31.82 |
| Free float (%) | 78.3% |
| 3M ADV (mn) | 3.21 |
| 3M ADV ($ mn) | 210.8 |
| Volat l ty (90 Day) | 76 |
| Index | TAIEX |
| BBG ANR (Buy | Hold | Sell) | 19|0|0 |
Key Metrics (FYE Dec)
| NT$ in millions | FY25A | FY2 E | FY27E | FY28E |
|---|---|---|---|---|
| Financial Estimates | ||||
| Revenue | 71,247 | 105,277 | 158,431 | 188,606 |
| Adj. EBITDA | 15,012 | 21,818 | 36,057 | 44,430 |
| Adj. EBIT | 12,458 | 18,772 | 32,666 | 40,552 |
| Adj. net ncome | 9,136 | 13,913 | 24,642 | 30,889 |
| Adj. EPS | 46.33 | 67.87 | 120.20 | 150.68 |
| BBG EPS | 45.35 | 66.45 | 112.06 | 154.71 |
| Cashflow from operat ons | 8,595 | 8,198 | 15,057 | 25,504 |
| FCFF | 5,079 | 3,862 | 9,057 | 18,304 |
| Margins and Growth | ||||
| Revenue Growth Y/Y (%) | 31.7% | 47.8% | 50.5% | 19.0% |
| EBITDA marg n | 21.1% | 20.7% | 22.8% | 23.6% |
| EBITDA Growth Y/Y (%) | 71.0% | 45.3% | 65.3% | 23.2% |
| EBIT marg n | 17.5% | 17.8% | 20.6% | 21.5% |
| Net marg n | 12.8% | 13.2% | 15.6% | 16.4% |
| Adj. EPS growth | 96.4% | 46.5% | 77.1% | 25.4% |
| Ratios | ||||
| Adj. tax rate | 24.1% | 23.5% | 23.4% | 23.3% |
| Interest cover | 53.7 | 38.5 | 68.9 | 160.2 |
| Net debt/Equ ty | NM | NM | NM | NM |
| Net debt/EBITDA | NM | NM | NM | NM |
| ROCE | 17.9% | 18.7% | 24.4% | 25.1% |
| ROE | 22.1% | 25.4% | 33.8% | 32.9% |
| Valuation | ||||
| FCFF y eld | 1.1% | 0.8% | 1.9% | 3.9% |
| D v dend y eld | 0.7% | 1.1% | 1.9% | 2.4% |
| EV/Revenue | 6.4 | 4.3 | 2.8 | 2.3 |
| EV/EBITDA | 30.2 | 20.5 | 12.3 | 9.8 |
| Adj. P/E | 49.6 | 33.9 | 19.1 | 15.3 |
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This document is being provided for the exclusive use of [讀者資訊已遮蔽].
J PMORGAN
Summary Investment Thesis and Valuation
Investment Thesis
We rate BizLink OW considering: 1) rising power demand and content va ue as AI p atforms transition to VR200 and VR U tra; 2) additiona growth opportunities from the ramp-up of optica interconnect so utions and so id capita equipment business; and 3) strengthened competitive positioning through c ose design-in co aboration with NVIDIA and hypersca ers.
Valuation
Our Jun-27 PT of NT$3,100 is based on 23x of 12M forward EPS. The 23x va uation mu tip e is at the higher end of the 10year trading range, on the back of a so id growth out ook thanks to rising exposure to high growth and margin- ucrative HPC and capita equipment business.
Performance Drivers
61%
| Factors | 6M Corr | 1Y Corr |
|---|---|---|
| Market: MSCI Asia Pac ex JP | 0.12 | 0.12 |
| Region: Taiwan | 0.43 | 0.36 |
| Macro: | ||
| Citi Economic Surprise - EM | 0.25 | 0.32 |
| Markit EM Composite PMI SA | 0.26 | 0.22 |
| JPM China A-shares Sentiment | 0.07 | 0.17 |
| Quant Styles: | ||
| Quality | 0.28 | 0.32 |
| DivYld | 0.01 | 0.07 |
| Value | 0.00 | 0.06 |
J PMORGAN
Investment Thesis Valuation and Risks
BizLink(Overweight; Price Target: NT$3,100.00)
Investment Thesis
We rate BizLink OW considering: 1) rising power demand and content va ue as AI p atforms transition to VR200 and VR U tra; 2) additiona growth opportunities from the ramp-up of optica interconnect so utions and so id capita equipment business; and 3) strengthened competitive positioning through c ose design-in co aboration with NVIDIA and hypersca ers.
Valuation
Our Jun-27 PT of NT$3,100 is based on 23x of 12M forward EPS. The 23x va uation mu tip e is at the higher end of the 10-year trading range, on the back of a so id growth out ook thanks to rising exposure to high growth and margin- ucrative HPC and capita equipment business.
Risks to Ratin and Price Tar et
Key downside risks to our rating and price target inc ude: 1) market-share oss amid intensifying competition; 2) moderating AEC growth at higher data transmission speeds; 3) gross margin pressure during p atform and product transitions; and 4) weaker-thanexpected AI server demand and order growth.
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This document is being provided for the exclusive use of [讀者資訊已遮蔽].
BizLink: Summary of Financials
J PMORGAN
| Income Statement | FY24A | FY25A | FY2 E | FY27E | FY28E | Cash Flow Statement | FY24A | FY25A | FY2 E | FY27E | FY28E |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 54,080 | 71,247 | 105,277 | 158,431 | 188, 0 | Cash flow from operating activities | ,909 | 8,595 | 8,198 | 15,057 | 25,504 |
| COGS | (38,828) | (48,643) | (72,057)(104,526)(123,254) | o/w Deprec at on & amort zat on | 2,211 | 2,554 | 3,046 | 3,391 | 3,878 | ||
| Gross profit | 15,253 | 22, 05 | 33,220 | 53,905 | 5,352 | o/w Changes n work ng cap tal | (12) | (3,489) | (7,670) | (14,020) | (10,308) |
| SG&A | (7,177) | (8,329) | (11,739) | (17,200) | (19,992) | ||||||
| Adj. EBITDA | 8,777 | 15,012 | 21,818 | 3 ,057 | 44,430 | Cash flow from investing activities | (4,377) | (10,838) | (4,575) | ( ,000) | (7,200) |
| D&A | (2,211) | (2,554) | (3,046) | (3,391) | (3,878) | o/w Cap tal expend ture | (3,265) | (3,517) | (4,336) | (6,000) | (7,200) |
| Adj. EBIT | ,5 | 12,458 | 18,772 | 32, | 40,552 | as % of sales | 6.0% | 4.9% | 4.1% | 3.8% | 3.8% |
| Net Interest | (389) | (280) | (567) | (523) | (277) | ||||||
| Adj. PBT | ,318 | 11,8 | 18,179 | 32,144 | 40,275 | Cash flow from financing activities | (2,943) | 5,312 | 17,973 | (4,870) | (8, 25) |
| Tax | (1,928) | (2,861) | (4,269) | (7,507) | (9,391) | o/w D v dends pa d | (1,470) | (2,278) | (3,008) | (4,870) | (8,625) |
| M nor ty Interest | 6 | 0 | 3 | 5 | 6 | o/w Shares ssued/(repurchased) | 0 | 0 | 10,153 | 0 | 0 |
| Adj. Net Income | 4, 01 | 9,13 | 13,913 | 24, 42 | 30,889 | o/w Net debt ssued/(repa d) | (955) | 8,148 | 13,316 | 0 | 0 |
| Reported EPS | 23.59 | 46.33 | 67.87 | 120.20 | 150.68 | Net change in cash | (452) | 4,220 | 21,771 | 4,187 | 9, 79 |
| Adj. EPS | 23.59 | 4 .33 | 7.87 | 120.20 | 150. 8 | ||||||
| DPS | 12.02 | 15.43 | 24.40 | 43.21 | 54.17 | Adj. Free cash flow to firm y/y Growth | 3, 44 (19.1%) | 5,079 39.4% | 3,8 2 (24.0%) | 9,057 134.5% | 18,304 102.1% |
| Payout rat o | 50.9% | 33.3% | 36.0% | 36.0% | 36.0% | ||||||
| Shares outstand ng | 195 | 197 | 205 | 205 | 205 | ||||||
| Balance Sheet | FY24A | FY25A | FY2 E | FY27E | FY28E | Ratio Analysis | FY24A | FY25A | FY2 E | FY27E | FY28E |
| Cash and cash equ valents | 10,176 | 14,395 | 36,166 | 40,353 | 50,032 | Gross marg n | 28.2% | 31.7% | 31.6% | 34.0% | 34.6% |
| Accounts rece vable | 10,473 | 14,302 | 22,959 | 31,815 | 38,776 | EBITDA marg n | 16.2% | 21.1% | 20.7% | 22.8% | 23.6% |
| Inventor es | 11,232 | 13,824 | 18,901 | 28,429 | 32,896 | EBIT marg n | 12.1% | 17.5% | 17.8% | 20.6% | 21.5% |
| Other current assets | 22,873 | 29,627 | 44,010 | 62,394 | 73,822 | Net prof t marg n | 8.5% | 12.8% | 13.2% | 15.6% | 16.4% |
| Current assets | 33, 8 | 51,412 | 8 ,17 | 108,747 | 129,854 | ||||||
| PP&E | 14,677 | 17,324 | 19,051 | 21,660 | 24,982 | ROE | 15.1% | 22.1% | 25.4% | 33.8% | 32.9% |
| LT nvestments | 868 | 944 | 1,000 | 1,001 | 1,001 | ROA | 8.0% | 12.8% | 13.7% | 18.5% | 19.5% |
| Other non current assets | 4,201 | 4,558 | 4,838 | 4,639 | 4,689 | ROCE | 10.7% | 17.9% | 18.7% | 24.4% | 25.1% |
| Total assets | 0,915 | 82,313 | 120,9 5 | 145,94 | 170,425 | SG&A/Sales | 13.3% | 11.7% | 11.2% | 10.9% | 10.6% |
| Short term borrow ngs | 3,832 | 2,324 | 1,580 | 1,580 | 1,580 | Net debt/Equ ty Net debt/EBITDA | NM NM | NM NM | NM NM | NM NM | NM NM |
| Payables | 6,239 | 9,429 | 15,121 | 19,485 | 20,605 | ||||||
| Other short term l ab l t es | 6,724 | 8,877 | 8,908 | 9,908 | Sales/Assets (x) | 0.9 | 1.0 | 1.0 | 1.2 | 1.2 | |
| Current liabilities | 1 ,795 | 20, 30 | 25, 09 | 30,973 | 10,908 | Assets/Equ ty (x) | 1.9 | 1.7 | 1.9 | 1.8 | 1.7 |
| Long-term debt | 4,703 | 11,678 | 28,110 | 28,110 | 33,093 28,110 | Interest cover (x) | 22.6 | 53.7 | 38.5 | 68.9 | 160.2 |
| 14,966 | 32,112 | 31,962 | 32,062 | Operat ng leverage | 926.6% | 282.6% | 106.1% | 146.6% | 126.8% | ||
| Other long term l ab l t es | 7,818 | 35, 70 | 57,871 | 3,085 | 5,305 | Tax rate | 30.5% | 24.1% | 23.5% | 23.4% | 23.3% |
| Total liabilities | 24, 98 36,209 | 46,634 | 63,100 | 82,871 | 5.9% | 31.7% | 47.8% | 50.5% | 19.0% | ||
| Shareholders' equ | 105,136 | Revenue y/y Growth | 39.5% | 71.0% | |||||||
| ty M nor ty nterests | 8 | 8 | (6) | (10) | (16) | EBITDA y/y Growth | 71.2% | 45.3% | 65.3% | 23.2% | |
| Total liabilities & equity | 0,915 | 82,313 | 120,9 5 | 145,94 | 170,425 | EPS y/y Growth | FY24A | 96.4% FY25A | 46.5% FY2 | 77.1% | 25.4% |
| BVPS | 191.02 | 239.19 | 31 .1 | 415.23 | 52 .79 | Valuation | E | FY27E | FY28E | ||
| y/y Growth | 26.9% | 25.2% | 32.2% | 31.3% | 26.9% | P/E (x) | 97.5 | 49.6 | 33.9 | 19.1 | 15.3 |
| Net debt/(cash) | (1,641) | (393) | P/BV (x) | 12.0 | 9.6 | 7.3 | 5.5 | 4.4 | |||
| (6,477) | (10,664) | (20,343) | EV/EBITDA (x) D v dend Y eld | 51.5 0.5% | 30.2 0.7% | 20.5 1.1% | 12.3 1.9% | 9.8 2.4% |
Source: Company reports and J.P. Morgan est mates.
Note: NT$ n m ll ons (except per-share data).F scal year ends Dec. o/w - out of wh ch
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JPMORGAN
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A authors named within this report are Research Ana ysts who produce independent research un ess otherwise specified. In Europe, Sector Specia ists (Sa es and Trading) may be shown on this report as contacts but are not authors of the report or part of the Research Department.