PDF 原檔：報告_MS_貿聯_20260706_original.pdf
圖片清單（已驗證 2026-07-07）
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| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
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53KB | 真資料圖 | 貿聯月營收（黃線，右軸 NT$mn）vs 股價（藍線，左軸 NT$），2015 至 2026，兩者 2025-2026 急速攀升 |
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66KB | 裝飾·logo·banner | "Asia Summer School 2026" 泳池背景 banner |
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62KB | 真資料圖 | 貿聯股價（藍實線）與 MS 目標價歷史（紅虛線階梯），Jul-23 至 Jul-26，目標價從 336.49 步升至 3,665 |
原始內容
M July 6, 2026 02:51 PM GMT
Bizlink | Asia Pacific
June Sales +16% MoM/+64% YoY
In this report, we focus on Bizlink's monthly sales, which we believe could be a catalyst for its share price.
Details:
- June sales came in at NT$8,518mn (+16% MoM/+64% YoY).
- 2Q26 revenue reached NT$23,253mn (+11% QoQ/+40% YoY), slightly above both Mse of NT$22,836mn (+9% QoQ/+35% YoY) and consensus at NT $22,849mn (+10% QoQ/+35% YoY) by 2%.
Our view:
- We maintain our view that the lower 28.8% gross margin in 1Q26 was temporary and that the revenue mix normalized in 2Q26. As a result, we believe gross margin likely recovered to above 30% in 2Q26.
- Looking ahead, power interconnects should benefit from server rack shipment growth in 2026, while higher dollar content from next-generation GPU servers and HVDC architecture should emerge primarily from 2027.
- Meanwhile, data interconnects should continue to grow on broader AEC adoption through 2026-27, with potential incremental contributions from optical solutions (e.g., shuffle box, ALC) from 2027.
- We remain constructive on Bizlink as an AI beneficiary, driven by its data interconnect, power interconnect, and semiconductor equipment businesses. Maintain OW.
Exhibit 1 : Bizlink's monthly sales vs. its share price since 2015
Note: Past performance is no guarantee of future results. Results shown do not include transaction costs. Source: Company data, TEJ, Morgan Stanley Research.
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
Morgan Stanley Asia Limited+
Andy Meng, CFA
Equity Analyst
Andy.Meng@morganstanley.com
+852 2239-7689
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 (%) | 88 |
| Shr price, close (Jul 6, 2026) | NT$1,945.00 |
| 52-Week Range | NT$3,010.00-808.00 |
| Sh out, dil, curr (mn) | 193 |
| Mkt cap, curr (mn) | NT$376,097 |
| EV, curr (mn) | NT$381,673 |
| Avg daily trading value (mn) | NT$5,805 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 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 | 30.5 | 16.1 | 13.5 |
| P/BV | 6.4 | 6.8 | 5.1 | 4.0 |
| RNOA (%) | 24.2 | 24.1 | 40.5 | 42.1 |
| ROE (%) | 24.9 | 26.4 | 41.6 | 36.8 |
| EV/EBITDA | 20.1 | 19.2 | 10.7 | 8.4 |
| Div yld (%) | 0.8 | 0.8 | 1.1 | 2.0 |
| FCF yld ratio (%)** | (0.8) | 1.9 | 3.7 | 6.4 |
| Leverage (EOP) (%) | (0.9) | (8.0) | (18.9) | (32.3) |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
** = Based on consensus methodology
§ = Consensus data is provided by Refinitiv Estimates
e = Morgan Stanley Research estimates
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.