Bizlink: ECB and GDR Announcement

Research evidence excerpt

Bizlink: ECB and GDR Announcement

Update

July 5, 2026 11:31 PM GMT

Morgan Stanley Taiwan Limited+MBizlink | Asia Pacific Derrick Yang

Equity Analyst

ECB and GDR Announcement Derrick.Yang@morganstanley.comVivi Huang +886 2 2730-2862

Research Associate

Vivi.Huang@morganstanley.com +886 2 2730-2860

We believe these plans are aimed at financing the Interplex deal,

Morgan Stanley Asia Limited+

and dilution of up to 6% is consistent with our prior expectation Andy Meng, CFA

vs. the conservatively estimated earnings contribution of 8% in EquityAndy.Meng@morganstanley.comAnalyst +852 2239-7689

2027.

What's new:

• Bizlink announced that it plans to issue 4.5-6.0mn common GDR shares and

up to US$500mn of ECBs

• This is likely related to financing the recent acquisition of Interplex, priced at Bizlink (3665.TW, 3665 TT)

up to US$900mn (US$850mn of enterprise value + US$50mn of contingent Greater China Technology Hardware | Taiwan

considerations) Stock Rating Overweight

Industry View In-Line

Price target NT$3,665.00

Shr price, close (Jul 3, 2026) NT$1,995.00

Our view:

52-Week Range NT$3,010.00-808.00

Sh out, dil, curr (mn) 193

• Our understanding is that these, along with its existing bank credits of NT Mkt cap, curr (mn) NT$385,765

$16.7bn as of 1Q26, are among the financing options that Bizlink is EV, curr (mn) NT$391,341

Avg daily trading value (mn) NT$5,797

considering

• Looking at these two issuances, we estimate dilution of up to 6%, assuming

the ECB conversion price is set at a 25% premium over the last close of NT

$1,995 and another 6mn GDR shares are issued, which implies Bizlink could

raise US$879mn in total (based on USDTWD at 31.6)

• As we mentioned in our report post the Interplex deal, Interplex could