Quick Note - Bizlink (3665 TT) (Buy) - Penang site visit takeaways

Research evidence excerpt

Quick Note - Bizlink (3665 TT) (Buy) - Penang site visit takeaways

Global Markets Research

Bizlink 3665.TW 3665 TT 5 July 2026

EQUITY: TECHNOLOGY

RatingPenang site visit takeaways Remains Buy

Target price TWD 3,200.00 RemainsQuick Note

Closing priceWe visited Bizlink’s manufacturing site in Penang, Malaysia, on 29 Jun. There are two 3 July 2026 TWD 1,995.00

plants at the company’s Penang site (Plant 1 founded in 1999 and Plant 2 in 2023; the

current headcount is approximately 5,000 (combined) vs 2,000 three years ago) and the

major end applications include IT/datacom, semiconductor production equipment (SPE), Research Analysts

medical, automotive, and aerospace. Main products manufactured at the plants include Taiwan Technologypower whip, power shelf components, high speed cables (400G, 800G and 1.6T), rack

Kenny Chen - NITBand inner busbar, direct cooling busbar, and box build/system integration. Below are key kenny.chen@nomura.com

takeaways. +886 2 21769978

• Penang site shows the company’s manufacturing capability upgrade:

Management emphasized continuous process improvement, engineering-led

manufacturing, and Operations Excellence through paperless workflow, automation,

robotics, rapid prototyping (3D printing), and standardized manufacturing processes.

The Class 10,000 clean room processes and UV particle inspection for select high-

specification power products suggest increasing manufacturing requirements for next-

generation liquid-cooled infrastructure.

• Power products are becoming increasingly customized rather than

commoditized. Various power whip configurations (connector orientation, junction

box design and multiple connector layouts) illustrate higher engineering content driven

by customer-specific deployment requirements.