ECB and GDR Dilution Adds Up to 4.7%

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M

Update

August 6, 2026 05:54 PM GMT

Bizlink | Asia Pacific

Morgan Stanley Taiwan Limited+

Derrick Yang

Equity Analyst

ECB and GDR Dilution Adds Up

to 4.7%

Vivi Huang

Research Associate

Morgan Stanley Asia Limited+

Andy Meng, CFA

What's new:

Equity Analyst

• Bizlink announced it has set an issuance price of NT$2,256 (a 5% discount to

the latest closing price; USDTWD at 32.219) for 4.5mn GDR shares, totalling

US$315mn in value (scheduled for issuance on Aug 11, 2026).

• It also announced a conversion price of NT$3,249.07 (37% premium) for US

$500mn of ECBs (scheduled for issuance on Aug 13, 2026).

Bizlink (3665.TW, 3665 TT)

Our view:

• Share dilution from the GDR (2.25%) and ECB (up to 2.48%) issuances totals

4.73% – lower than our expectation of up to 6% (see our report here).

• We maintain our view that the Interplex deal should be EPS accretive, as we

believe it could incrementally add 8% to revenue and earnings for Bizlink in

2027, assuming the same US$392mn of revenue (12M accumulated through

Greater China Technology Hardware | Taiwan

Stock Rating

Industry View

Price target

Shr price, close (Aug 6, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

Overweight

In-Line

NT$3,665.00

NT$2,370.00

NT$3,010.00-863.00

193

NT$458,277

NT$463,854

NT$6,165

1Q26) with a similar net margin as Bizlink.

• Stay OW with a PT of NT$3,665 (30x 2027e P/E).

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