Bizlink: GM Pressure Temporary; AI Angle Stays Intact

研报英文原文证据摘录

Bizlink: GM Pressure Temporary; AI Angle Stays Intact

Idea

May 12, 2026 06:14 PM GMT

Morgan Stanley Taiwan Limited+MBizlink | Asia Pacific Derrick Yang

Equity Analyst

GM Pressure Temporary; AI Derrick.Yang@morganstanley.comVivi Huang +886 2 2730-2862

Research Associate

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

Angle Stays Intact Sharon Shih

Sharon.Shih@morganstanley.com +886 2 2730-2865

Reaction to earnings

Bizlink (3665.TW, 3665 TT)

Unchanged Modest shortfall Modest revision lower

Greater China Technology Hardware | Taiwan

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Overweight

Source: Company data, Morgan Stanley Research Industry View In-Line

Price target NT$3,665.00

Up/downside to price target (%) 32

Drivers from power/data interconnects and semi cap equipment Shr price, close (May 12, 2026) NT$2,775.00

unchanged, collectively reaching 80% of the revenue mix by 52-WeekSh out, dil,Rangecurr (mn) NT$3,010.00-589.18193

2028 in our model, vs. 54% in 2025. Mkt cap, curr (mn) NT$536,591 EV, curr (mn) NT$542,167

Avg daily trading value (mn) NT$5,299

1Q26 miss on margin: Off revenue of NT$20,864mn (+5% QoQ/+29% YoY), GM

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

contracted by 3.2ppt to 28.8%, lower than MSe/con at 31.8%/32.7%. Management

EPS (NT$)** 46.57 63.77 120.77 143.77

attributed to this to a less favorable revenue mix, as the HPC business saw some EPS (NT$)§ 47.71 72.87 106.83 141.71

margin pressure amid its customer's model transition, as well as higher material Revenue, net (NT$ mn) 71,247 97,108 149,307 173,575

EBITDA (NT$ mn) 15,154 19,697 34,427 41,565

costs. With an opex of NT$2,893mn (opex ratio of 13.9%), operating profits were NT ModelWare net inc (NT 9,005 12,331 23,352 27,800

$ mn)