Bizlink: Asia AI Summit 2026 Feedback

研报英文原文证据摘录

Bizlink: Asia AI Summit 2026 Feedback

Update

May 28, 2026 04:51 PM GMT

Morgan Stanley Taiwan Limited+MBizlink | Asia Pacific Derrick Yang

Equity Analyst

Asia AI Summit 2026 Feedback Derrick.Yang@morganstanley.comVivi Huang +886 2 2730-2862

Research Associate

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

• GM trajectory: 1Q26 GM of 28.8% (-3.2ppt QoQ) will likely be temporary as the

Sharon Shih

impact of a less favorable revenue mix in the HPC business should be alleviated in Equity Analyst

the coming quarters amid the new model ramp. Management stays positive on the Sharon.Shih@morganstanley.com +886 2 2730-2865

full-year GM and earnings outlooks. Bizlink (3665.TW, 3665 TT)

Greater China Technology Hardware | Taiwan

• Content value for power interconnects: On top of overall server shipment

Stock Rating Overweight

growth, power interconnects should continue to benefit from the higher power Industry View In-Line

density of server racks and (more meaningfully) the Vera Rubin generation, as well Price target NT$3,665.00

Up/downside to price target (%) 73

as incremental dollar content from HVDC power rack architecture. Shr price, close (May 28, 2026) NT$2,115.00

52-Week Range NT$3,010.00-605.02

• Optical business: Bizlink has strengthened its capabilities in the optical space Sh out, dil, curr (mn) 193

Mkt cap, curr (mn) NT$408,969

following the acquisition of XFS in early 2026. We expect it to leverage customer EV, curr (mn) NT$414,545

relationships to supply the shuffle box from 2027, though more significant volume Avg daily trading value (mn) NT$5,582

should come in 2028. 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 67.11 109.42 144.28

Revenue, net (NT$ mn) 71,247 97,108 149,307 173,575