First Read: BizLink Holding "June sales rose, Credo NDR positive outlook" (Buy)

研报英文原文证据摘录

First Read: BizLink Holding "June sales rose, Credo NDR positive outlook" (Buy)

Global Research

8 July 2026ab

First Read

EquitiesBizLink Holding

June sales rose, Credo NDR positive outlook Taiwan

Industrial, Diversified

12-month rating Buy

Maintain Buy: positive read-through from Credo; sales accelerating

We attended Credo's NDR meeting in Taiwan, hosted by UBS, on July 7. Credo is bullish 12m price target NT$3,430.00

on the continued growth of AEC TAM and plans to demonstrate ALC at the next OCP

event (August/October 2026). Bizlink remains Credo's major supplier for AEC and ALC

Price (07 Jul 2026) NT$1,980

products. Meanwhile, Bizlink's sales rose strongly MoM in June, implying a return to

normalized production levels and growing contribution from optical fiber assembly RIC: 3665.TW BBG: 3665 TT

through XFS. We estimate Bizlink's proposed GDR and ECB imply limited EPS dilution of Trading data and key metrics

6-7%. Besides data cables, we estimate a gradual margin recovery and higher

52-wk range NT$2,940.00-818.00

contribution from power cables to serve as major earnings growth drivers in H226.

Market cap. NT$386b/US$12.0b

Shares o/s 195m (ORD)

Credo remains bullish on AEC TAM growth; more companies entering ALC

Free float 88%

On the divergence between Credo and Bizlink's latest quarterly results, Credo reiterated

Avg. daily volume ('000) 3,144

that neither company should be viewed as a reliable proxy for the other as product mix

and customer mix are different. On AEC, Credo expects TAM to continue to expand, Avg. daily value (m) NT$7,195.7

supported by growth in AI-related capex, increasing pluggables adoption, and copper Common s/h equity (12/26E) NT$55.8b

replacing optical cables as network densities increase. On product transitions, though P/BV (12/26E) 6.9x