TAIWAN FIRST TO MARKET

研报英文原文证据摘录

TAIWAN FIRST TO MARKET

Asia Pacific Equity Research

Taiwan First to Market 15 July 2026

Top Stories

BizLink (Amanda Chang) (3665 TT, OW)

Power fuels growth with CPO adding upside; assume coverage at OW

We assume coverage of BizLink at OW and Jun-27 PT of NT$3,100. We forecast an EPS CAGR of 50% during FY25-28E,

driven by higher power content value, growing optical/CPO exposure, and a robust capital equipment business on semi capex

expansion. While the stock has corrected by 36% (-43% vs TAIEX) after the 1Q26 gross margin miss, we view the margin

pressure as largely transitory and remain positive on the upcoming power product upgrades under the Vera Rubin platform,

with our FY27/28E EPS forecasts 10%/4% above consensus.

PCs and Servers (Albert Hung/Gokul Hariharan)

Inference extends the general server upcycle, PCs still fragile

We adjust our global PC/server shipment growth forecasts to -8%/+22% YoY in 2026, +2%/+25% YoY in 2027 and +2%/+19%

YoY in 2028, respectively. We have seen stronger-than-expected general server demand and better-than-feared PC shipments

in 1H26, despite meaningful component cost hikes. Initial supply chain feedback suggests a more flattish PC build outlook into

2H26 and a gradual pick-up in server shipments amid continued component constraints. Looking into 2027/28, we have

become incrementally more positive on general server demand due to AI inference driven demand, and remain cautious on

consumer end demand such as PCs. Among the server supply chain, we are positive on Delta , Accton , ASPEED , Wiwynn

and Lotes . Among the PC supply chain, we are cautious on ASUSTek , Micro-star and Compal . See our global PC and

server model here .

Powerchip Semiconductor Manufacturing Corp. (Gokul Hariharan) (6770 TT, OW)