Bizlink; Power fueling growth w/ CPO upside, IN Auto; CH Autos Expansion in India?, CSSC; Positive Profit Alert, ENR; Addressing Peak-Order Concerns

研报英文原文证据摘录

Bizlink; Power fueling growth w/ CPO upside, IN Auto; CH Autos Expansion in India?, CSSC; Positive Profit Alert, ENR; Addressing Peak-Order Concerns

Specialist Sales

APAC Specialist Sales J P M O R G A N

15 July 2026

Vera Rubin platform, with our FY27/28E EPS forecasts 10%/4% above consensus.

• BizLink’s power interconnect revenue is set to grow 122%/92% YoY in FY26/27E, and optical interconnects (shuffle

box solutions) are expected to ramp 4.8x/86% YoY in FY27/28E. Capital equipment revenue is projected to rise

27%/26% YoY, supported by strong WFE spending. Our PT is based on 23x P/E and 12M forward EPS of NT$135,

implying 75% upside. Key risks include market share loss, slower AEC growth, margin pressure during transitions, and

weaker AI server demand.

• Investor Feedback & Upcoming catalysts: Stock disappointed the market with GPM coming in below expectations (28.8%

actual vs >30% expected) due to a temporary client-side transition issue weighing on high-end AEC orders. We flag the

stock’s strong growth story, backed by diversified AI & semi product exposure, should continue with near-term catalysts: 1)

2Q26 GM back above 30%, 2) strong power segment growth from 3Q/4Q26 driven by Very Rubin, and 3) Interplex

acquisition planned for completion around 4Q26 to accelerate growth.

Global X-Across- Siemens Energy (ENR GY): Omterra rebrand equates to structural FCF margin upside sooner than

expected - Phill Buller

• Siemens Energy has announced the upcoming launch of a new independent brand, Omterra, signaling a move away

from the Siemens brand earlier than previously expected. While the original Siemens brand license was assumed to run

through 2030, this development suggests the transition could happen sooner, potentially bringing forward structural margin