Bizlink (3665.TW): Interplex acqusition completed on 23 Sep

We raise our estimates for Bizlink's 2026-28F earnings, following the company's announcement that the acquisition of Interplex (unlisted) was completed on 23 Sep. Interplex's major product offerings include racks, servers, switches, and enclosure levels (such as busbars, custom/standard racks, chassis, cold plates, heat sinks, CPU sockets, and rail kits), and we believe busbars and chassis are the majority of the business unit's revenue. The deal should enable Bizlink to grow market share of power cabling and enhance its product offerings in AI datacenter. We estimate Interplex to contribute TWD21bn/29bn revenue to Bizlink, and account for 13%/13% of 2027F/28F consolidated sales. Given the acquisition and higher power consumption in next-generation AI servers, we expect the HPC business unit to reach 66%/70% of total sales in 2026F/27F. We raise 2026/27F EPS estimates by 7%/15% to TWD69.77/134.64, with a new TP of TWD3,770 based on 28x 2027F EPS. We remain Buy. Our current estimates ha