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3665

貿聯-KY Other Electronics As of 2026-06-17 Updated daily after market close

steady quality, fair valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 貿聯-KY to your watchlist to track signal changes on your next visit.
Valuation 22Quality 79Growth 81Momentum 79Chips 17

Is 貿聯-KY a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 74th market percentile. Latest quarterly ROE ≈ 4.9%.

  • Valuation is neutral.PE is in the 71th market percentile; within its own history, PE is around the 99th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -3.1% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 41.3%, above the 20% growth threshold.

  • Signals are active now.On the latest data, signals such as Revenue YoY ≥ 20% are active — see the historical forward returns after each occurrence below.

Chip flow

Neutral -0.10
BearishNeutralBullish

Institutional rotation, concentration steady — neutral

  • Institutional rotation, concentration steady — neutral
  • 美林 holds 4,034 lots
  • sellers have 5,331 lots left, ~92 sessions to clear

Window from 2026-01-17 · Price +59% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 美林 has accumulated 4,034 lots since the start (sold 12%), now trimming.
  • Main distributor 台灣摩根士丹利 peaked at 5,984 lots, has sold 57%, 2,568 left, ~29 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +0.73pp, mid holders -3, retail +1.21pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -672 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Branch inventory reconstruction
Accumulating holders Branches that accumulated shares during the window and still hold positive inventory; they are the absorbing side.
Distributing sellers Branches that built inventory earlier and have been selling it down; the remaining number estimates what has not cleared.
Net-short desks Trading-desk branches with negative inventory or net selling, often hedge, offsetting, or short-term flow. It is not automatically a bearish view.
Accumulating
美林摩根大通新加坡商瑞銀花旗環球凱基法銀巴黎
Distributing
台灣摩根士丹利美商高盛凱基-台北元大證券永豐金-匯立港商野村
Desks
own scale
國泰證券富邦證券國票-敦北法人統一
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 美林 +4,034
    sold 12%
  • 摩根大通 +3,828
    sold 22%
  • 新加坡商瑞銀 +2,461
    sold 4%· still adding
  • 花旗環球 +1,731
    sold 3%· still adding
  • 凱基 +735
    sold 22%· still adding
  • 法銀巴黎 +611
    sold 11%· still adding

Distributing

  • 台灣摩根士丹利 2,568 left
    sold 57%· ~29 sessions to clear
  • 美商高盛 329 left
    sold 88%· ~3 sessions to clear
  • 凱基-台北 955 left
    sold 48%· ~24 sessions to clear
  • 元大證券 1,079 left
    sold 39%· paused recently
  • 永豐金-匯立 846 left
    sold 47%· ~14 sessions to clear
  • 港商野村 316 left
    sold 60%· ~10 sessions to clear

Desks

  • 國泰證券 -5,720
    unclassified
  • 富邦證券 -4,856
    unclassified
  • 國票-敦北法人 -1,466
    unclassified
  • 統一 -1,416
    unclassified
Still selling 5,331 lots ~92 sessions to bottom at most
Recent buy/sell force +2,017 absorbed / -3,455 sold sellers slightly ahead
Hedge-desk net short -657 lots potential cover-buying, not selling pressure
TDCC big holders · absolute-holding cross-check
>1000-lot holder share Retail (<400 lots) share Price (right axis)

Mixed direction: big-holder and retail changes are not aligned.

Describes chip flow, not investment advice. Branch data discloses only high-volume branches with ~1-day lag; TDCC is weekly. Inventory is a relative reconstruction from the window start, not absolute holdings.

Historical evidence

Signals active now

These signals are true on the latest data, with this stock's own historical forward-return stats after each occurrence.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 41.34%

Monthly revenue YoY ≥ 20%; event date is the first trading day after the filing deadline (no look-ahead).

76 historical occurrences (since 2011-04-21)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 53.3%, Sample 75, Median +0.56%, Excess +4.06%, Beat mkt rate 48%；60-day: Win 59.5%, Sample 74, Median +5.54%, Excess +10.98%, Beat mkt rate 55.4%；120-day: Win 66.2%, Sample 71, Median +18.18%, Excess +15.78%, Beat mkt rate 59.2%

120 days after: historical avg +23.64%

20-day +5.06%
60-day +14.62%
120-day +23.64%
20-day
60-day
120-day
Win
53.3%
59.5%
66.2%
Sample
75
74
71
Median
+0.56%
+5.54%
+18.18%
Excess
+4.06%
+10.98%
+15.78%
Beat mkt rate
48%
55.4%
59.2%

Over 71 occurrences, 120-day forward avg gained 23.64%, beat the market by 15.78 pts; win rate 66.2%.

Valuation regime and subsequent returns

Each day's PE is converted to its own-history percentile (as of that day), then we look at adjusted-close returns over the next 240 trading days by valuation regime.

PE percentile bandSample days240-day avg returnMedianWin rateAvg excess (vs index)
0-20 148+13.8% +6.1% 62.2% -19.4%
20-40 659+42.3% +26.8% 89.2% +16.3%
40-60 417+29.3% +13.8% 76% +18%
60-80 735+36.9% +25.7% 79.2% +28.8%
80-100 You are here764+50.9% +18.1% 64.9% +34%

Percentiles use an expanding own-history window (no look-ahead); forward return is 240 trading days on adjusted close. Sample days overlap; distribution is indicative only.

Current PE ≈ 42.18, at the 98.6th percentile of its own history (80-100 band).

Valuation × momentum historical grid

Every day in its own history is bucketed by valuation tercile (own-history PE) and 60-day momentum sign into six cells; we show adjusted-close returns over the next 120 trading days per cell.

Valuation
Momentum
Cheap (own-history bottom 1/3)
Mid
Expensive (own-history top 1/3)
60-day momentum up
-3.6%
Win rate 30.4% Excess -11.1%
207d
+15.1%
Win rate 83.3% Excess +5.2%
474d
Now
+21.5%
Win rate 62.9% Excess +14.3%
1039d
60-day momentum down
+19.5%
Win rate 69.5% Excess +4.4%
374d
+29.9%
Win rate 86.4% Excess +23.5%
403d
+11.6%
Win rate 37.7% Excess +5%
345d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 1039 historical days, 120-day forward avg gained 21.5%, win rate 62.9%, beat the market by 14.3%.

Days = trading days in this bucket; returns use adjusted prices, ex-costs. 60-day momentum: direction of this stock's price over the past 60 trading days.

Does this signal hold up across the market

Over the past 242 months, on average ~404 stocks per month met “monthly revenue YoY ≥ 20%”; their adjusted-close return over the next 60 trading days averaged 6.94% (equal-weighted), beating the market by 2.37 points on average, and outperformed the TAIEX total-return index in 64.5% of months.

Each month, equal-weighted 60-day forward adjusted return of all signal-matching stocks, then averaged across months; excess vs the TAIEX total-return index.

Signals not active (historical stats for reference)

These are not occurring now; historical samples shown for comparison.

252-day price high (breakout)

Pending

Adjusted close makes a new 252-day high; repeats within 20 days counted once.

24 times historically; 60-day forward avg +12.9%, win rate 62.5%, beating the market by +9.85 pts on average.

Foreign net buying for 5 straight days

Pending

Foreign net flow (ex-dealer) positive for 5 straight days; event on day 5; repeats within 20 days counted once.

57 times historically; 60-day forward avg +14.04%, win rate 67.9%, beating the market by +9.89 pts on average.

What does 貿聯-KY do? Company profile

其他電子業；連接線束、連接器、線纜與系統整合 臺灣證券交易所上市

Overview

3665 對應證券為貿聯-KY，英文公司名 BizLink Holding Inc.，為臺灣證券交易所上市普通股，不是 ETF、ETN、權證或特別股。公司於 2000 年 6 月 1 日成立於開曼群島，總部位於美國加州矽谷，臺灣主要聯絡地址為新北市中和區建一路 186 號 3 樓。掛牌日期為 2011 年 4 月 21 日。董事長為梁華哲，總經理為鄧劍華，發言人亦為鄧劍華。Yahoo 股市揭露資料時間 2026/02/14 顯示股本為新臺幣 1,949,699,050 元，已發行普通股數 194,969,905 股。2025 年報顯示集團營運據點遍及 20 個國家，擁有超過 40 座生產基地；截至 2026 年 3 月 31 日員工約 22,139 人。主要股東依 2025 年報 2026 年 3 月 31 日前十大股東資料，包括新制勞工退休基金、Hwa Tse Liang and InRu Kuo Family Trust、Liang Family Irrevocable Trust、富邦人壽、舊制勞工退休基金、彰化商業銀行受託保管統一台、郭殷如、公務人員退休撫卹基金管理委員會等；梁華哲與郭殷如為配偶，並透過家族信託持股。

Business

貿聯為 B2B 互連解決方案供應商，核心業務是客製化線束、連接器、線纜、光元件、系統整合與新產品導入（NPI），應用於工業自動化、資訊科技與 AI/HPC 資料中心、車用、醫療、新能源、半導體設備、家電與特殊應用。2025 年報揭露 2025 年營收淨額新臺幣 71,247,272 仟元，年增 31.74%；產品營收比重為資訊科技與數據傳播 42.4%、工業用 33.1%、車用 13.3%、電器用 11.1%、其他 1.0%。主要產品包括符合 OCP ORV3 的電源線、AEC 主動式電纜、高速銅纜與光纜、PCIe 6.0/GenZ/MCIO、AI 伺服器與機櫃用高速及高功率連接器、HVDC 連接器、液冷方案、AOC/光收發模組、半導體設備系統組裝、高性能柔性扁平電纜、車載高低壓線束、J1772/NACS 充電連接器、醫療線纜、家電與電動工具線束等。商業模式以早期設計參與、客製化開發、全球製造、品質認證、生命週期管理與供應鏈管理為主，客戶多為系統廠、品牌廠、組裝廠、資料中心/AI/HPC 供應鏈、半導體設備廠、車用與工業設備客戶。2025 年報揭露 2025 年有單一主要客戶銷貨占比達 13%，前十大客戶合計占營業收入淨額 47.91%，但未揭露客戶名稱。2026Q1 法說資料顯示 2026Q1 產品組合為資訊科技與數據傳輸 46%、工業用 34%、車用約 12%、電器用約 8%；HPC 業務年增 125%，並已連續 9 季季成長。

Outlook 2025–2028

2025 年已由 AI/HPC 資料中心、半導體設備與資本設備需求推動產品組合改善，資訊科技與數據傳播營收比重升至 42.4%，帶動營收與獲利大幅成長。2026 年公司法說資料指出，新世代 HPC 平台量產與舊世代產品正常化交錯，短期會造成產品組合、產能利用率與營運槓桿波動，但 HPC 與資本設備仍是長期成長引擎。成長動能包括 AI 基礎設施從單一晶片/伺服器升級轉向機櫃級部署，電力密度、互操作性、驗證深度、液冷、高速銅纜、光學互連、HVDC 電力與系統級整合需求提升；公司持續投資巴淡島、台南、檳城、柔佛、越南等據點產能與營運就緒度。2026 年 6 月公司宣布以現金收購 Interplex Datacom，企業價值 8.5 億美元，預計 2026 年下半年完成交割；交易目的為強化資料中心連接技術與基礎設施布局、取得客製化互連與高精密機械產品方案、提升精密金屬加工能力、整合全球製造據點並取得客戶基礎。2027 至 2028 年的展望屬推估：若 AI 資料中心投資、半導體設備外包、機櫃級電力/資料連接與光銅混合架構持續擴張，貿聯可望受惠於單系統互連含量提升、跨區製造韌性與併購整合；但主要風險包括 AI 平台轉換時程不確定、客戶集中度上升、銅與 PVC 等原物料成本波動、產能爬坡效率、Interplex Datacom 整合與槓桿/融資壓力、匯率、地緣政治與家電/傳統電腦周邊需求疲弱。

Supply Chain

Upstream
  • 銅帶、粗銅與鍍錫銅線供應商 年報揭露連接器與裸線製程上游包含銅帶、粗銅、鍍錫銅線；公司未揭露特定供應商名稱，且 2025 年各供應商進貨均未超過總進貨 10%。
  • 工業塑膠、PVC 粒與膠料供應商 年報揭露裸線與電線電纜製程使用工業塑膠、PVC 粒及內部 PVC 膠料配方；未揭露特定供應商名稱。
  • 電鍍商、端子、連接器與線材供應商 年報揭露線材組裝主要原料為線材、連接器、端子，連接器製程上游含電鍍商；未揭露特定供應商名稱。
  • 電子料與光纖元件供應商 部分電子料會依供需狀況長期規劃備料；公司亦生產或採用光纖元件，未揭露特定外部供應商。
Downstream
  • 系統廠與組裝線廠 年報揭露連接器製程下游客戶以系統廠及組裝線廠為主；未揭露具名客戶。
  • 品牌廠、太陽能模組廠與組裝廠 年報揭露裸線產品下游客戶以品牌廠、太陽能模組廠及組裝廠為主；未揭露具名客戶。
  • AI/HPC 資料中心與伺服器基礎設施客戶 2025 年單一主要客戶銷貨占比達 13%，前十大客戶合計 47.91%；公司未揭露客戶名稱，推估與 AI/HPC 資料中心產業集中度提高有關。
  • 半導體設備、工業自動化、車用、醫療與家電客戶 公司產品應用於半導體設備、工廠自動化、電動車/車用、醫療器材與家電；多為 B2B OEM/ODM 客戶，年報未揭露具名客戶。

Competitors

  • 信邦 3023 台股上市櫃連接線束、連接器與電子零組件同業，與貿聯在工業、車用、醫療及高階線束部分應用重疊。
  • 嘉澤 3533 台股上市連接器廠，市場常將其與貿聯、信邦、佳必琪並列為 AI 伺服器/高速連接相關族群。
  • 佳必琪 6197 台股上市連接線與高速線相關廠，與貿聯在高速傳輸與 AI 伺服器線材題材上具競爭或同族群比較關係。
  • 良維 6290 台股上市線材與電源線供應商，與貿聯在電源線、連接線與伺服器/電子設備線材應用有部分重疊。
  • 正崴 2392 台股上市連接器與線材模組廠，屬連接器/線束產業主要同業。
  • 宣德 5457 台股上櫃連接器廠，近年亦切入 AI 伺服器高速連接器應用，與貿聯部分應用重疊。
  • 凡甲 3526 台股上市連接器廠，屬臺灣連接器產業同業。
  • 健和興 3003 台股上市端子、連接器與配線器材廠，屬連接器供應鏈同業。
  • Amphenol 美國上市大型連接器與互連系統供應商，為全球層級競爭者。
  • TE Connectivity 美國上市連接器、感測與互連方案大廠，為全球層級競爭者。
  • Molex 美國 Koch 集團旗下未上市連接器與電子解決方案大廠，為全球層級競爭者。
Sources（11）

This company profile is compiled from public sources (annual reports, filings, news and analyst reports), not finlab backtest data; the 2025–2028 outlook contains forward-looking estimates and is for reference only.

Method and limitations

  • All returns use adjusted close (etl:adj_close), already adjusted for dividends and splits.
  • Excess return is measured against the TAIEX total-return index (dividends included).
  • Valuation regime and percentile stats use an expanding own-history window (no future data).
  • Revenue-signal event dates align to the first trading day after the filing deadline, avoiding look-ahead.
  • Event samples may overlap in time; stats describe historical distribution only and are less reliable when samples are few.

This page is historical statistics for educational purposes and is not investment advice. Investing involves risk; past performance does not indicate future results. Assess and bear the risk yourself before trading.