Declared Dividend • 16h
Dividend increased to NT$10.00 Dividend of NT$10.00 is 67% higher than last year. Ex-date: 23rd June 2026 Payment date: 22nd July 2026 Dividend yield will be 0.8%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (44% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 43% per year over the past 5 years and payments have been stable during that time. EPS is expected to grow by 159% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 15
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: NT$6.00 (up from NT$3.60 in 1Q 2025). Revenue: NT$19.3b (up 60% from 1Q 2025). Net income: NT$3.48b (up 99% from 1Q 2025). Profit margin: 18% (up from 14% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.5%. Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has increased by 125% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • May 14
Price target increased by 7.8% to NT$1,264 Up from NT$1,172, the current price target is an average from 9 analysts. New target price is 12% below last closing price of NT$1,435. Stock is up 525% over the past year. The company is forecast to post earnings per share of NT$35.25 for next year compared to NT$19.48 last year. Buy Or Sell Opportunity • May 06
Now 20% undervalued Over the last 90 days, the stock has risen 90% to NT$1,445. The fair value is estimated to be NT$1,809, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 33% per annum. Earnings are also forecast to grow by 37% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$1,390, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 1,367% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$1,910 per share. Price Target Changed • Apr 14
Price target increased by 8.6% to NT$1,109 Up from NT$1,021, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of NT$1,150. Stock is up 499% over the past year. The company is forecast to post earnings per share of NT$35.64 for next year compared to NT$19.48 last year. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$1,095, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 1,048% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$960 per share. Reported Earnings • Mar 13
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: NT$19.47 (up from NT$11.54 in FY 2024). Revenue: NT$60.0b (up 54% from FY 2024). Net income: NT$9.61b (up 71% from FY 2024). Profit margin: 16% (up from 14% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.3%. Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 118% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Mar 11
Gold Circuit Electronics Ltd., Annual General Meeting, May 29, 2026 Gold Circuit Electronics Ltd., Annual General Meeting, May 29, 2026. Location: no,113, hsi yuan rd., taoyuan city Taiwan Price Target Changed • Mar 11
Price target increased by 13% to NT$897 Up from NT$797, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of NT$898. Stock is up 314% over the past year. The company is forecast to post earnings per share of NT$19.04 for next year compared to NT$11.54 last year. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$709, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 726% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$720 per share. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$718, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 768% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$502 per share. Buy Or Sell Opportunity • Jan 22
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 57% to NT$625. The fair value is estimated to be NT$500, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to grow by 96% in 2 years. Earnings are forecast to grow by 118% in the next 2 years. Price Target Changed • Dec 31
Price target increased by 9.2% to NT$722 Up from NT$661, the current price target is an average from 9 analysts. New target price is 5.5% above last closing price of NT$684. Stock is up 183% over the past year. The company is forecast to post earnings per share of NT$19.03 for next year compared to NT$11.54 last year. Buy Or Sell Opportunity • Dec 13
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to NT$618. The fair value is estimated to be NT$503, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to grow by 84% in 2 years. Earnings are forecast to grow by 118% in the next 2 years. Price Target Changed • Nov 27
Price target increased by 9.0% to NT$566 Up from NT$519, the current price target is an average from 9 analysts. New target price is 9.5% below last closing price of NT$625. Stock is up 241% over the past year. The company is forecast to post earnings per share of NT$19.52 for next year compared to NT$11.54 last year. Buy Or Sell Opportunity • Nov 26
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to NT$612. The fair value is estimated to be NT$504, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to grow by 71% in 2 years. Earnings are forecast to grow by 89% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$594, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 557% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$503 per share. New Risk • Nov 21
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.6% average weekly change). High level of non-cash earnings (40% accrual ratio). Reported Earnings • Nov 15
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: NT$6.49 (up from NT$3.28 in 3Q 2024). Revenue: NT$17.7b (up 69% from 3Q 2024). Net income: NT$3.23b (up 102% from 3Q 2024). Profit margin: 18% (up from 15% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.4%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 78% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 12
Price target increased by 11% to NT$519 Up from NT$466, the current price target is an average from 9 analysts. New target price is 5.3% below last closing price of NT$548. Stock is up 209% over the past year. The company is forecast to post earnings per share of NT$17.77 for next year compared to NT$11.54 last year. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$466, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 469% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$260 per share. Board Change • Aug 20
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Shyr-Chr Chen was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: NT$3.48 (up from NT$3.13 in 2Q 2024). Revenue: NT$13.9b (up 45% from 2Q 2024). Net income: NT$1.69b (up 11% from 2Q 2024). Profit margin: 12% (down from 16% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.0%. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$441, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 438% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$383 per share. Major Estimate Revision • Aug 10
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from NT$55.8b to NT$59.5b. EPS estimate increased from NT$15.59 to NT$17.16 per share. Net income forecast to grow 55% next year vs 22% growth forecast for Electronic industry in Taiwan. Consensus price target up from NT$343 to NT$436. Share price rose 8.2% to NT$409 over the past week. Price Target Changed • Aug 09
Price target increased by 22% to NT$419 Up from NT$343, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of NT$409. Stock is up 97% over the past year. The company is forecast to post earnings per share of NT$16.84 for next year compared to NT$11.54 last year. Buy Or Sell Opportunity • Aug 09
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 81% to NT$409. The fair value is estimated to be NT$329, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 84% in 2 years. Earnings are forecast to grow by 104% in the next 2 years. Price Target Changed • Jul 29
Price target increased by 9.6% to NT$343 Up from NT$313, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of NT$350. Stock is up 63% over the past year. The company is forecast to post earnings per share of NT$15.59 for next year compared to NT$11.54 last year. Upcoming Dividend • Jun 17
Upcoming dividend of NT$6.00 per share Eligible shareholders must have bought the stock before 24 June 2025. Payment date: 23 July 2025. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (3.3%). Buy Or Sell Opportunity • Jun 04
Now 20% undervalued Over the last 90 days, the stock has risen 17% to NT$267. The fair value is estimated to be NT$335, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 49% in 2 years. Earnings are forecast to grow by 61% in the next 2 years. Declared Dividend • May 29
Dividend increased to NT$6.00 Dividend of NT$6.00 is 71% higher than last year. Ex-date: 24th June 2025 Payment date: 23rd July 2025 Dividend yield will be 2.3%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (47% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 38% per year over the past 4 years and payments have been stable during that time. EPS is expected to grow by 76% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 16
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: NT$3.60 (up from NT$2.50 in 1Q 2024). Revenue: NT$12.1b (up 33% from 1Q 2024). Net income: NT$1.75b (up 44% from 1Q 2024). Profit margin: 14% (up from 13% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) also surpassed analyst estimates by 5.1%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$222, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 166% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$143 per share. Buy Or Sell Opportunity • Apr 11
Now 21% overvalued Over the last 90 days, the stock has fallen 24% to NT$171. The fair value is estimated to be NT$141, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 46% in 2 years. Earnings are forecast to grow by 57% in the next 2 years. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$158, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 91% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$142 per share. New Risk • Mar 26
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Dividend per share is over 6x cash flows per share. Dividend yield: 2.7% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (31% accrual ratio). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 6x cash flows per share). Share price has been volatile over the past 3 months (6.2% average weekly change). Reported Earnings • Mar 19
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: NT$11.54 (up from NT$7.25 in FY 2023). Revenue: NT$39.0b (up 30% from FY 2023). Net income: NT$5.62b (up 59% from FY 2023). Profit margin: 14% (up from 12% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.5%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Mar 14
Gold Circuit Electronics Ltd., Annual General Meeting, May 28, 2025 Gold Circuit Electronics Ltd., Annual General Meeting, May 28, 2025, at 09:00 Taipei Standard Time. Location: no,113, hsi yuan rd., taoyuan city Taiwan Annonce • Mar 01
Gold Circuit Electronics Ltd. to Report Fiscal Year 2024 Results on Mar 11, 2025 Gold Circuit Electronics Ltd. announced that they will report fiscal year 2024 results on Mar 11, 2025 New Risk • Jan 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.1% average weekly change). Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$232, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 219% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$93.72 per share. Reported Earnings • Nov 13
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: NT$3.28 (up from NT$2.39 in 3Q 2023). Revenue: NT$10.5b (up 27% from 3Q 2023). Net income: NT$1.60b (up 37% from 3Q 2023). Profit margin: 15% (up from 14% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.1%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: NT$3.12 (up from NT$1.68 in 2Q 2023). Revenue: NT$9.57b (up 38% from 2Q 2023). Net income: NT$1.52b (up 86% from 2Q 2023). Profit margin: 16% (up from 12% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.3%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.0% average weekly change). Annonce • Jul 31
Gold Circuit Electronics Ltd. to Report Q2, 2024 Results on Aug 07, 2024 Gold Circuit Electronics Ltd. announced that they will report Q2, 2024 results on Aug 07, 2024 Upcoming Dividend • Jun 20
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 26 July 2024. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.7%). Reported Earnings • May 15
First quarter 2024 earnings: EPS misses analyst expectations First quarter 2024 results: EPS: NT$2.50 (up from NT$0.88 in 1Q 2023). Revenue: NT$9.07b (up 43% from 1Q 2023). Net income: NT$1.22b (up 183% from 1Q 2023). Profit margin: 13% (up from 6.8% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.0%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • May 11
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NT$12.99 to NT$11.64 per share. Revenue forecast steady at NT$39.7b. Net income forecast to grow 62% next year vs 33% growth forecast for Electronic industry in Taiwan. Consensus price target down from NT$282 to NT$270. Share price was steady at NT$193 over the past week. Reported Earnings • Mar 19
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$7.25 (down from NT$8.86 in FY 2022). Revenue: NT$30.0b (down 8.4% from FY 2022). Net income: NT$3.53b (down 23% from FY 2022). Profit margin: 12% (down from 14% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.8%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Mar 14
Gold Circuit Electronics Ltd., Annual General Meeting, May 30, 2024 Gold Circuit Electronics Ltd., Annual General Meeting, May 30, 2024. Location: old administration building of Zhongli factory No.113, Xiyuan Road Zhongli City Taiwan Agenda: To consider 2023 Business Report; to consider 2023 Audit Committee's review report; to consider 2023 Employee and Director Compensation Report; to consider Status report for appropriation of 2023 earnings to pay cash dividends; to consider Execution report of domestic unsecured convertible corporate bond; to consider 2023 Business Report and Financial Statements; to consider 2023 Earnings Distribution; to consider comprehensive re-election of directors of the company. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$229, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 311% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$211 per share. Buy Or Sell Opportunity • Mar 06
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to NT$275. The fair value is estimated to be NT$223, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 50% in 2 years. Earnings are forecast to grow by 121% in the next 2 years. New Risk • Feb 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 7.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.2% average weekly change). Minor Risk Shareholders have been diluted in the past year (11% increase in shares outstanding). Buy Or Sell Opportunity • Feb 05
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to NT$248. The fair value is estimated to be NT$206, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 49% in 2 years. Earnings are forecast to grow by 121% in the next 2 years. Price Target Changed • Nov 20
Price target increased by 7.2% to NT$263 Up from NT$246, the current price target is an average from 8 analysts. New target price is 18% above last closing price of NT$224. Stock is up 127% over the past year. The company is forecast to post earnings per share of NT$7.13 for next year compared to NT$8.86 last year. Reported Earnings • Nov 16
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: NT$2.39 (down from NT$2.73 in 3Q 2022). Revenue: NT$8.25b (down 4.2% from 3Q 2022). Net income: NT$1.16b (down 14% from 3Q 2022). Profit margin: 14% (down from 16% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 5.8%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$209, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 374% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$183 per share. Price Target Changed • Sep 27
Price target increased by 8.5% to NT$238 Up from NT$220, the current price target is an average from 8 analysts. New target price is 13% above last closing price of NT$212. Stock is up 137% over the past year. The company is forecast to post earnings per share of NT$7.20 for next year compared to NT$8.86 last year. Price Target Changed • Sep 06
Price target increased by 8.9% to NT$220 Up from NT$202, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of NT$217. Stock is up 151% over the past year. The company is forecast to post earnings per share of NT$7.31 for next year compared to NT$8.86 last year. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$202, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 261% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$159 per share. New Risk • Aug 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.3% average weekly change). Minor Risk Shareholders have been diluted in the past year (11% increase in shares outstanding). Price Target Changed • Aug 15
Price target increased by 7.1% to NT$200 Up from NT$187, the current price target is an average from 7 analysts. New target price is 11% above last closing price of NT$180. Stock is up 97% over the past year. The company is forecast to post earnings per share of NT$7.02 for next year compared to NT$8.86 last year. Reported Earnings • Aug 13
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: NT$1.68 (down from NT$3.00 in 2Q 2022). Revenue: NT$6.93b (down 18% from 2Q 2022). Net income: NT$817.4m (down 44% from 2Q 2022). Profit margin: 12% (down from 17% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 22%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.2% average weekly change). Shareholders have been diluted in the past year (11% increase in shares outstanding). Price Target Changed • Jul 28
Price target increased by 12% to NT$187 Up from NT$166, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of NT$179. Stock is up 98% over the past year. The company is forecast to post earnings per share of NT$6.88 for next year compared to NT$8.86 last year. Price Target Changed • Jul 12
Price target increased by 8.1% to NT$155 Up from NT$143, the current price target is an average from 7 analysts. New target price is 8.8% below last closing price of NT$170. Stock is up 110% over the past year. The company is forecast to post earnings per share of NT$6.94 for next year compared to NT$8.86 last year. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$156, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 357% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$118 per share. Annonce • Jun 15
Gold Circuit Electronics Ltd. Appoints Chen, Shyr-Chr as Independent Director Gold Circuit Electronics Ltd. appointed Chen, Shyr-Chr as Independent Director, approve at its shareholders meeting held on June 14, 2023. Resume of the new position holder: Professor and Director of the Emergency Medicine Department at National, Taiwan University Hospital. Price Target Changed • Jun 06
Price target increased by 7.9% to NT$137 Up from NT$127, the current price target is an average from 7 analysts. New target price is 5.5% above last closing price of NT$130. Stock is up 46% over the past year. The company is forecast to post earnings per share of NT$6.85 for next year compared to NT$8.86 last year. Buying Opportunity • May 23
Now 22% undervalued Over the last 90 days, the stock is up 27%. The fair value is estimated to be NT$142, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 51%. For the next 3 years, revenue is forecast to grow by 8.9% per annum. Earnings is also forecast to grow by 12% per annum over the same time period. Major Estimate Revision • May 23
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$31.7b to NT$30.3b. EPS estimate also fell from NT$8.44 per share to NT$7.04 per share. Net income forecast to shrink 24% next year vs 6.6% decline forecast for Electronic industry in Taiwan. Consensus price target up from NT$121 to NT$127. Share price rose 16% to NT$111 over the past week. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$114, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Electronic industry in Taiwan. Total returns to shareholders of 237% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$141 per share. Major Estimate Revision • Apr 22
Consensus EPS estimates increase by 20% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$7.25 to NT$8.73. Revenue forecast steady at NT$31.9b. Net income forecast to shrink 13% next year vs 7.3% decline forecast for Electronic industry in Taiwan. Consensus price target broadly unchanged at NT$118. Share price was steady at NT$98.20 over the past week. Upcoming Dividend • Apr 06
Upcoming dividend of NT$3.50 per share at 3.7% yield Eligible shareholders must have bought the stock before 13 April 2023. Payment date: 12 May 2023. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.9%). Lower than average of industry peers (4.5%). Reported Earnings • Mar 16
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: NT$8.86 (up from NT$6.01 in FY 2021). Revenue: NT$32.8b (up 23% from FY 2021). Net income: NT$4.57b (up 56% from FY 2021). Profit margin: 14% (up from 11% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.3%. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has increased by 66% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Jan 12
Gold Circuit Electronics Ltd. Announces the Change of Chief Internal Auditor Gold Circuit Electronics Ltd. appointed Ming-Yuan Wu, Vice Director of Quality Assurance Division in place of Juinn-Horng Kuo as Chief Internal Auditor. Reason for the change is retirement. Effective date is January 11, 2023. Major Estimate Revision • Nov 23
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from NT$9.79 to NT$8.75. Revenue forecast unchanged from NT$32.9b at last update. Net income forecast to grow 19% next year vs 5.5% growth forecast for Electronic industry in Taiwan. Consensus price target broadly unchanged at NT$123. Share price was steady at NT$98.70 over the past week. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 4 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Jen-Jou Hsieh was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improved over the past week After last week's 18% share price gain to NT$102, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Electronic industry in Taiwan. Total returns to shareholders of 607% over the past three years. Upcoming Dividend • Aug 31
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 07 September 2022. Payment date: 23 September 2022. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (6.5%). Lower than average of industry peers (4.4%). 
