Gold Circuit Electronics Ltd.

TWSE:2368 Stock Report

Market Cap: NT$93.0b

Gold Circuit Electronics Valuation

Is 2368 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 2368 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2368 (NT$191) is trading above our estimate of fair value (NT$93.77)

Significantly Below Fair Value: 2368 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2368?

Key metric: As 2368 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 2368. This is calculated by dividing 2368's market cap by their current earnings.
What is 2368's PE Ratio?
PE Ratio17.1x
EarningsNT$5.45b
Market CapNT$92.96b

Price to Earnings Ratio vs Peers

How does 2368's PE Ratio compare to its peers?

The above table shows the PE ratio for 2368 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average14.6x
2313 Compeq Manufacturing
13.7x18.4%NT$75.1b
3023 SINBON Electronics
18.7x9.4%NT$63.6b
3044 Tripod Technology
12.3x14.5%NT$98.0b
4958 Zhen Ding Technology Holding
13.6x15.5%NT$113.1b
2368 Gold Circuit Electronics
17.1x16.8%NT$93.0b

Price-To-Earnings vs Peers: 2368 is expensive based on its Price-To-Earnings Ratio (17.1x) compared to the peer average (14.6x).

Price to Earnings Ratio vs Industry

How does 2368's PE Ratio compare vs other companies in the TW Electronic Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
2368 17.1xIndustry Avg. 22.5xNo. of Companies49PE01632486480+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 2368 is good value based on its Price-To-Earnings Ratio (17.1x) compared to the TW Electronic industry average (22.5x).

Price to Earnings Ratio vs Fair Ratio

What is 2368's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2368 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio17.1x
Fair PE Ratio21.9x

Price-To-Earnings vs Fair Ratio: 2368 is good value based on its Price-To-Earnings Ratio (17.1x) compared to the estimated Fair Price-To-Earnings Ratio (21.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 2368 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNT$191.00
NT$263.75
+38.1%
10.8%NT$330.00NT$230.00n/a8
Nov ’25NT$188.00
NT$274.11
+45.8%
10.5%NT$340.00NT$225.00n/a9
Oct ’25NT$197.00
NT$275.33
+39.8%
10.2%NT$340.00NT$225.00n/a9
Sep ’25NT$211.00
NT$274.00
+29.9%
10.3%NT$340.00NT$225.00n/a9
Aug ’25NT$228.00
NT$270.11
+18.5%
9.6%NT$330.00NT$225.00n/a9
Jul ’25NT$203.50
NT$265.67
+30.5%
10.1%NT$330.00NT$225.00n/a9
Jun ’25NT$199.00
NT$268.78
+35.1%
6.2%NT$308.00NT$245.00n/a9
May ’25NT$197.00
NT$281.56
+42.9%
5.0%NT$308.00NT$263.00n/a9
Apr ’25NT$245.00
NT$281.56
+14.9%
5.0%NT$308.00NT$263.00n/a9
Mar ’25NT$261.50
NT$274.56
+5.0%
5.4%NT$300.00NT$258.00n/a9
Feb ’25NT$231.50
NT$266.78
+15.2%
2.3%NT$275.00NT$258.00n/a9
Jan ’25NT$218.00
NT$267.88
+22.9%
2.1%NT$275.00NT$260.00n/a8
Dec ’24NT$229.50
NT$263.25
+14.7%
4.2%NT$275.00NT$245.00n/a8
Nov ’24NT$177.00
NT$245.67
+38.8%
10.1%NT$270.00NT$195.00NT$188.009
Oct ’24NT$219.50
NT$241.78
+10.1%
10.3%NT$270.00NT$195.00NT$197.009
Sep ’24NT$201.00
NT$206.00
+2.5%
4.1%NT$220.00NT$195.00NT$211.007
Aug ’24NT$165.00
NT$186.71
+13.2%
13.2%NT$215.00NT$140.00NT$228.007
Jul ’24NT$146.00
NT$143.43
-1.8%
18.8%NT$200.00NT$114.00NT$203.507
Jun ’24NT$125.00
NT$133.29
+6.6%
10.6%NT$160.00NT$114.00NT$199.007
May ’24NT$98.60
NT$117.71
+19.4%
7.7%NT$135.00NT$102.00NT$197.007
Apr ’24NT$97.30
NT$116.57
+19.8%
7.7%NT$135.00NT$102.00NT$245.007
Mar ’24NT$90.80
NT$120.57
+32.8%
8.3%NT$135.00NT$102.00NT$261.507
Feb ’24NT$89.10
NT$122.86
+37.9%
6.7%NT$135.00NT$108.00NT$231.507
Jan ’24NT$86.80
NT$123.86
+42.7%
6.1%NT$135.00NT$110.00NT$218.007
Dec ’23NT$100.50
NT$123.02
+22.4%
7.0%NT$135.00NT$110.00NT$229.507
Nov ’23NT$86.50
NT$119.71
+38.4%
7.3%NT$132.00NT$110.00NT$177.007

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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