Financials Gold Circuit Electronics Ltd.

Equities

2368

TW0002368008

Semiconductors

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-05-02 pm EDT			5-day change	1st Jan Change
192 ^TWD	-2.29%		-0.26%	-11.93%

Mar. 15	Gold Circuit Electronics Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Mar. 12	Gold Circuit Electronics Ltd. Announces Cash Dividends for the Year 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,004	27,309	41,098	37,975	106,098	93,444	-	-
Enterprise Value (EV) ¹	9,004	28,650	41,749	37,530	103,432	87,700	84,013	78,809
P/E ratio	69.4 x	13.3 x	14.1 x	9.89 x	30.1 x	14.8 x	12.2 x	-
Yield	-	2.97%	2.89%	-	1.61%	2.31%	2.97%	5.98%
Capitalization / Revenue	0.47 x	1.17 x	1.54 x	1.16 x	3.53 x	2.35 x	2 x	1.56 x
EV / Revenue	0.47 x	1.22 x	1.57 x	1.14 x	3.44 x	2.21 x	1.8 x	1.32 x
EV / EBITDA	-	7.53 x	8.52 x	5.43 x	16.9 x	8.56 x	6.64 x	4.64 x
EV / FCF	-	12.5 x	26.7 x	12.2 x	28 x	30.3 x	16 x	-
FCF Yield	-	8.03%	3.75%	8.22%	3.57%	3.3%	6.25%	-
Price to Book	-	2.95 x	3.6 x	2.95 x	6.44 x	4.01 x	3.64 x	-
Nbr of stocks (in thousands)	486,688	486,688	486,688	437,504	486,688	486,688	-	-
Reference price ²	18.50	56.11	84.44	86.80	218.0	192.0	192.0	192.0
Announcement Date	3/26/20	3/25/21	3/21/22	3/15/23	3/15/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	18,991	23,398	26,607	32,785	30,044	39,730	46,612	59,870
EBITDA ¹	-	3,804	4,898	6,911	6,103	10,241	12,655	16,999
EBIT ¹	-	3,074	4,123	6,037	5,136	9,064	11,347	15,667
Operating Margin	-	13.14%	15.49%	18.41%	17.1%	22.81%	24.34%	26.17%
Earnings before Tax (EBT) ¹	-	2,698	4,049	6,388	5,218	8,947	10,897	-
Net income ¹	-	2,067	2,927	4,568	3,529	6,236	7,809	-
Net margin	-	8.83%	11%	13.93%	11.74%	15.7%	16.75%	-
EPS ²	0.2667	4.222	5.978	8.780	7.250	12.99	15.80	-
Free Cash Flow ¹	-	2,300	1,564	3,084	3,694	2,892	5,250	-
FCF margin	-	9.83%	5.88%	9.41%	12.3%	7.28%	11.26%	-
FCF Conversion (EBITDA)	-	60.46%	31.92%	44.62%	60.53%	28.24%	41.49%	-
FCF Conversion (Net income)	-	111.3%	53.42%	67.5%	104.7%	46.37%	67.23%	-
Dividend per Share ²	-	1.667	2.444	-	3.500	4.434	5.699	11.49
Announcement Date	3/26/20	3/25/21	3/21/22	3/15/23	3/15/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	7,054	7,387	7,240	8,457	8,607	8,480	6,332	6,929	8,246	8,538	8,884	9,448	10,555	10,769	9,966
EBITDA ¹	-	1,402	1,270	-	-	1,753	977.7	-	1,900	1,948	2,096	2,374	2,892	3,051	-
EBIT ¹	1,073	1,206	1,067	1,803	1,647	1,520	741.5	1,041	1,656	1,697	1,855	2,086	2,500	2,611	2,173
Operating Margin	15.21%	16.32%	14.74%	21.32%	19.13%	17.92%	11.71%	15.02%	20.09%	19.88%	20.88%	22.08%	23.69%	24.25%	21.8%
Earnings before Tax (EBT) ¹	1,082	1,183	1,114	2,018	1,894	1,362	651.4	1,211	1,710	1,645	1,853	2,083	2,460	2,552	-
Net income ¹	788.2	818.2	810.8	1,461	1,351	945.4	430.3	817.4	1,164	1,117	1,295	1,449	1,714	1,782	-
Net margin	11.17%	11.08%	11.2%	17.28%	15.69%	11.15%	6.8%	11.8%	14.12%	13.08%	14.58%	15.34%	16.23%	16.55%	-
EPS ²	1.611	1.667	1.656	3.000	2.720	1.920	0.8800	1.680	2.390	2.290	2.630	2.946	3.481	3.620	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	3.500	-	-	-	-	-
Announcement Date	11/11/21	3/21/22	5/10/22	8/11/22	11/14/22	3/15/23	5/12/23	8/11/23	11/10/23	3/15/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	1,341	651	-	-	-	-	-
Net Cash position ¹	-	-	-	446	2,666	5,745	9,431	14,635
Leverage (Debt/EBITDA)	-	0.3525 x	0.133 x	-	-	-	-	-
Free Cash Flow ¹	-	2,300	1,564	3,084	3,694	2,892	5,250	-
ROE (net income / shareholders' equity)	-	25.2%	28.3%	35.5%	22.7%	33.1%	32.4%	-
ROA (Net income/ Total Assets)	-	9.71%	12.6%	16.6%	11.2%	17.9%	19.2%	-
Assets ¹	-	21,279	23,315	27,510	31,571	34,888	40,779	-
Book Value Per Share ²	-	19.00	23.40	29.40	33.90	47.90	52.70	-
Cash Flow per Share ²	-	-	4.880	8.540	10.90	12.20	16.30	-
Capex ¹	-	688	826	1,360	1,623	2,772	2,326	-
Capex / Sales	-	2.94%	3.1%	4.15%	5.4%	6.98%	4.99%	-
Announcement Date	3/26/20	3/25/21	3/21/22	3/15/23	3/15/24	-	-	-

¹TWD in Million²TWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Gold Circuit Electronics Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

192 TWD

Average target price

281.6 TWD

Spread / Average Target

+46.64%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Circuits

	1st Jan change	Capi.
GOLD CIRCUIT ELECTRONICS LTD.	-11.93%	2.89B
MEDIATEK INC.	+2.46%	51.27B
SKYWORKS SOLUTIONS, INC.	-17.71%	14.84B
NOVATEK MICROELECTRONICS CORP.	+22.63%	11.95B
WUS PRINTED CIRCUIT (KUNSHAN) CO., LTD.	+51.45%	8.85B
UNIMICRON TECHNOLOGY CORP.	0.00%	8.31B
UNIVERSAL DISPLAY CORPORATION	-10.69%	8.1B
AVARY HOLDING(SHENZHEN)CO., LIMITED	+8.15%	7.71B
GLOBALWAFERS CO., LTD.	-11.41%	7.02B
UNIGROUP GUOXIN MICROELECTRONICS CO., LTD.	-13.27%	6.82B

Integrated Circuits