PDF 原檔：260608_ms_GCE_original.pdf
原始內容
M June 8, 2026 11:18 AM GMT
Gold Circuit Electronics Ltd. | Asia Pacific
May sales up 20% m/m and 87% y/y
Key Takeaways
- GCE reported May monthly sales of NT$8.8bn (+20% m/m, +87% y/y), 14% above MSe.
- GCE's unaudited April + May monthly revenues already accounted for 69% of MSe and consensus estimates of 2Q26 revenues.
- This implies upside to both our and the Street's numbers.
Upside to May numbers implies upside to 2Q: May revenue continues to reflect adjusted pricing passed through to end customers in recent months. GCE's execution remains strong, and we like its exposure to high-end networking and ASIC server PCBs. We expect continued mix improvement, and with additional capacity coming online, the company should sustain growth in both top line and bottom line. With Apr-May revenue now accounting for close to 70% of our and consensus estimates, June revenue needs to be only ~NT$7.1bn (-19% MoM), which should be readily achievable.
Tranium 3 UBB PCB ramping from late 2Q: This schedule remains unchanged, and we expect monthly revenue to start to reflect this from next month, with profit improvement in 3Q.
Stay OW: The stock is currently trading at ~16.5x/12.5x 2027/28 P/E, which we view as attractive vs. its three-year forward P/E range of 7-25x and its Chinese peers at 30x+. Stay OW.
Update
| Morgan Stanley Taiwan Limited+ Howard Kao Equity Analyst Howard.Kao@morganstanley.com | +886 2 2730-2989 |
|---|---|
| Sharon Shih Equity Analyst Sharon.Shih@morganstanley.com | +886 2 2730-2865 |
| Irene Yen Research Associate Irene.Yen@morganstanley.com | +886 2 2730-2869 |
Gold Circuit Electronics Ltd. (2368.TW, 2368 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | In-Line |
| Price target | NT$1,660.00 |
| Up/downside to price target (%) | 22 |
| Shr price, close (Jun 8, 2026) | NT$1,360.00 |
| 52-Week Range | NT$1,520.00-257.50 |
| Sh out, dil, curr (mn) | 517 |
| Mkt cap, curr (mn) | NT$702,594 |
| EV, curr (mn) | NT$693,493 |
| Avg daily trading value (mn) | NT$6,715 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 19.47 | 47.19 | 82.32 | 109.07 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 19.10 | 38.63 | 64.06 | 90.77 |
| Revenue, net (NT$ mn) | 60,004 | 107,946 | 161,969 | 204,164 |
| EBITDA (NT$ mn) | 15,359 | 35,260 | 61,114 | 80,717 |
| P/E | 35.3 | 28.8 | 16.5 | 12.5 |
| P/BV | 10.1 | 13.0 | 8.3 | 5.9 |
| RNOA (%) | 74.6 | 111.4 | 130.3 | 134.1 |
| ROE (%) | 45.1 | 69.5 | 78.5 | 67.0 |
| EV/EBITDA | 21.5 | 19.5 | 10.9 | 8.0 |
| Div yld (%) | 0.9 | 0.7 | 1.8 | 3.1 |
| FCF yld ratio (%)** | (1.4) | 1.7 | 4.5 | 6.8 |
| Leverage (EOP) (%) | (27.2) | (29.6) | (41.6) | (51.0) |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
** = Based on consensus methodology
§ = Consensus data is provided by Refinitiv Estimates
e = Morgan Stanley Research estimates
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.
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