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原始內容
M August 7, 2026 11:17 AM GMT
Gold Circuit Electronics Ltd. | Asia Pacific
July Sales up 21% M/M and 77% Y/Y
Key Takeaways
- GCE reported July sales of NT$10.0bn (+21% m/m, +77% y/y), 17% above MSe.
- GCE's July revenue was ahead of MSe and the Street, accounting for 33% and 35% of MSe and consensus estimates of 3Q26 revenues, respectively.
- With new project ramp (T3), we believe monthly revenue should remain elevated or grow m/m, so there should be upside to both MSe and Street.
We attribute the July revenue beat to:
- Ramp of Trainium 3 UBB PCB shipments, which started in late 2Q.
- Additional capacity coming online in Taiwan, Thailand and Suzhou, China.
- Continued pricing adjustments with customers.
- Potentially some delayed shipments from June.
July revenue reached 33% and 35% of and our consensus 3Q revenue estimates, respectively, which implies upside to our and the Street's 3Q forecasts, as the ramp of Trainium 3 PCB and increasing capacity could drive monthly revenue up m/m throughout 3Q.
Stay OW: The stock is currently trading at just 11.9x 2027e and 9.0x 2028e P/E, which we view as attractive vs. its three-year forward P/E range of 7x to 25x and its Chinese peers at 30x+. Stay OW.
GCE is scheduled to report 2Q26 results on August 11, after the market closes.
Update
| Morgan Stanley Taiwan Limited+ Howard Kao Equity Analyst Howard.Kao@morganstanley.com | +886 2 2730-2989 |
|---|---|
| Irene Yen Research Associate Irene.Yen@morganstanley.com | +886 2 2730-2869 |
| Morgan Stanley Asia Limited+ Andy Meng, CFA Equity Analyst Andy.Meng@morganstanley.com | +852 2239-7689 |
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 (%) | 69 |
| Shr price, close (Aug 7, 2026) | NT$982.00 |
| 52-Week Range | NT$1,580.00-360.50 |
| Sh out, dil, curr (mn) | 517 |
| Mkt cap, curr (mn) | NT$507,314 |
| EV, curr (mn) | NT$498,213 |
| Avg daily trading value (mn) | NT$7,433 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 19.47 | 47.19 | 82.32 | 109.07 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 19.10 | 39.32 | 64.36 | 91.75 |
| 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 | 20.8 | 11.9 | 9.0 |
| P/BV | 10.1 | 9.4 | 6.0 | 4.3 |
| RNOA (%) | 74.6 | 111.4 | 130.3 | 134.1 |
| ROE (%) | 45.1 | 69.5 | 78.5 | 67.0 |
| EV/EBITDA | 21.5 | 14.0 | 7.8 | 5.6 |
| Div yld (%) | 0.9 | 1.0 | 2.5 | 4.3 |
| FCF yld ratio (%)** | (1.4) | 2.3 | 6.2 | 9.4 |
| 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.