Gold Circuit Electronics Ltd (2368) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of Gold Circuit Electronics Ltd stock TWD 399, price TWD 964, that is 58.6% below the price, quality 51 out of 100. Rating: strongly overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range 53.64 TWD – 1,484 TWD · fair‑value band 279.30 TWD – 518.71 TWD · the 964.00 TWD price screens above the 399.00 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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Gold Circuit Electronics Ltd. engages in the manufacturing, processing, and trading of electronic equipment products, such as printed circuit boards in Taiwan. Its products are used for AI/ Advanced Server, networking, notebook, handset products, automotive, and IC tests products.
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The company was founded in 1981 and is headquartered in Taoyuan City, Taiwan.
Stock analysis
Gold Circuit Electronics Ltd (2368) currently trades at 964.00 TWD, while our model-based Fair Value estimate is 399.00 TWD, 59% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 399.00 TWD per share, and 0 of the 16 models we run sit above the 964.00 TWD price.
Bear case: the Dividend Discount group reads lowest at 84.30 TWD, and 16 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: 279.30 TWD (bear) to 518.71 TWD (bull), the price of 964.00 TWD sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 51/100 (solid quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Gold Circuit Electronics Ltd reported revenue of 60.0B TWD in FY2025 versus 26.6B TWD in FY2021, a compound +22.5%/yr. Reported net income was 9.6B TWD in FY2025, compounding +34.6%/yr from FY2021.
Key figures
Market cap 614B TWD (≈ $18.6B) Large · P/E ratio 34.4 · P/S ratio 7.90 · EPS (TTM) 28.00 TWD · Dividend yield 1.0% · Net margin 18.6% · Return on equity 46.0% · Return on assets (EBIT) 18.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 81 out of 100 (low confidence).
What moves the price
The share trades about 35% below its 52-week high and 109% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −15% fair-value upside, at −59%, 2368 screens richer than that median.
Fair Value models
Bear279.30 TWDFair Value 399.00 TWDBull518.71 TWD
Price 964.00 TWD · Downside -58.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (15.29 TWD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+54.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.7%
Start year 2020 (pandemic). Over 10 years: +12.1% a year
Revenue growth 16 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.4%
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What shareholders gained per year (last 5 years), in TWD (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+35.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+34.4%
Dividend (yield on the price)1.0%
Per share before 2009divided by the spin-off factor 1.03
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.35.8% vs 52.1%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.13% → 23%
2025 sits 122% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Compare Gold Circuit Electronics Ltd with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electronic Components · 652 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score51 · Below median
Fair Value upside−58.6% · Below median
Profitability
Return on equity (12 months)46.0% · Top 25%
Return on assets12.7% · Top 25%
Net margin (12 months)18.6% · Top 25%
Operating margin (12 months)26.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)75.3% · Top 25%
Dividend yield (12 months)1.0% · Below median
Balance sheet
Debt / equity0.36× · Highest 25%
Valuation Multiplesvs Electronic Components median · lower = cheaper
P/E (12 months)34.4× · Pricier than median
P/B18.34× · Priciest 25%
P/S (12 months)7.90× · Priciest 25%
EV/EBITDA27.8× · Priciest 25%
PEG0.67× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 69
PAST (return on equity)100· sector 28
HEALTH (low debt)82· sector 95
DIVIDEND (yield)21· sector 27
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Gold Circuit Electronics Ltd (2368) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of 399.00 TWD versus a price of 964.00 TWD, about 59% lower (overvalued).
What is the fair value of 2368?
Our model-based fair value for Gold Circuit Electronics Ltd is 399.00 TWD (as of Nov 3, 2026), built from audited fundamentals. The current price: 964.00 TWD.
What is the quality score of 2368?
Gold Circuit Electronics Ltd has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Gold Circuit Electronics Ltd (2368)?
Our model-based price target is the fair value of 399.00 TWD (as of Nov 3, 2026) from 16 valuation models. Cautious scenario 279.30 TWD, optimistic scenario 518.71 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Gold Circuit Electronics Ltd stock forecast for 2026?
Our models put fair value at 399.00 TWD, about 59% lower versus a price of 964.00 TWD (overvalued). Cautious scenario 279.30 TWD, optimistic scenario 518.71 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Gold Circuit Electronics Ltd (2368)?
Gold Circuit Electronics Ltd reported trailing-twelve-month revenue of about 77.7B TWD (latest available figure, as of Nov 3, 2026).
Does Gold Circuit Electronics Ltd pay a dividend?
Gold Circuit Electronics Ltd currently shows a dividend yield of 1.04% relative to its recent price (as of Nov 3, 2026).
What is the intrinsic value of Gold Circuit Electronics Ltd (2368)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Gold Circuit Electronics Ltd it is 399.00 TWD per share (as of Nov 3, 2026), against a price of 964.00 TWD. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Gold Circuit Electronics Ltd stock overvalued or undervalued in 2026?
As of Nov 3, 2026, 2368 trades above its calculated fair value: price 964.00 TWD, fair value 399.00 TWD, a gap of about −59% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 2368?
No. The price is what the market pays today (964.00 TWD); the fair value is what the company's own numbers justify (399.00 TWD). For Gold Circuit Electronics Ltd the two are 565.00 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Gold Circuit Electronics Ltd worth?
The market values Gold Circuit Electronics Ltd at about 614B TWD (market capitalisation, as of Nov 3, 2026). Per share that is 964.00 TWD; our models calculate a fair value of 399.00 TWD per share.
What do the bullish and bearish scenarios say about 2368?
Our models span a range for Gold Circuit Electronics Ltd: cautious scenario 279.30 TWD, base 399.00 TWD, optimistic 518.71 TWD per share (as of Nov 3, 2026, price 964.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2368?
Gold Circuit Electronics Ltd trades at a price-to-earnings ratio of 34.4 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 399.00 TWD is built from several models across several years. Other multiples: PEG 0.7, P/B 18.3, P/S 7.9, EV/EBITDA 27.8.
What is the PEG ratio of 2368?
The PEG ratio of Gold Circuit Electronics Ltd is 0.67 (P/E divided by earnings growth, as of Nov 3, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Gold Circuit Electronics Ltd (2368)?
Balance-sheet figures for Gold Circuit Electronics Ltd (as of Nov 3, 2026): return on equity 46.0%, debt of 0.36 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is 2368 from its 52-week high?
Gold Circuit Electronics Ltd trades at 964.00 TWD, about 35% below its 52-week high of 1,484 TWD and 109% above the low of 461.24 TWD (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of 399.00 TWD is for.
Which stocks are comparable to Gold Circuit Electronics Ltd?
From the same area (Technology) we also value Amphenol Corporation, Hon Hai Precision Industry Co, Corning Incorporated, Delta Electronics, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Gold Circuit Electronics Ltd stock attractive at the current price?
The data as of Nov 3, 2026: price 964.00 TWD, calculated fair value 399.00 TWD (−59%), Quality Score 51/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 2368 calculated?
We run Gold Circuit Electronics Ltd through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 399.00 TWD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Gold Circuit Electronics Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Gold Circuit Electronics Ltd (2368)?
The closing price on Nov 4, 2026 was 964.00 TWD. Our model-based fair value is 399.00 TWD, about 59% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Gold Circuit Electronics Ltd right now?
The price sits above even our optimistic bull case (518.71 TWD). The favourable scenario is already priced in. Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (279.30 TWD to 518.71 TWD) leaves room in how you read the outcome.
Where does the earnings growth of Gold Circuit Electronics Ltd (2368) come from?
Earnings per share at Gold Circuit Electronics Ltd grew +40.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.2 %, EBIT margin +20.5 %, tax rate −0.5 %, residual (interest, one-offs) +7.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Gold Circuit Electronics Ltd
How large is the market capitalisation of Gold Circuit Electronics Ltd (2368)?
The market capitalisation of Gold Circuit Electronics Ltd is 614B TWD (≈ $18.6B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Gold Circuit Electronics Ltd (2368)?
The price-to-sales ratio of Gold Circuit Electronics Ltd is 7.90 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Gold Circuit Electronics Ltd (2368)?
Earnings per share at Gold Circuit Electronics Ltd are 28.00 TWD (price ÷ EPS = P/E 34.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Gold Circuit Electronics Ltd (2368)?
The dividend yield of Gold Circuit Electronics Ltd is 1.0% (payout 35.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Gold Circuit Electronics Ltd (2368)?
The net margin of Gold Circuit Electronics Ltd is 18.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Gold Circuit Electronics Ltd (2368)?
The return on equity (ROE) of Gold Circuit Electronics Ltd is 46.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Gold Circuit Electronics Ltd (2368)?
On an EBIT basis the return on assets of Gold Circuit Electronics Ltd is 18.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Gold Circuit Electronics Ltd (2368)?
The operating margin of Gold Circuit Electronics Ltd is 26.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Gold Circuit Electronics Ltd (2368)?
Revenue at Gold Circuit Electronics Ltd is growing +75.3% versus a year earlier (3y avg +22.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Gold Circuit Electronics Ltd (2368)?
Earnings per share at Gold Circuit Electronics Ltd are growing +174% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Gold Circuit Electronics Ltd (2368) generate?
The free cash flow of Gold Circuit Electronics Ltd is −4.5B TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Gold Circuit Electronics Ltd (2368) hold?
Gold Circuit Electronics Ltd holds more cash than debt, 41.3M TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 3, 2026