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Employees: 8,126
Size Gourmet Master (2723.TW) is a Taiwan Consumer Staples company (Food: Specialty/Candy) with a market value of $431M, the 502nd largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$79.20 on 6 Nov 2026.
Performance Over six months the shares gained 18.9%, against -6.8% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue fell 11.5% over the last twelve months (peer median +8.5%); the operating margin is 4.9% (peer median 5.7%).
Valuation It trades at 14.8× forward earnings against a peer median of 18.1× (5th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.3 points above its cost of capital (5.0% WACC).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$16.9B | NT$18.1B | NT$19.0B | NT$20.4B | NT$19.5B |
| Revenue growth | — | -5% | -7% | +5% | — |
| Gross profit | NT$8.65B | NT$8.99B | NT$9.22B | NT$9.75B | NT$8.89B |
| EBITDA | NT$2.58B | NT$2.66B | NT$3.40B | NT$3.59B | NT$3.29B |
| Net income | -NT$198M | -NT$444M | NT$590M | NT$757M | NT$483M |
| Free cash flow | NT$346M | NT$845M | NT$1.30B | NT$1.94B | NT$1.24B |
| Capital expenditure | NT$1.77B | NT$1.10B | NT$1.33B | NT$1.21B | NT$1.46B |
| Total debt | NT$3.44B | NT$3.53B | NT$4.25B | NT$4.00B | NT$5.16B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2723.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.8% | -2.9% | 5th highest of 21 |
| 6-month return | +18.9% | -6.8% | 4th highest of 21 |
| Distance from 52-week high | -8.2% | -20.5% | 3rd highest of 21 |
| Revenue growth (TTM) | -11.5% | +8.5% | lowest of 21 |
| Operating margin | 4.9% | 5.7% | 8th lowest of 21 |
| Forward P/E | 14.8× | 18.1× | 5th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 0.9% | 3.0% | 8th least demanding of 16 |
| Growth delivered (Del g) | -1.7% | +6.0% | 2nd lowest of 16 |
| Hurdle (Req g minus delivered) | +2.5 pp | -5.7 pp | 5th most demanding of 16 |
| ROIC minus cost of capital | +1.3 pp | +0.2 pp | 8th highest of 21 |
| EV / EBITDA | 5.4× | 9.2× | 4th cheapest of 13 |
| Net debt / EBITDA | -0.1× | 0.7× | 5th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Gourmet Master 2723.TW | Taiwan | $431M | +19% | -11% | 5% | 14.8× | 0.9% | -1.7% |
| Shoei Foods 8079.T | Japan | $435M | +1% | +8% | 4% | 17.6× | n/a | n/a |
| Yasho Industries YASHO.NS | India | $441M | +122% | +35% | 14% | n/a | 33.4% | +17.7% |
| Petpal Pet Nutrition Technology 300673.SZ | China | $444M | -26% | +2% | 6% | 45.6× | 7.5% | +1.6% |
| Kunshan Asia Aroma 301220.SZ | China | $413M | -35% | +13% | 6% | 24.8× | 10.8% | +12.4% |
| Zhengzhou Qianweiyangchu Food 001215.SZ | China | $451M | -34% | +13% | 5% | 42.5× | 13.9% | +15.0% |
| Bourbon 2208.T | Japan | $451M | +3% | +7% | 6% | 20.4× | -12.1% | +0.3% |
| Tianshui Zhongxing Bio-Technology 002772.SZ | China | $410M | -54% | +12% | 14% | n/a | n/a | n/a |
| QAF Q01.SI | Singapore | $408M | -10% | 0% | 6% | n/a | -10.6% | +2.4% |
| Qingdao Richen Food 603755.SS | China | $407M | -5% | +11% | 17% | 33.2× | 20.1% | +12.3% |
| Daesang 001680.KS | South Korea | $459M | -16% | +2% | 4% | 8.1× | -5.6% | +7.2% |
| Ganso 603886.SS | China | $464M | +1% | +5% | 6% | 11.4× | -11.0% | -1.9% |
| Chalkis Health Industry 000972.SZ | China | $397M | -9% | +17% | -52% | n/a | -6.8% | +89.3% |
| Nitto Fuji Flour Milling 2003.T | Japan | $472M | +14% | 0% | 6% | n/a | 3.0% | +5.2% |
| Fujiya 2211.T | Japan | $393M | -1% | +6% | 1% | n/a | n/a | n/a |
| Once Upon a Farm, PBC OFRM | United States | $389M | -43% | +43% | -6% | n/a | n/a | n/a |
| Baolingbao Biology 002286.SZ | China | $500M | -15% | +9% | 6% | 18.1× | 10.0% | +6.0% |
| Riken Vitamin 4526.T | Japan | $516M | +29% | +3% | 7% | 11.8× | -3.9% | +4.4% |
| Kameda Seika 2220.T | Japan | $525M | -8% | +17% | 6% | 18.0× | 0.3% | +6.0% |
| Vadilal Industries VADILALIND.NS | India | $541M | +53% | +31% | 16% | n/a | 17.3% | +26.5% |
| Meito 2207.T | Japan | $342M | +3% | +3% | 3% | 12.0× | n/a | n/a |