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Data-driven stock valuation

Good Finance Securities Co Ltd (6021) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Good Finance Securities Co Ltd stock TWD 30.76, price TWD 50.60, that is 39.2% below the price, quality 42 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services TW · ISIN TW0006021009

GF Good Finance Securities Co Ltd logo Broad data Nov 5, 2026

Good Finance Securities Co Ltd

6021 · TWO
Very expensive, weak quality

Our calculation puts a fair price 39% below what the stock costs today.

Highly profitable · 77.0% net margin (TTM)
Low debt
Ranks above peers (8/13)
Broad data
Costs just 4.4 times its yearly profit.
Quality 42/100
Expensive Growth (revenue 5y +10.9 %/yr in TWD)
5.9% dividend yield · Watch coverage
Wide moat 77/100 · thin data
Fair value 30.76 TWD · Strongly overvalued
Negative free cash flow
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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

58.00 TWD 14.35 TWD Fair Value 30.76 TWD Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

60‑month range 14.35 TWD – 58.00 TWD · fair‑value band 27.52 TWD – 38.07 TWD · the 50.60 TWD price screens above the 30.76 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

Good Finance Securities Co., Ltd., together with its subsidiaries, engages in the securities commission agency and brokerage business in Taiwan. It operates through Client Partner, Investment, Investment bank, Futures, and All Other segments.

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The company is also involved in securities and bonds dealing; trading of financial instruments relating to interest rate and bills and bonds under repurchase or resale agreements; securities underwriting; futures trading agency and brokerage services; and provision of research and analysis for securities investment.

In addition, it engages in the brokerage of marketable securities on the centralized securities exchange market; operating securities trading margin purchase and short sales; proprietary trading of securities; concurrent operation of futures business; consignment trading of foreign securities; agent for stock affairs; securities investment consulting business; and other securities-related businesses.

The company was formerly known as Ta Ching Securities Co., Ltd. and changed its name to Good Finance Securities Co., Ltd. in December 2021.nGood Finance Securities Co., Ltd. was incorporated in 1988 and is headquartered in Taipei, Taiwan.

Stock analysis

Good Finance Securities Co Ltd (6021) currently trades at 50.60 TWD, while our model-based Fair Value estimate is 30.76 TWD, 39% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 38.23 TWD per share, and 0 of the 6 models we run sit above the 50.60 TWD price.

Bear case: the Asset-Based group reads lowest at 21.05 TWD, and 6 of the 6 models stay below the price. Data coverage for this calculation is high.

Scenario range: 27.52 TWD (bear) to 38.07 TWD (bull), the price of 50.60 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 42/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Good Finance Securities Co Ltd reported revenue of 1.3B TWD in FY2025 versus 1.4B TWD in FY2021, a compound −1.1%/yr. Reported net income was 1.2B TWD in FY2025, compounding +37.9%/yr from FY2021.

Key figures

Market cap 15.1B TWD (≈ $460M) Small · P/E ratio 4.4 · P/S ratio 3.31 · EPS (TTM) 11.55 TWD · Dividend yield 5.9% · Net margin 77.0% · Return on equity 34.9% · Return on assets (EBIT) 1.4% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 77 out of 100 (low confidence).

What moves the price

The share trades about 13% below its 52-week high and 106% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at −39%, 6021 screens richer than that median.

Fair Value models

Bear 27.52 TWD Fair Value 30.76 TWD Bull 38.07 TWD
Price 50.60 TWD · Downside -39.2%
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 (7.33 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.
Best data coverage
Residual Income 27.52 TWD 30.76 TWD 38.07 TWD 76
Gordon GGM 14.36 TWD 25.72 TWD 35.22 TWD 68
DDM Multi-Stage 14.36 TWD 23.58 TWD 27.50 TWD 67
All 6 models by family
Dividend Discount
Gordon GGM 14.36 TWD 25.72 TWD 35.22 TWD 68
DDM Multi-Stage 14.36 TWD 23.58 TWD 27.50 TWD 67
Multiples
P/E Multiple 36.71 TWD 48.94 TWD 61.18 TWD 63
P/B Multiple 20.64 TWD 27.52 TWD 34.39 TWD 55
Asset-Based
NCAV (Graham) 13.89 TWD 21.05 TWD 26.31 TWD 54
Economic Profit
Residual Income 27.52 TWD 30.76 TWD 38.07 TWD 76

Open the full fair value analysis →

Quality Score breakdown

Overall quality 42/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 39
How much profit the company makes from its sales and capital
Quality Growth 60
Are margins and returns getting better?
Cashflow 32
Do the profits arrive as real cash?
Financial strength 25
Debt, balance sheet and risk of trouble
Investment 0
Does it invest with discipline instead of growing at any price?
Low Volatility 59
How calm the share price moves, does not count
Price momentum 98
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 89
Distance to the 52-week high, does not count
New shares 77
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 55/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+4.8%
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.
+11.2%
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.
+10.9%
Start year 2020 (pandemic)
Revenue growth 8 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.
+10.5%
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.
+66.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+60.9%
Dividend (yield on the price)5.9%
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.21% → 31%
2025 sits 993% above its own trend. The rate follows the median trend of the last 5 years, not that single year.

6021 screens overvalued: fair value 39% below the price. Compare with Morgan Stanley →

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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.Capital Markets · 384 stocks

Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 42 · Bottom 25%
Fair Value upside −39.2% · Bottom 25%
Profitability
Return on equity (12 months) 34.9% · Top 25%
Return on assets 3.6% · Above median
Net margin (12 months) 77.0% · Top 25%
Operating margin (12 months) 83.0% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 470.4% · Top 25%
Dividend yield (12 months) 5.9% · Top 25%
Balance sheet
Debt / equity 0.29× · Above median

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/E (12 months) 4.4× · Cheapest 25%
P/B 1.55× · Pricier than median
P/S (12 months) 3.31× · Cheaper than median
EV/EBITDA 11.0× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 42
FUTURE (revenue growth)100 · sector 68
PAST (return on equity)100 · sector 38
HEALTH (low debt)86 · sector 94
DIVIDEND (yield)100 · sector 47

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Capital Markets stocks, each showing price versus our Fair Value estimate.

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The Goldman Sachs Group GS $865.82 $766.86 −11% vs 6021
CITIC Securities Company 600030 ¥25.72 ¥20.42 −21% vs 6021
Robinhood Markets, Inc HOOD $80.91 $47.60 −41% vs 6021
Macquarie Group MQG A$247.94 A$123.84 −50% vs 6021
East Money Information Co 300059 ¥18.78 ¥6.72 −64% vs 6021
Interactive Brokers Group IBKR $75.82 $17.48 −77% vs 6021

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Good Finance Securities Co Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Good Finance Securities Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/6021

Frequently asked questions

Is Good Finance Securities Co Ltd (6021) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 30.76 TWD versus a price of 50.60 TWD, about 39% lower (overvalued).
What is the fair value of 6021?
Our model-based fair value for Good Finance Securities Co Ltd is 30.76 TWD (as of Nov 5, 2026), built from audited fundamentals. The current price: 50.60 TWD.
What is the quality score of 6021?
Good Finance Securities Co Ltd has a Quality Score of 42/100. 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 Good Finance Securities Co Ltd (6021)?
Our model-based price target is the fair value of 30.76 TWD (as of Nov 5, 2026) from 6 valuation models. Cautious scenario 27.52 TWD, optimistic scenario 38.07 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Good Finance Securities Co Ltd stock forecast for 2026?
Our models put fair value at 30.76 TWD, about 39% lower versus a price of 50.60 TWD (overvalued). Cautious scenario 27.52 TWD, optimistic scenario 38.07 TWD. The calculation is refreshed regularly with new filings.
Does Good Finance Securities Co Ltd pay a dividend?
Good Finance Securities Co Ltd currently shows a dividend yield of 5.93% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Good Finance Securities Co Ltd (6021) and when is the ex-dividend date?
Good Finance Securities Co Ltd pays a dividend of 3.00 TWD per share a year, a dividend yield of 5.9%. The next ex-dividend date is Dec 17, 2026. The payout ratio is 26.0% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Good Finance Securities Co Ltd (6021)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Good Finance Securities Co Ltd it is 30.76 TWD per share (as of Nov 5, 2026), against a price of 50.60 TWD. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Good Finance Securities Co Ltd stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 6021 trades above its calculated fair value: price 50.60 TWD, fair value 30.76 TWD, a gap of about −39% (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 6021?
No. The price is what the market pays today (50.60 TWD); the fair value is what the company's own numbers justify (30.76 TWD). For Good Finance Securities Co Ltd the two are 19.84 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Good Finance Securities Co Ltd worth?
The market values Good Finance Securities Co Ltd at about 15.1B TWD (market capitalisation, as of Nov 5, 2026). Per share that is 50.60 TWD; our models calculate a fair value of 30.76 TWD per share.
What do the bullish and bearish scenarios say about 6021?
Our models span a range for Good Finance Securities Co Ltd: cautious scenario 27.52 TWD, base 30.76 TWD, optimistic 38.07 TWD per share (as of Nov 5, 2026, price 50.60 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6021?
Good Finance Securities Co Ltd trades at a price-to-earnings ratio of 4.4 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 30.76 TWD is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2025), reported earnings: 20.5. Other multiples: P/B 1.6, P/S 3.3, EV/EBITDA 11.0.
How solid is the balance sheet of Good Finance Securities Co Ltd (6021)?
Balance-sheet figures for Good Finance Securities Co Ltd (as of Nov 5, 2026): return on equity 34.9%, debt of 0.29 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is 6021 from its 52-week high?
Good Finance Securities Co Ltd trades at 50.60 TWD, about 13% below its 52-week high of 58.00 TWD and 106% above the low of 24.60 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 30.76 TWD is for.
Which stocks are comparable to Good Finance Securities Co Ltd?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 Good Finance Securities Co Ltd stock attractive at the current price?
The data as of Nov 5, 2026: price 50.60 TWD, calculated fair value 30.76 TWD (−39%), Quality Score 42/100, from 6 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 6021 calculated?
We run Good Finance Securities Co Ltd through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 30.76 TWD builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Good Finance Securities Co 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 Good Finance Securities Co Ltd (6021)?
The closing price on Nov 6, 2026 was 50.60 TWD. Our model-based fair value is 30.76 TWD, about 39% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Good Finance Securities Co Ltd right now?
The price sits above even our optimistic bull case (38.07 TWD). The favourable scenario is already priced in. Weak quality (42/100) and above fair value at the same time, the margin of safety is missing on both counts. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Good Finance Securities Co Ltd

How large is the market capitalisation of Good Finance Securities Co Ltd (6021)?
The market capitalisation of Good Finance Securities Co Ltd is 15.1B TWD (≈ $460M). 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 Good Finance Securities Co Ltd (6021)?
The price-to-sales ratio of Good Finance Securities Co Ltd is 3.31 (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 Good Finance Securities Co Ltd (6021)?
Earnings per share at Good Finance Securities Co Ltd are 11.55 TWD (price ÷ EPS = P/E 4.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Good Finance Securities Co Ltd (6021)?
The dividend yield of Good Finance Securities Co Ltd is 5.9% (payout 26.0%). 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 Good Finance Securities Co Ltd (6021)?
The net margin of Good Finance Securities Co Ltd is 77.0% (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 Good Finance Securities Co Ltd (6021)?
The return on equity (ROE) of Good Finance Securities Co Ltd is 34.9% (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 Good Finance Securities Co Ltd (6021)?
On an EBIT basis the return on assets of Good Finance Securities Co Ltd is 1.4% (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 Good Finance Securities Co Ltd (6021)?
The operating margin of Good Finance Securities Co Ltd is 83.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Good Finance Securities Co Ltd (6021)?
Revenue at Good Finance Securities Co Ltd is growing +470% versus a year earlier (3y avg +11.2%). 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 Good Finance Securities Co Ltd (6021)?
Earnings per share at Good Finance Securities Co Ltd are growing +865% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Good Finance Securities Co Ltd (6021) generate?
The free cash flow of Good Finance Securities Co Ltd is −795M 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 debt does Good Finance Securities Co Ltd (6021) carry?
The net debt of Good Finance Securities Co Ltd is 12.8B TWD (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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