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Concord International Securities Co Ltd (5864) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Concord International Securities Co Ltd stock TWD 13.76, price TWD 29.05, that is 52.6% below the price, quality 39 out of 100. Rating: strongly overvalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services TW · ISIN TW0005864003

CI Concord International Securities Co Ltd logo Thin data Nov 7, 2026

Concord International Securities Co Ltd

5864 · TWO
Very expensive, weak quality

Our calculation puts a fair price 53% below what the stock costs today.

Highly profitable · 94.3% net margin (TTM)
Costs just 2.6 times its yearly profit.
Expensive Growth (revenue 5y +17.7 %/yr in TWD)
1.6% dividend yield · Watch coverage
Mixed vs. peers (7/12)
Wide moat 82/100 · thin data
Fair value 13.76 TWD · Strongly overvalued (−52.6%)
Quality 39/100
Negative free cash flow
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

47.71 TWD 6.16 TWD Fair Value 13.76 TWD May 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

60‑month range 6.16 TWD – 47.71 TWD · fair‑value band 10.32 TWD – 17.19 TWD · the 29.05 TWD price screens above the 13.76 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.

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Company profile

Concord International Securities Co., Ltd provides brokerage, underwriting, stock agency, and consulting services in Taiwan.

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The company offers brokerage services, including business of buying and selling securities on behalf of clients in centralized or over-the-counter markets, customer acquisition and business development, credit investigation and control of customer credit, compilation and provision of securities information, agency services for centralized custody and allocation of client securities, self-operated credit transaction business, guidance for client operations, loan and lending business, liquidation and settlement of stocks and bonds, ancillary services for futures traders, agency for buying and selling, handling other matters related to brokerage business.

It is also involved in the accepting futures trading and options trading brokerage business of futures products and options products; trade various securities and financial derivatives in centralized markets, over-the-counter markets, futures markets, and other markets; assisting and guiding enterprises in applying for public offerings and offerings of various securities, or assisting with securities issuance, emerging market listings, and OTC listing services, assisting in fundraising for securities issuance, assisting in evaluation of cash capital increases for listed enterprises and related underwriting business, providing consulting services in capital planning, finance and business management, and other matters related to securities underwriting business, bond business; subcontracting business; and lending business.

In addition, it offers loan funds. Concord International Securities Co., Ltd was founded in 1989 and is headquartered in Tainan City, Taiwan.

Stock analysis

Concord International Securities Co Ltd (5864) currently trades at 29.05 TWD, while our model-based Fair Value estimate is 13.76 TWD, 53% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 95/100, which puts the data coverage at low.

Scenario range: 10.32 TWD (bear) to 17.19 TWD (bull), the price of 29.05 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 39/100 (below-average quality), in the Financial Services sector.

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

Concord International Securities Co Ltd reported revenue of 570M TWD in FY2025 versus 678M TWD in FY2021, a compound −4.2%/yr. Reported net income was 1.2B TWD in FY2025, compounding +13.4%/yr from FY2021.

Key figures

Market cap 14.6B TWD (≈ $446M) Small · P/E ratio 2.6 · P/S ratio 2.19 · EPS (TTM) 11.37 TWD · Dividend yield 1.6% · Net margin 94.3% · Return on equity 63.9% · Return on assets (EBIT) 4.1% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 82 out of 100 (low confidence).

What moves the price

The share trades about 39% below its 52-week high and 132% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at −53%, 5864 screens richer than that median.

Fair Value models

Bear 10.32 TWD Fair Value 13.76 TWD Bull 17.19 TWD
Price 29.05 TWD · Downside -52.6%
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 (9.33 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
P/B Multiple 10.32 TWD 13.76 TWD 17.19 TWD 55
NCAV (Graham) 8.60 TWD 13.03 TWD 16.29 TWD 52
All 2 models by family
Multiples
P/B Multiple 10.32 TWD 13.76 TWD 17.19 TWD 55
Asset-Based
NCAV (Graham) 8.60 TWD 13.03 TWD 16.29 TWD 52

Open the full fair value analysis →

Quality Score breakdown

Overall quality 39/100

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

Profitability 45
How much profit the company makes from its sales and capital
Quality Growth 48
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 72
Debt, balance sheet and risk of trouble
Investment 7
Does it invest with discipline instead of growing at any price?
Low Volatility 15
How calm the share price moves, does not count
Price momentum 70
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 74
Distance to the 52-week high, does not count
New shares 40
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. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
+1.9%
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.
+17.7%
Revenue growth 15 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.
+4.6%
What shareholders gained per year (last 5 years), in TWD ⓘ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. 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.
+10.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.7%
Dividend (yield on the price)1.6%
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.8.7% vs 19.6%, 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.44% → 51%
Pace: the 5-year rate starts in 2020 (pandemic)

5864 screens overvalued: fair value 53% 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 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 39 · Bottom 25%
Fair Value upside −52.6% · Bottom 25%
Profitability
Return on equity (12 months) 63.9% · Top 25%
Return on assets 9.3% · Top 25%
Net margin (12 months) 94.3% · Top 25%
Operating margin (12 months) 96.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 912.1% · Top 25%
Dividend yield (12 months) 1.6% · Below median

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/E (12 months) 2.6× · Cheapest 25%
P/B 1.79× · Pricier than median
P/S (12 months) 2.19× · Cheaper than median
EV/EBITDA 12.0× · 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)0 · sector 94
DIVIDEND (yield)31 · 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.

Stock Price Fair Value vs Fair Value Compare
Morgan Stanley MS $181.44 $260.72 +44% vs 5864
The Charles Schwab Corporation SCHW $91.49 $117.60 +29% vs 5864
Guotai Haitong Securities Co 601211 ¥16.46 ¥18.02 +9% vs 5864
Nomura Holdings NMR $9.42 $10.20 +8% vs 5864
The Goldman Sachs Group GS $865.82 $766.86 −11% vs 5864
CITIC Securities Company 600030 ¥25.72 ¥20.42 −21% vs 5864
Robinhood Markets, Inc HOOD $80.91 $47.60 −41% vs 5864
Macquarie Group MQG A$248.86 A$123.84 −50% vs 5864
East Money Information Co 300059 ¥18.78 ¥6.72 −64% vs 5864
Interactive Brokers Group IBKR $75.82 $17.48 −77% vs 5864

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Concord International Securities Co Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Concord International Securities Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/5864

Frequently asked questions

Is Concord International Securities Co Ltd (5864) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 13.76 TWD versus a price of 29.05 TWD, about 53% lower (overvalued).
What is the fair value of 5864?
Our model-based fair value for Concord International Securities Co Ltd is 13.76 TWD (as of Nov 7, 2026), built from audited fundamentals. The current price: 29.05 TWD.
What is the quality score of 5864?
Concord International Securities Co Ltd has a Quality Score of 39/100. 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 Concord International Securities Co Ltd (5864)?
Our model-based price target is the fair value of 13.76 TWD (as of Nov 7, 2026) from 2 valuation models. Cautious scenario 10.32 TWD, optimistic scenario 17.19 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Concord International Securities Co Ltd stock forecast for 2026?
Our models put fair value at 13.76 TWD, about 53% lower versus a price of 29.05 TWD (overvalued). Cautious scenario 10.32 TWD, optimistic scenario 17.19 TWD. The calculation is refreshed regularly with new filings.
Does Concord International Securities Co Ltd pay a dividend?
Concord International Securities Co Ltd currently shows a dividend yield of 1.55% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Concord International Securities Co Ltd (5864) and when is the ex-dividend date?
Concord International Securities Co Ltd pays a dividend of 0.451 TWD per share a year, a dividend yield of 1.6%. The last ex-dividend date was Jul 3, 2026. A dividend has been paid every year since 2017. The payout ratio is 4.0% 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 Concord International Securities Co Ltd (5864)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Concord International Securities Co Ltd it is 13.76 TWD per share (as of Nov 7, 2026), against a price of 29.05 TWD. It is the blended result of 2 valuation models in 2 families (Multiples, Asset-Based).
Is Concord International Securities Co Ltd stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 5864 trades above its calculated fair value: price 29.05 TWD, fair value 13.76 TWD, a gap of about −53% (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 5864?
No. The price is what the market pays today (29.05 TWD); the fair value is what the company's own numbers justify (13.76 TWD). For Concord International Securities Co Ltd the two are 15.29 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Concord International Securities Co Ltd worth?
The market values Concord International Securities Co Ltd at about 14.6B TWD (market capitalisation, as of Nov 7, 2026). Per share that is 29.05 TWD; our models calculate a fair value of 13.76 TWD per share.
What do the bullish and bearish scenarios say about 5864?
Our models span a range for Concord International Securities Co Ltd: cautious scenario 10.32 TWD, base 13.76 TWD, optimistic 17.19 TWD per share (as of Nov 7, 2026, price 29.05 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5864?
Concord International Securities Co Ltd trades at a price-to-earnings ratio of 2.6 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 13.76 TWD is built from several models across several years. Other multiples: P/B 1.8, P/S 2.2, EV/EBITDA 12.0.
How solid is the balance sheet of Concord International Securities Co Ltd (5864)?
Balance-sheet figures for Concord International Securities Co Ltd (as of Nov 7, 2026): return on equity 63.9%. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is 5864 from its 52-week high?
Concord International Securities Co Ltd trades at 29.05 TWD, about 39% below its 52-week high of 47.71 TWD and 132% above the low of 12.51 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 13.76 TWD is for.
Which stocks are comparable to Concord International 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 Concord International Securities Co Ltd stock attractive at the current price?
The data as of Nov 7, 2026: price 29.05 TWD, calculated fair value 13.76 TWD (−53%), Quality Score 39/100, from 2 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 5864 calculated?
We run Concord International Securities Co Ltd through 2 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of 13.76 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 13.0% above its aggregate fair value. Concord International 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 Concord International Securities Co Ltd (5864)?
The closing price on Nov 6, 2026 was 29.05 TWD. Our model-based fair value is 13.76 TWD, about 53% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Concord International Securities Co Ltd right now?
The price sits above even our optimistic bull case (17.19 TWD). The favourable scenario is already priced in. Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. 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 Concord International Securities Co Ltd

How large is the market capitalisation of Concord International Securities Co Ltd (5864)?
The market capitalisation of Concord International Securities Co Ltd is 14.6B TWD (≈ $446M). 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 Concord International Securities Co Ltd (5864)?
The price-to-sales ratio of Concord International Securities Co Ltd is 2.19 (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 Concord International Securities Co Ltd (5864)?
Earnings per share at Concord International Securities Co Ltd are 11.37 TWD (price ÷ EPS = P/E 2.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Concord International Securities Co Ltd (5864)?
The dividend yield of Concord International Securities Co Ltd is 1.6% (payout 4.0%). 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 Concord International Securities Co Ltd (5864)?
The net margin of Concord International Securities Co Ltd is 94.3% (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 Concord International Securities Co Ltd (5864)?
The return on equity (ROE) of Concord International Securities Co Ltd is 63.9% (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 Concord International Securities Co Ltd (5864)?
On an EBIT basis the return on assets of Concord International Securities Co Ltd is 4.1% (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 Concord International Securities Co Ltd (5864)?
The operating margin of Concord International Securities Co Ltd is 96.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Concord International Securities Co Ltd (5864)?
Revenue at Concord International Securities Co Ltd is growing +912% versus a year earlier (3y avg +1.9%). 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 Concord International Securities Co Ltd (5864)?
Earnings per share at Concord International Securities Co Ltd are growing +10.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Concord International Securities Co Ltd (5864) generate?
The free cash flow of Concord International Securities Co Ltd is −1.9B 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 Concord International Securities Co Ltd (5864) carry?
The net debt of Concord International Securities Co Ltd is 2.4B 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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