Capital Securities Corp (6005) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Capital Securities Corp TWD 65.10, price TWD 32.00, upside +103.4%, quality 56 out of 100. Calculated from audited financials with 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, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 7.38 TWD – 134.62 TWD · fair‑value band 16.92 TWD – 90.35 TWD · the 32.00 TWD price screens below the 65.10 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Capital Securities Corporation provides various financial services in Taiwan and internationally. The company operates through the Brokerage, Corporate Financing, Dealing, Derivative Instrument, and Futures segments. The Brokerage segment engages in brokerage trading, margin trading, and securities lending business.
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Capital Securities Corporation provides various financial services in Taiwan and internationally. The company operates through the Brokerage, Corporate Financing, Dealing, Derivative Instrument, and Futures segments. The Brokerage segment engages in brokerage trading, margin trading, and securities lending business. Its Corporate Financing segment is involved in the provision of advisory on initial public offering or the registration on the emerging or listed markets; securities underwriting and sale; corporate finance; and mergers and acquisitions. The Dealing segment trades securities and related listed stock instruments. Its Derivative Instrument segment engages in the investment, consultancy, and issuance of derivative instruments. The Futures segment is involved in the business of domestic futures brokerage services, trading, futures consultancy, and managed futures enterprises. The company was incorporated in 1988 and is headquartered in Taipei, Taiwan.
Stock analysis
Capital Securities Corp (6005) currently trades at 32.00 TWD, while our model-based Fair Value estimate is 65.10 TWD, implying the stock looks roughly 50.8% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 246.59 TWD per share, and 7 of the 12 models we run sit above the 32.00 TWD price.
Bear case: the Asset-Based group reads lowest at 14.06 TWD, and 5 of the 12 models stay below the price. Evidence for this calculation is high.
Scenario range: 16.92 TWD (bear) to 90.35 TWD (bull), the price of 32.00 TWD sits inside 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 56/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Capital Securities Corp reported revenue of 18.5B TWD in FY2025 versus 15.0B TWD in FY2021, a compound +5.4%/yr. Reported net income was 5.7B TWD in FY2025, compounding +2.2%/yr from FY2021.
Key figures
Market cap 79.0B TWD (≈ $2.5B) · P/E ratio 12.1 · P/S ratio 3.76 · EPS (TTM) 2.64 TWD · Dividend yield 1.3% · Net margin 31.0% · Return on equity 16.7% · Return on assets (EBIT) 2.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 76% below its 52-week high and 54% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −20% fair-value upside, at 103%, 6005 screens cheaper than that median.
Fair Value models
Bear 16.92 TWDFair Value 65.10 TWDBull 90.35 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (1.64 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.Evidence ⓘEvidence = 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.94/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−8.8%
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.
+33.2%
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.
+14.3%
Start year 2020 (pandemic). Over 10 years: +12.4% a year
Revenue growth 20 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.
+6.2%
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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. Basis: EBIT basis. 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.
+16.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.5%
Dividend (yield on the price)1.3%
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.10% vs 16%, 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.38% → 40%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−21.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about −23.0% a year for the price.
Compare Capital Securities Corp 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.Capital Markets · 463 stocks
Beats the industry median on 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside+100% · Top 25%
Profitability
Return on equity (TTM)17% · Above median
Return on assets2% · Above median
Net margin (TTM)39% · Top 25%
Operating margin (TTM)40% · Above median
Growth and dividend
Revenue growth101% · Top 25%
Dividend yield (TTM)1.3% · Below median
Balance sheet
Debt / equity0.13× · Above median
Valuation Multiplesvs Capital Markets median · lower = cheaper
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Is Capital Securities Corp (6005) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 65.10 TWD versus a price of 32.00 TWD, about +103% upside (undervalued).
What is the fair value of 6005?
Our model-based fair value for Capital Securities Corp is 65.10 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 32.00 TWD.
What is the quality score of 6005?
Capital Securities Corp has a Quality Score of 56/100. 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 Capital Securities Corp (6005)?
Our model-based price target is the fair value of 65.10 TWD (as of Sep 24, 2026) from 12 valuation models. Cautious scenario 16.92 TWD, optimistic scenario 90.35 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Capital Securities Corp stock forecast for 2026?
Our models put fair value at 65.10 TWD, about +103% upside versus a price of 32.00 TWD (undervalued). Cautious scenario 16.92 TWD, optimistic scenario 90.35 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Capital Securities Corp (6005)?
Capital Securities Corp reported trailing-twelve-month revenue of about 19.8B TWD (latest available figure, as of Sep 24, 2026).
Does Capital Securities Corp pay a dividend?
Capital Securities Corp currently shows a dividend yield of about 1.25% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Capital Securities Corp (6005)?
For today's price to be fair in a discounted-cash-flow model, Capital Securities Corp would have to grow free cash flow by -21.8 % per year for five years (discount rate 9.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 6005 use?
Our models discount Capital Securities Corp at 9.2 %: a base by market capitalisation (large), damped by beta 0.74, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Capital Securities Corp that is -21.8 % per year a year over ten years, using the same discount rate (9.2 %) and the same formula as our fair value.
How much growth has Capital Securities Corp (6005) delivered so far?
Over the past 5 years revenue at Capital Securities Corp grew +14.3 % a year. The price currently implies -21.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Capital Securities Corp (6005) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Capital Securities Corp (-21.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Capital Securities Corp (6005)?
The free-cash-flow yield on the price is 26.81 %: that much free cash flow Capital Securities Corp produces per unit of market value. When it exceeds the discount rate of our models (9.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Capital Securities Corp (6005)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Capital Securities Corp it is 65.10 TWD per share (as of Sep 24, 2026), against a price of 32.00 TWD. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Capital Securities Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 6005 trades below its calculated fair value: price 32.00 TWD, fair value 65.10 TWD, a gap of about +103% (undervalued). 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 6005?
No. The price is what the market pays today (32.00 TWD); the fair value is what the company's own numbers justify (65.10 TWD). For Capital Securities Corp the two are 33.10 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Capital Securities Corp worth?
The market values Capital Securities Corp at about 79.0B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 32.00 TWD; our models calculate a fair value of 65.10 TWD per share.
What do the bullish and bearish scenarios say about 6005?
Our models span a range for Capital Securities Corp: cautious scenario 16.92 TWD, base 65.10 TWD, optimistic 90.35 TWD per share (as of Sep 24, 2026, price 32.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6005?
Capital Securities Corp trades at a price-to-earnings ratio of 12.1 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 65.10 TWD is built from several models across several years. Other multiples: PEG 9.6, P/B 1.7, P/S 4.0, EV/EBITDA 7.0.
What is the PEG ratio of 6005?
The PEG ratio of Capital Securities Corp is 9.61 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Capital Securities Corp (6005)?
Balance-sheet figures for Capital Securities Corp (as of Sep 24, 2026): return on equity 16.7%, debt of 0.13 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 6005 from its 52-week high?
Capital Securities Corp trades at 32.00 TWD, about 76% below its 52-week high of 134.62 TWD and 54% above the low of 20.81 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 65.10 TWD is for.
Which stocks are comparable to Capital Securities Corp?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, 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 Capital Securities Corp stock attractive at the current price?
The data as of Sep 24, 2026: price 32.00 TWD, calculated fair value 65.10 TWD (+103%), Quality Score 56/100, from 12 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 6005 calculated?
We run Capital Securities Corp through 12 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 65.10 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 14.1 % above its aggregate fair value. Capital Securities Corp currently trades 103 % below its own fair value, and the market average says nothing about that. 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 Capital Securities Corp (6005)?
The closing price on Sep 24, 2026 was 32.00 TWD. Our model-based fair value is 65.10 TWD, about +103% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Capital Securities Corp right now?
The model range is unusually wide (16.92 TWD to 90.35 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Capital Securities Corp (6005) come from?
Earnings per share at Capital Securities Corp grew +15.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +14.3 %, EBIT margin +9.5 %, tax rate −0.1 %, residual (interest, one-offs) −8.0 %. 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 Capital Securities Corp
How large is the market capitalisation of Capital Securities Corp (6005)?
The market capitalisation of Capital Securities Corp is 79.0B TWD (≈ $2.5B). 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 Capital Securities Corp (6005)?
The price-to-sales ratio of Capital Securities Corp is 3.76 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Capital Securities Corp (6005)?
Earnings per share at Capital Securities Corp are 2.64 TWD (price ÷ EPS = P/E 12.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Capital Securities Corp (6005)?
The dividend yield of Capital Securities Corp is 1.3% (payout 15.2%). 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 Capital Securities Corp (6005)?
The net margin of Capital Securities Corp is 31.0% (fiscal year 2025). 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 Capital Securities Corp (6005)?
The return on equity (ROE) of Capital Securities Corp is 16.7% (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 Capital Securities Corp (6005)?
On an EBIT basis the return on assets of Capital Securities Corp is 2.3% (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 Capital Securities Corp (6005)?
The operating margin of Capital Securities Corp is 40.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Capital Securities Corp (6005)?
Revenue at Capital Securities Corp is growing +101% versus a year earlier (3y avg +33.2%). 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 Capital Securities Corp (6005)?
Earnings per share at Capital Securities Corp are growing +150% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Capital Securities Corp (6005) carry?
The net debt of Capital Securities Corp is 98.5B TWD (fiscal year 2025, ≈ 5.3 yrs of FCF). 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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