Tachan Securities Co Ltd (6020) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Tachan Securities Co Ltd stock TWD 16.48, price TWD 19.25, that is 14.4% below the price, quality 64 out of 100. Rating: overvalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range 16.66 TWD – 25.70 TWD · fair‑value band 12.36 TWD – 20.61 TWD · the 19.25 TWD price screens above the 16.48 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 4, 2026.
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Tachan Securities Co., Ltd. engages in the securities, investment consulting, and venture capital businesses in Taiwan. The company provides brokerage, underwriting, proprietary trading, bond and investment consulting, and membership services.
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It also provides services related to buying and selling of securities, such as stocks, and bonds; and investment, and wealth management services.
In addition, the company engages in underwriting business; investment and trading of emerging stock; and promotion of investment and venture capital business. Further, it offers investment advisory services, including research and analysis opinions or suggestions related to securities investment.
Tachan Securities Co., Ltd. was incorporated in 1988 and is headquartered in Taipei, Taiwan.
Stock analysis
Tachan Securities Co Ltd (6020) currently trades at 19.25 TWD, while our model-based Fair Value estimate is 16.48 TWD, 14% 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: 12.36 TWD (bear) to 20.61 TWD (bull), the price of 19.25 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 64/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Tachan Securities Co Ltd reported revenue of 246M TWD in FY2025 versus 1.1B TWD in FY2021, a compound −31.9%/yr. Reported net income was 98.9M TWD in FY2025, compounding −41.7%/yr from FY2021.
Key figures
Market cap 4.9B TWD (≈ $148M) Micro · P/E ratio 5.4 · P/S ratio 4.27 · EPS (TTM) 3.59 TWD · Dividend yield 1.4% · Net margin 79.9% · Return on equity 17.9% · Return on assets (EBIT) 2.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 69 out of 100 (medium confidence).
What moves the price
The share trades about 25% below its 52-week high and 7% 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 −14%, 6020 screens richer than that median.
Fair Value models
Bear12.36 TWDFair Value 16.48 TWDBull20.61 TWD
Price 19.25 TWD · Downside -14.4%
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 (2.85 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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−27.1%
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.
−10.5%
Start year 2020 (pandemic). Over 10 years: +8.4% a year
Revenue growth 10 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.
+8.4%
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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. 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.
−16.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−17.6%
Dividend (yield on the price)1.4%
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.51% → 26%
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+5.0%
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 +3.4% a year for the price.
Compare Tachan Securities Co Ltd with another stock
Price, fair value, quality and upside side by side.
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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 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score64 · Above median
Fair Value upside−14.4% · Below median
Profitability
Return on equity (12 months)17.9% · Above median
Return on assets1.2% · Below median
Net margin (12 months)79.9% · Top 25%
Operating margin (12 months)89.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)12.9% · Below median
Dividend yield (12 months)1.4% · Below median
Valuation Multiplesvs Capital Markets median · lower = cheaper
P/E (12 months)5.4× · Cheapest 25%
P/B0.99× · Cheaper than median
P/S (12 months)4.27× · Pricier than median
Price / free cash flow (fiscal year)10.4× · Pricier than median
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.
Cite: Fair Value Calculator (2026). "Tachan Securities Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/6020
Frequently asked questions
Is Tachan Securities Co Ltd (6020) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 16.48 TWD versus a price of 19.25 TWD, about 14% lower (overvalued).
What is the fair value of 6020?
Our model-based fair value for Tachan Securities Co Ltd is 16.48 TWD (as of Nov 4, 2026), built from audited fundamentals. The current price: 19.25 TWD.
What is the quality score of 6020?
Tachan Securities Co Ltd has a Quality Score of 64/100. 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 Tachan Securities Co Ltd (6020)?
Our model-based price target is the fair value of 16.48 TWD (as of Nov 4, 2026) from 2 valuation models. Cautious scenario 12.36 TWD, optimistic scenario 20.61 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Tachan Securities Co Ltd stock forecast for 2026?
Our models put fair value at 16.48 TWD, about 14% lower versus a price of 19.25 TWD (overvalued). Cautious scenario 12.36 TWD, optimistic scenario 20.61 TWD. The calculation is refreshed regularly with new filings.
Does Tachan Securities Co Ltd pay a dividend?
Tachan Securities Co Ltd currently shows a dividend yield of 1.40% relative to its recent price (as of Nov 4, 2026).
How much is the dividend of Tachan Securities Co Ltd (6020) and when is the ex-dividend date?
Tachan Securities Co Ltd pays a dividend of 0.27 TWD per share a year, a dividend yield of 1.4%. The last ex-dividend date was Mar 26, 2026. The payout ratio is 7.5% of earnings. Free cash flow covers the dividend 6.83 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Tachan Securities Co Ltd (6020)?
For today's price to be fair in a discounted-cash-flow model, Tachan Securities Co Ltd would have to grow free cash flow by +5.0 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -10.5 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of 6020 use?
Our models discount Tachan Securities Co Ltd at 11.8 %: a base by market capitalisation (micro), damped by beta 0.25, 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 Tachan Securities Co Ltd that is +5.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Tachan Securities Co Ltd (6020) delivered so far?
Over the past 5 years revenue at Tachan Securities Co Ltd grew -10.5 % a year. The price currently implies free-cash-flow growth of +5.0 % per 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 Tachan Securities Co Ltd (6020) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Tachan Securities Co Ltd (+5.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Tachan Securities Co Ltd (6020)?
The free-cash-flow yield on the price is 9.58 %: that much free cash flow Tachan Securities Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Tachan Securities Co Ltd (6020)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tachan Securities Co Ltd it is 16.48 TWD per share (as of Nov 4, 2026), against a price of 19.25 TWD. It is the blended result of 2 valuation models in 2 families (Multiples, Asset-Based).
Is Tachan Securities Co Ltd stock overvalued or undervalued in 2026?
As of Nov 4, 2026, 6020 trades above its calculated fair value: price 19.25 TWD, fair value 16.48 TWD, a gap of about −14% (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 6020?
No. The price is what the market pays today (19.25 TWD); the fair value is what the company's own numbers justify (16.48 TWD). For Tachan Securities Co Ltd the two are 2.77 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Tachan Securities Co Ltd worth?
The market values Tachan Securities Co Ltd at about 4.9B TWD (market capitalisation, as of Nov 4, 2026). Per share that is 19.25 TWD; our models calculate a fair value of 16.48 TWD per share.
What do the bullish and bearish scenarios say about 6020?
Our models span a range for Tachan Securities Co Ltd: cautious scenario 12.36 TWD, base 16.48 TWD, optimistic 20.61 TWD per share (as of Nov 4, 2026, price 19.25 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6020?
Tachan Securities Co Ltd trades at a price-to-earnings ratio of 5.4 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 16.48 TWD is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2017 to 2025), reported earnings: 20.9. Other multiples: P/B 1.0, P/S 4.3, EV/EBITDA 21.0.
How solid is the balance sheet of Tachan Securities Co Ltd (6020)?
Balance-sheet figures for Tachan Securities Co Ltd (as of Nov 4, 2026): return on equity 17.9%. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is 6020 from its 52-week high?
Tachan Securities Co Ltd trades at 19.25 TWD, about 25% below its 52-week high of 25.70 TWD and 7% above the low of 17.94 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 16.48 TWD is for.
Which stocks are comparable to Tachan 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 Tachan Securities Co Ltd stock attractive at the current price?
The data as of Nov 4, 2026: price 19.25 TWD, calculated fair value 16.48 TWD (−14%), Quality Score 64/100, 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 6020 calculated?
We run Tachan Securities Co Ltd through 2 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of 16.48 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. Tachan 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 Tachan Securities Co Ltd (6020)?
The closing price on Nov 6, 2026 was 19.25 TWD. Our model-based fair value is 16.48 TWD, about 14% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tachan Securities Co Ltd right now?
Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. 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 Tachan Securities Co Ltd
How large is the market capitalisation of Tachan Securities Co Ltd (6020)?
The market capitalisation of Tachan Securities Co Ltd is 4.9B TWD (≈ $148M). 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 Tachan Securities Co Ltd (6020)?
The price-to-sales ratio of Tachan Securities Co Ltd is 4.27 (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 Tachan Securities Co Ltd (6020)?
Earnings per share at Tachan Securities Co Ltd are 3.59 TWD (price ÷ EPS = P/E 5.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Tachan Securities Co Ltd (6020)?
The dividend yield of Tachan Securities Co Ltd is 1.4% (payout 7.5%). 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 Tachan Securities Co Ltd (6020)?
The net margin of Tachan Securities Co Ltd is 79.9% (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 Tachan Securities Co Ltd (6020)?
The return on equity (ROE) of Tachan Securities Co Ltd is 17.9% (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 Tachan Securities Co Ltd (6020)?
On an EBIT basis the return on assets of Tachan Securities Co Ltd is 2.9% (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 Tachan Securities Co Ltd (6020)?
The operating margin of Tachan Securities Co Ltd is 89.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tachan Securities Co Ltd (6020)?
Revenue at Tachan Securities Co Ltd is growing +12.9% versus a year earlier (3y avg +185%). 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 Tachan Securities Co Ltd (6020)?
Earnings per share at Tachan Securities Co Ltd are growing +25.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Tachan Securities Co Ltd (6020) carry?
The net debt of Tachan Securities Co Ltd is 823M TWD (fiscal year 2025, ≈ 1.8 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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Thin data
Nov 4, 2026