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

As of Sep 24, 2026: fair value of Good Finance Securities Co Ltd TWD 26.59, price TWD 41.80, upside -36.4%, quality 40 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Financial Services · TW · ISIN TW0006021009

GF Broad data Sep 24, 2026

Good Finance Securities Co Ltd

6021 · TWO

Weakest SetupStrongly overvalued and low quality.

!Fair value 26.59 TWD · Strongly overvalued (−36%)
!Quality 40/100
!Expensive Growth (revenue 5y +10.9 %/yr)
✓Highly profitable · 76.3% net margin (TTM)
!Low debt · negative free cash flow
·4.78% dividend yield
!Mixed vs. peers (7/13)
✓Wide moat 82/100
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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

45.45 TWD 14.35 TWD Fair Value 26.59 TWD May 2021 Sep 2026

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 14.35 TWD – 45.45 TWD · fair‑value band 19.94 TWD – 33.23 TWD · the 41.80 TWD price screens above the 26.59 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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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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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. 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 41.80 TWD, while our model-based Fair Value estimate is 26.59 TWD, implying the stock looks roughly 57.2% overvalued today.

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Valuation

How firm this estimate is: it rests on 17 models at a data quality of 95/100, which puts the evidence level at high.

Scenario range: 19.94 TWD (bear) to 33.23 TWD (bull), the price of 41.80 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 40/100 (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 13.1B TWD (≈ $411M) · P/E ratio 7.3 · P/S ratio 6.53 · EPS (TTM) 5.73 TWD · Dividend yield 4.8% · Net margin 89.5% · Return on equity 34.9% · Return on assets (EBIT) 1.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 8% below its 52-week high and 92% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −17% fair-value upside, at −36%, 6021 screens richer than that median.

Fair Value models

Bear 19.94 TWD Fair Value 26.59 TWD Bull 33.23 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 (2.73 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.
Highest evidence
P/B Multiple 19.94 TWD 26.59 TWD 33.23 TWD 55
NCAV (Graham) 15.64 TWD 20.96 TWD 31.28 TWD 54
All 2 models by family
Multiples
P/B Multiple 19.94 TWD 26.59 TWD 33.23 TWD 55
Asset-Based
NCAV (Graham) 15.64 TWD 20.96 TWD 31.28 TWD 54

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Quality Score breakdown

Overall quality 40/100

Of which business quality 37 · Market factors (momentum, volatility) 78

Profitability 39
Margins and returns on capital today
Quality Growth 50
Are margins and returns improving?
Cashflow 32
Earnings quality: real cash, not paper profit
Fin. Strength 25
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 64
Calm price path (market factor)
Momentum 80
Price trend over the last 3–12 months (market factor)
52W Momentum 92
Distance to the 52-week high (market factor)
Net Issuance 77
Share count: buybacks or dilution?

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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.
+65.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+60.9%
Dividend (yield on the price)4.8%
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 57% overvalued. Compare with Morgan Stanley, a financial holding company, →

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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 · 460 stocks

Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 41 · Bottom 25%
Fair Value upside −36% · Below median
Profitability
Return on equity (TTM) 35% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 76% · Top 25%
Operating margin (TTM) 83% · Top 25%
Growth and dividend
Revenue growth 469% · Top 25%
Dividend yield (TTM) 4.8% · Top 25%
Balance sheet
Debt / equity 0.29× · Above median

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/E (TTM) 7.3× · Cheapest 25%
P/B 1.34× · Pricier than median
P/S (TTM) 2.83× · Pricier than median
EV/EBITDA 64.5× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 27
FUTURE (revenue growth)100 · sector 92
PAST (return on equity)100 · sector 30
HEALTH (low debt)86 · sector 95
DIVIDEND (yield)96 · sector 41

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
Morgan Stanley, a financial holding company, MS $196.32 $314.07 +60%
The Goldman Sachs Group GS $923.29 $766.86 −17%
The Charles Schwab Corporation SCHW $99.49 $118.07 +19%
Interactive Brokers Group IBKR $89.82 $23.27 −74%
Robinhood Markets, Inc HOOD $122.70 $47.73 −61%
Macquarie Group MQG A$242.55 A$80.51 −67%
CITIC Securities Company 600030 ¥26.79 ¥18.35 −32%
Guotai Haitong Securities Co 601211 ¥17.67 ¥19.29 +9%
East Money Information Co 300059 ¥18.77 ¥4.94 −74%
CSC Financial Co 601066 ¥23.67 ¥39.83 +68%

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Good Finance Securities Co Ltd · Fair Value
26.59 TWD −57%Fair Value
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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 Sep 24, 2026, our model estimates a fair value of 26.59 TWD versus a price of 41.80 TWD, about −36% upside (overvalued).
What is the fair value of 6021?
Our model-based fair value for Good Finance Securities Co Ltd is 26.59 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 41.80 TWD.
What is the quality score of 6021?
Good Finance Securities Co Ltd has a Quality Score of 40/100. 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 26.59 TWD (as of Sep 24, 2026) from 2 valuation models. Cautious scenario 19.94 TWD, optimistic scenario 33.23 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 26.59 TWD, about −36% upside versus a price of 41.80 TWD (overvalued). Cautious scenario 19.94 TWD, optimistic scenario 33.23 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 about 4.78% relative to its recent price (as of Sep 24, 2026).
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 26.59 TWD per share (as of Sep 24, 2026), against a price of 41.80 TWD. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Good Finance Securities Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 6021 trades above its calculated fair value: price 41.80 TWD, fair value 26.59 TWD, a gap of about −36% (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 (41.80 TWD); the fair value is what the company's own numbers justify (26.59 TWD). For Good Finance Securities Co Ltd the two are 15.21 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 13.1B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 41.80 TWD; our models calculate a fair value of 26.59 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 19.94 TWD, base 26.59 TWD, optimistic 33.23 TWD per share (as of Sep 24, 2026, price 41.80 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 7.3 (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 26.59 TWD is built from several models across several years. Other multiples: P/B 1.3, P/S 2.8, EV/EBITDA 64.5.
How solid is the balance sheet of Good Finance Securities Co Ltd (6021)?
Balance-sheet figures for Good Finance Securities Co Ltd (as of Sep 24, 2026): return on equity 34.9%, debt of 0.29 per unit of equity. They feed the Quality Score of 40/100, 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 41.80 TWD, about 8% below its 52-week high of 45.45 TWD and 92% above the low of 21.80 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 26.59 TWD is for.
Which stocks are comparable to Good Finance Securities Co Ltd?
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 Good Finance Securities Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 41.80 TWD, calculated fair value 26.59 TWD (−36%), Quality Score 40/100, 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 6021 calculated?
We run Good Finance Securities Co Ltd through 2 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 26.59 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 14.0 % 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 Sep 24, 2026 was 41.80 TWD. Our model-based fair value is 26.59 TWD, about −36% upside (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 (33.23 TWD). The favourable scenario is already priced in. Weak quality (40/100) 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 13.1B TWD (≈ $411M). 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 6.53 (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 Good Finance Securities Co Ltd (6021)?
Earnings per share at Good Finance Securities Co Ltd are 5.73 TWD (price ÷ EPS = P/E 7.3). 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 4.8% (payout 34.9%). 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 89.5% (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 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 +469% 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 +850% 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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