Good Finance Securities Co (6021) Fair Value & Analysis

Financial Services · TW · Market cap 11.3B TWD

Below-average quality, screening 25% undervalued on our models.

What matters now

• For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
• Our model range runs from 32.84 TWD (bear) to 54.74 TWD (bull), base 43.79 TWD. The closer the price sits to the lower half, the larger the margin of safety.
• Quality 39/100 (below-average quality) with high evidence: the data supports the verdict.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.

How to read this chart

60‑month range 14.35 TWD – 44.30 TWD · fair‑value band 32.84 TWD – 54.74 TWD · the 35.00 TWD price screens below the 43.79 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 23, 2026.

Full chart & analysis →

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Analysis

Good Finance Securities Co (6021) currently trades at 35.00 TWD, while our model-based Fair Value estimate is 43.79 TWD, implying the stock looks roughly 25.1% undervalued today. The Quality Score stands at 39/100 (below-average quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Good Finance Securities Co generated revenue of 2.7B TWD at a net margin of 67.1%. Revenue grew 132.6% year over year. It earns a return on equity of 21.3%. Net debt stands at 12.8B TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 32.84 TWD (bear case) to 54.74 TWD (bull case); at 35.00 TWD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 21% below its 52-week high and 78% 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 25%, 6021 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Multiples (26.59 TWD) versus Asset-Based (20.96 TWD). Highest evidence: P/B Multiple (55).

Key figures & financial health

Quality Score breakdown

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Good Finance Securities Co 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.

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Peer Group

Capital Markets · 423 stocks

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.

Valuation Multiples vs Capital Markets median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Values & ESG

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.