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Star Fusion Group (6111) Fair Value & Analysis

Communication Services · TW · Market cap 3.8B TWD

SF Star Fusion Group 6111 · TWO
Price37.50 TWD
Fair Value25.55 TWD
Upside-31.9%
Quality24/100
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Expensive Growth
Loss-making · -4.7% net margin
High debt · negative free cash flow
Trails peers (3/11)
Narrow moat 12/100
Evidence: Low Range 11.86 TWD – 42.29 TWD Share as image

Fair value as of: Jul 23, 2026

From 3 valuation models · updated 18 days ago

Fair value updated Jul 23, 2026, revised from 25.47 TWD to 25.55 TWD (+0.3%) since Jul 12, 2026. Share price −10.6% over the past month.

Below-average quality, and screening another 32% overvalued on our models.

What matters now

  • Weak quality (24/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The model range is unusually wide (11.86 TWD to 42.29 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
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Price vs Fair Value (5 years)

116.00 TWD 36.90 TWD Fair Value 25.55 TWD Mar 2021 Aug 2026

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 36.90 TWD – 116.00 TWD · fair‑value band 11.86 TWD – 42.29 TWD · the 37.50 TWD price screens above the 25.55 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Star Fusion Group (6111) currently trades at 37.50 TWD, while our model-based Fair Value estimate is 25.55 TWD, implying the stock looks roughly 31.9% overvalued today. The Quality Score stands at 24/100 (below-average quality), in the Communication Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Over the trailing twelve months, Star Fusion Group generated revenue of 9.1B TWD at a net margin of -4.7%. Revenue grew 128.5% year over year. It earns a return on equity of -19.7%. Net debt stands at 13.6B TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 11.86 TWD (bear case) to 42.29 TWD (bull case); at 37.50 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 31% below its 52-week high, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at -19% fair-value upside, at -32%, 6111 screens richer 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.

Model 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
Highest evidence
Gordon GGM 10.95 TWD 21.83 TWD 33.05 TWD 70
DDM Multi-Stage 10.95 TWD 18.86 TWD 23.04 TWD 61
NCAV (Graham) 9.26 TWD 12.40 TWD 18.51 TWD 50
All 3 models by family
Dividend Discount
Gordon GGM 10.95 TWD 21.83 TWD 33.05 TWD 70
DDM Multi-Stage 10.95 TWD 18.86 TWD 23.04 TWD 61
Asset-Based
NCAV (Graham) 9.26 TWD 12.40 TWD 18.51 TWD 50

Widest divergence: Dividend Discount (18.86 TWD) versus Asset-Based (12.40 TWD). Highest evidence: Gordon GGM (70).

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Key figures & financial health

Revenue (TTM) 9.1B TWD
Revenue growth (YoY) +129%
Net margin -4.7%
Return on equity -19.7%
Free cash flow −1.7B TWD FY2025
Operating margin -3.9%
More key figures
EPS (TTM) -4.63 TWD
EPS growth (YoY) +6,518%
Net debt 13.6B TWD FY2025

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 24/100

Of which business quality 23 · Market factors (momentum, volatility) 32

Profitability 7
Margins and returns on capital today
Quality Growth 25
Are margins and returns improving?
Cashflow 4
Earnings quality: real cash, not paper profit
Fin. Strength 7
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 20
Price trend over the last 3–12 months (market factor)
52W Momentum 3
Distance to the 52-week high (market factor)
Net Issuance 93
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Star Fusion Group Co., Ltd., together with its subsidiaries, develops, distributes, and sells gaming software in Taiwan. The company engages in the operation and licensing of online games.

Full company description

Star Fusion Group Co., Ltd., together with its subsidiaries, develops, distributes, and sells gaming software in Taiwan. The company engages in the operation and licensing of online games. It also provides professional marketing strategies and planning, big data analysis services, and precise digital advertising placements across various media platforms; and collection tools for credit and debit card, supermarket, and overseas payments; cybersecurity services. In addition, the company manufactures circuit board; and produces electrical equipment, as well as offers mobile charging pole under the E-Hero Mobile Charging Robot brand name. Further, it provides semiconductor components and software; and lubricated aluminum entry plates for drilling, multilayer boards, and phenolic resin boards. Additionally, the company invests in the beauty and skincare product sector; and produces and sells application delivery controllers and secure sockets layer virtual private networks. The company was formerly known as Softstar Entertainment Inc. and changed its name to Star Fusion Group Co., Ltd. in January 2026. Star Fusion Group Co., Ltd. was founded in 1998 and is based in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Star Fusion Group reported revenue of 7.5B TWD in FY2025 versus 559M TWD in FY2021, a compound +91.1%/yr. Reported net income was −470M TWD in FY2025.

Growth Quality 38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
7.5B TWD
Latest YoY
+46.1%
Avg. growth/yr (3Y) 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.
+49.0%
Avg. growth/yr (5Y) 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.
+68.7%
Avg. growth/yr (8Y) 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.
+32.4%
Revenue +91.1%/yr
FY21 559M TWD
FY22 2.3B TWD
FY23 3.3B TWD
FY24 5.1B TWD
FY25 7.5B TWD
Net income
FY21 741M TWD
FY22 619M TWD
FY23 −335M TWD
FY24 77.5M TWD
FY25 −470M TWD

6111 screens 32% overvalued. Compare with NetEase, Inc →

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Cite: Fair Value Calculator (2026). "Star Fusion Group Fair Value". https://www.fairvalue-calculator.com/stock/6111

Peer Group

Electronic Gaming & Multimedia · 152 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.

Quality Score 24 · Bottom 25%
Fair Value upside −32% · Below median
Return on assets -4% · Bottom 25%
Net margin (TTM) -5% · Below median
Operating margin (TTM) -4% · Below median
Revenue growth 129% · Top 25%
Debt / equity 4.00× · Higher than 75% of peers

Valuation Multiples vs Electronic Gaming & Multimedia median · lower = cheaper

P/B 0.07× · Cheaper than 75% of peers
P/S (TTM) 0.01× · Cheaper than 75% of peers
EV/EBITDA 81.3× · Pricier than 75% of peers

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.

VALUE 0 · sector 15
FUTURE 100 · sector 10
PAST 0 · sector 11
HEALTH 0 · sector 99
DIVIDEND 0 · sector 41

VALUE 0: the price sits above our fair-value range.

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

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

Similar stocks

10 more Electronic Gaming & Multimedia stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
NetEase, Inc 9999 HK$202.60 HK$192.74 -5%
Electronic Arts Inc EA $207.27 $76.57 -63%
Take-Two Interactive Software, Inc TTWO $237.04 $60.45 -74%
Roblox Corporation RBLX $57.07 $21.20 -63%
Zhejiang Century Huatong Group 002602 ¥14.04 ¥14.68 +5%
KRAFTON, Inc 259960 240,500 KRW 395,557 KRW +64%
Kunlun Tech Co 300418 ¥44.61 ¥6.87 -85%
Giant Network Group 002558 ¥29.98 ¥15.69 -48%
International Games System Co 3293 704.00 TWD 568.16 TWD -19%
37 Interactive Entertainment Network Technology Group 002555 ¥19.02 ¥22.29 +17%

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Frequently asked questions

Is Star Fusion Group (6111) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 25.55 TWD versus a price of 37.50 TWD, about −32% (overvalued).
What is the fair value of 6111?
Our model-based fair value for Star Fusion Group is 25.55 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 37.50 TWD.
What is the quality score of 6111?
Star Fusion Group has a Quality Score of 24/100. 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 revenue of Star Fusion Group (6111)?
Star Fusion Group reported trailing-twelve-month revenue of about 9.1B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 6111?
The net profit margin of Star Fusion Group is about -4.7%, meaning it is currently running at a net loss. Based on the latest reported figures.

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.

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