Global Brands Manufacture Ltd (6191) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Global Brands Manufacture Ltd TWD 126, price TWD 82.30, upside +52.6%, quality 51 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 21.83 TWD – 146.50 TWD · fair‑value band 90.21 TWD – 162.31 TWD · the 82.30 TWD price screens below the 125.55 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. Dashed = 300-day average. As of Sep 24, 2026.
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Global Brands Manufacture Ltd., together with its subsidiaries, engages in printed circuit boards (PCB) production and electronic manufacturing service (EMS) business in Taiwan.
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Global Brands Manufacture Ltd., together with its subsidiaries, engages in printed circuit boards (PCB) production and electronic manufacturing service (EMS) business in Taiwan. It manufactures, fabricates, assembles, and sells PCBs that are used in desktop PCs, network and communication products, digital cameras, automotive electronics, consumer electronics, IT products, and others. The company also provides EMS services, including SMT assembly, tooling, and plastic and systems assembly, as well as CRT/LCD monitors, TFT LCD TVs, DVD players, DVD recorder, power supply, multimedia, industrial control boards, and air-con boards. In addition, it engages in investment; industrial plant lease and property management; manufacture of machine and equipment; and waste recycling and wastewater treatment activities. Further, the company supplies its products to various industries, such as information, communication, automobiles, and consumer electronics. The company was formerly known as Cyber Solutions Corporation and changed its name to Global Brands Manufacture Ltd. in 2003. Global Brands Manufacture Ltd. was incorporated in 1973 and is headquartered in Taipei, Taiwan.
Stock analysis
Global Brands Manufacture Ltd (6191) currently trades at 82.30 TWD, while our model-based Fair Value estimate is 125.55 TWD, implying the stock looks roughly 34.4% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 132.50 TWD per share, and 16 of the 24 models we run sit above the 82.30 TWD price.
Bear case: the Dividend Discount group reads lowest at 27.20 TWD, and 8 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: 90.21 TWD (bear) to 162.31 TWD (bull), the price of 82.30 TWD sits below 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 51/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Global Brands Manufacture Ltd reported revenue of 33.7B TWD in FY2025 versus 27.6B TWD in FY2021, a compound +5.1%/yr. Reported net income was 3.2B TWD in FY2025, compounding +2.2%/yr from FY2021.
Key figures
Market cap 44.8B TWD (≈ $1.4B) · P/E ratio 12.5 · P/S ratio 1.17 · EPS (TTM) 6.56 TWD · Dividend yield 3.2% · Net margin 9.4% · Return on equity 12.4% · Return on assets (EBIT) 9.2%.
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 37% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −66% fair-value upside, at 53%, 6191 screens cheaper than that median.
Fair Value models
Bear 90.21 TWDFair Value 125.55 TWDBull 162.31 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 (4.80 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.81/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+55.5%
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.
+11.6%
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.
+8.1%
Start year 2020 (pandemic). Over 10 years: +3.8% a year
Revenue growth 23 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.
+14.9%
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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.
+15.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.0%
Dividend (yield on the price)3.2%
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.12% vs 25%, 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.11% → 10%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 2.3%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+6.3%
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 +4.6% a year for the price.
Compare Global Brands Manufacture Ltd 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.Electronic Components · 654 stocks
Beats the industry median on 12/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score51 · Below median
Fair Value upside+53% · Top 25%
Profitability
Return on equity (TTM)12% · Top 25%
Return on assets4% · Above median
Net margin (TTM)8% · Above median
Operating margin (TTM)8% · Above median
Growth and dividend
Revenue growth81% · Top 25%
Dividend yield (TTM)3.2% · Top 25%
Balance sheet
Debt / equity0.27× · Highest 25%
Valuation Multiplesvs Electronic Components median · lower = cheaper
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Is Global Brands Manufacture Ltd (6191) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 125.55 TWD versus a price of 82.30 TWD, about +53% upside (undervalued).
What is the fair value of 6191?
Our model-based fair value for Global Brands Manufacture Ltd is 125.55 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 82.30 TWD.
What is the quality score of 6191?
Global Brands Manufacture Ltd has a Quality Score of 51/100. 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 Global Brands Manufacture Ltd (6191)?
Our model-based price target is the fair value of 125.55 TWD (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 90.21 TWD, optimistic scenario 162.31 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Global Brands Manufacture Ltd stock forecast for 2026?
Our models put fair value at 125.55 TWD, about +53% upside versus a price of 82.30 TWD (undervalued). Cautious scenario 90.21 TWD, optimistic scenario 162.31 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Global Brands Manufacture Ltd (6191)?
Global Brands Manufacture Ltd reported trailing-twelve-month revenue of about 37.9B TWD (latest available figure, as of Sep 24, 2026).
Does Global Brands Manufacture Ltd pay a dividend?
Global Brands Manufacture Ltd currently shows a dividend yield of about 3.18% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Global Brands Manufacture Ltd (6191)?
For today's price to be fair in a discounted-cash-flow model, Global Brands Manufacture Ltd would have to grow free cash flow by +6.3 % per year for five years (discount rate 10.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 6191 use?
Our models discount Global Brands Manufacture Ltd at 10.6 %: a base by market capitalisation (small), damped by beta 0.59, 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 Global Brands Manufacture Ltd that is +6.3 % per year a year over ten years, using the same discount rate (10.6 %) and the same formula as our fair value.
How much growth has Global Brands Manufacture Ltd (6191) delivered so far?
Over the past 5 years revenue at Global Brands Manufacture Ltd grew +8.1 % a year. The price currently implies +6.3 % 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 Global Brands Manufacture Ltd (6191) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Global Brands Manufacture Ltd (+6.3 % 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 Global Brands Manufacture Ltd (6191)?
The free-cash-flow yield on the price is 7.67 %: that much free cash flow Global Brands Manufacture Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Global Brands Manufacture Ltd (6191)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Global Brands Manufacture Ltd it is 125.55 TWD per share (as of Sep 24, 2026), against a price of 82.30 TWD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Global Brands Manufacture Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 6191 trades below its calculated fair value: price 82.30 TWD, fair value 125.55 TWD, a gap of about +53% (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 6191?
No. The price is what the market pays today (82.30 TWD); the fair value is what the company's own numbers justify (125.55 TWD). For Global Brands Manufacture Ltd the two are 43.25 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Global Brands Manufacture Ltd worth?
The market values Global Brands Manufacture Ltd at about 44.8B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 82.30 TWD; our models calculate a fair value of 125.55 TWD per share.
What do the bullish and bearish scenarios say about 6191?
Our models span a range for Global Brands Manufacture Ltd: cautious scenario 90.21 TWD, base 125.55 TWD, optimistic 162.31 TWD per share (as of Sep 24, 2026, price 82.30 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6191?
Global Brands Manufacture Ltd trades at a price-to-earnings ratio of 12.5 (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 125.55 TWD is built from several models across several years. Other multiples: PEG 5.6, P/B 1.7, P/S 1.2, EV/EBITDA 6.7.
What is the PEG ratio of 6191?
The PEG ratio of Global Brands Manufacture Ltd is 5.55 (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 Global Brands Manufacture Ltd (6191)?
Balance-sheet figures for Global Brands Manufacture Ltd (as of Sep 24, 2026): return on equity 12.4%, debt of 0.27 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is 6191 from its 52-week high?
Global Brands Manufacture Ltd trades at 82.30 TWD, about 37% below its 52-week high of 131.50 TWD and 6% above the low of 77.40 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 125.55 TWD is for.
Which stocks are comparable to Global Brands Manufacture Ltd?
From the same area (Technology) we also value Amphenol Corporation, Delta Electronics, Inc, Corning Incorporated, Hon Hai Precision Industry Co, 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 Global Brands Manufacture Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 82.30 TWD, calculated fair value 125.55 TWD (+53%), Quality Score 51/100, from 24 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 6191 calculated?
We run Global Brands Manufacture Ltd through 24 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 125.55 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. Global Brands Manufacture Ltd currently trades 53 % 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 Global Brands Manufacture Ltd (6191)?
The closing price on Sep 24, 2026 was 82.30 TWD. Our model-based fair value is 125.55 TWD, about +53% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Global Brands Manufacture Ltd right now?
The price is below even our cautious bear case (90.21 TWD). The market is more pessimistic than our downside scenario. Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Global Brands Manufacture Ltd (6191) come from?
Earnings per share at Global Brands Manufacture Ltd grew +27.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.2 %, EBIT margin +28.3 %, tax rate −0.8 %, residual (interest, one-offs) +0.3 %. 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 Global Brands Manufacture Ltd
How large is the market capitalisation of Global Brands Manufacture Ltd (6191)?
The market capitalisation of Global Brands Manufacture Ltd is 44.8B TWD (≈ $1.4B). 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 Global Brands Manufacture Ltd (6191)?
The price-to-sales ratio of Global Brands Manufacture Ltd is 1.17 (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 Global Brands Manufacture Ltd (6191)?
Earnings per share at Global Brands Manufacture Ltd are 6.56 TWD (price ÷ EPS = P/E 12.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Global Brands Manufacture Ltd (6191)?
The dividend yield of Global Brands Manufacture Ltd is 3.2% (payout 39.9%). 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 Global Brands Manufacture Ltd (6191)?
The net margin of Global Brands Manufacture Ltd is 9.4% (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 Global Brands Manufacture Ltd (6191)?
The return on equity (ROE) of Global Brands Manufacture Ltd is 12.4% (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 Global Brands Manufacture Ltd (6191)?
On an EBIT basis the return on assets of Global Brands Manufacture Ltd is 9.2% (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 Global Brands Manufacture Ltd (6191)?
The operating margin of Global Brands Manufacture Ltd is 8.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Global Brands Manufacture Ltd (6191)?
Revenue at Global Brands Manufacture Ltd is growing +80.9% versus a year earlier (3y avg +11.6%). 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 Global Brands Manufacture Ltd (6191)?
Earnings per share at Global Brands Manufacture Ltd are growing +1.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Global Brands Manufacture Ltd (6191) carry?
The net debt of Global Brands Manufacture Ltd is 7.5B TWD (fiscal year 2025, ≈ 2.5 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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