Hotai Finance Corp (6592) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Hotai Finance Corp TWD 74.80, price TWD 57.60, upside +29.9%, quality 42 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 23, 2026.
How to read this chart
60‑month range 49.37 TWD – 117.41 TWD · fair‑value band 44.26 TWD – 107.10 TWD · the 57.60 TWD price screens below the 74.80 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Hotai Finance Co., Ltd. provides sales and leasing services for vehicles and equipment in Taiwan and China. The company offers installment and refinancing installment loans for new/used cars, heavy motorcycles, and scooters; installment loans for commodities and equipment; and raw materials financing services.
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Hotai Finance Co., Ltd. provides sales and leasing services for vehicles and equipment in Taiwan and China. The company offers installment and refinancing installment loans for new/used cars, heavy motorcycles, and scooters; installment loans for commodities and equipment; and raw materials financing services. It also provides mobile payments and digital services. The company was incorporated in 1999 and is based in Taipei, Taiwan.
Stock analysis
Hotai Finance Corp (6592) currently trades at 57.60 TWD, while our model-based Fair Value estimate is 74.80 TWD, implying the stock looks roughly 23.0% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 91.54 TWD per share, and 10 of the 13 models we run sit above the 57.60 TWD price.
Bear case: the Asset-Based group reads lowest at 40.17 TWD, and 3 of the 13 models stay below the price. Evidence for this calculation is high.
Scenario range: 44.26 TWD (bear) to 107.10 TWD (bull), the price of 57.60 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 42/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Hotai Finance Corp reported revenue of 23.7B TWD in FY2025 versus 18.0B TWD in FY2021, a compound +7.2%/yr. Reported net income was 3.4B TWD in FY2025, compounding +1.8%/yr from FY2021.
Key figures
Market cap 41.9B TWD (≈ $1.3B) · P/E ratio 11.9 · P/S ratio 1.69 · EPS (TTM) 4.85 TWD · Dividend yield 5.1% · Net margin 14.2% · Return on equity 8.7% · Return on assets (EBIT) 2.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (medium confidence).
What moves the price
The share trades about 25% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −32% fair-value upside, at 30%, 6592 screens cheaper than that median.
Fair Value models
Bear 44.26 TWDFair Value 74.80 TWDBull 107.10 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 (1.31 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.80/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−18.2%
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.
+1.3%
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.
+10.1%
Start year 2020 (pandemic). Over 10 years: +6.5% a year
Revenue growth 12 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.
+8.6%
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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.
+2.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.5%
Dividend (yield on the price)5.1%
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.−3% vs 5%, 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.31% → 17%
Start year 2020 (pandemic)
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).
+25.9%
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 +24.0% a year for the price.
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.Credit Services · 332 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score38 · Bottom 25%
Fair Value upside+29% · Above median
Profitability
Return on equity (TTM)9% · Above median
Return on assets1% · Below median
Net margin (TTM)19% · Below median
Operating margin (TTM)23% · Below median
Growth and dividend
Revenue growth2% · Below median
Dividend yield (TTM)5.1% · Above median
Balance sheet
Debt / equity0.23× · Below median
Valuation Multiplesvs Credit Services median · lower = cheaper
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Is Hotai Finance Corp (6592) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 74.80 TWD versus a price of 57.60 TWD, about +30% upside (undervalued).
What is the fair value of 6592?
Our model-based fair value for Hotai Finance Corp is 74.80 TWD (as of Sep 23, 2026), built from audited fundamentals. The current price: 57.60 TWD.
What is the quality score of 6592?
Hotai Finance Corp has a Quality Score of 42/100. 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 Hotai Finance Corp (6592)?
Our model-based price target is the fair value of 74.80 TWD (as of Sep 23, 2026) from 13 valuation models. Cautious scenario 44.26 TWD, optimistic scenario 107.10 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Hotai Finance Corp stock forecast for 2026?
Our models put fair value at 74.80 TWD, about +30% upside versus a price of 57.60 TWD (undervalued). Cautious scenario 44.26 TWD, optimistic scenario 107.10 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Hotai Finance Corp (6592)?
Hotai Finance Corp reported trailing-twelve-month revenue of about 19.0B TWD (latest available figure, as of Sep 23, 2026).
Does Hotai Finance Corp pay a dividend?
Hotai Finance Corp currently shows a dividend yield of about 5.06% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Hotai Finance Corp (6592)?
For today's price to be fair in a discounted-cash-flow model, Hotai Finance Corp would have to grow free cash flow by +25.9 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.1 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 6592 use?
Our models discount Hotai Finance Corp at 8.6 %: a base by market capitalisation (large), damped by beta 0.16, 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 Hotai Finance Corp that is +25.9 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Hotai Finance Corp (6592) delivered so far?
Over the past 5 years revenue at Hotai Finance Corp grew +10.1 % a year. The price currently implies +25.9 % 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 Hotai Finance Corp (6592) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Hotai Finance Corp (+25.9 % 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 Hotai Finance Corp (6592)?
The free-cash-flow yield on the price is 12.91 %: that much free cash flow Hotai Finance Corp produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hotai Finance Corp (6592)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hotai Finance Corp it is 74.80 TWD per share (as of Sep 23, 2026), against a price of 57.60 TWD. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Hotai Finance Corp stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 6592 trades below its calculated fair value: price 57.60 TWD, fair value 74.80 TWD, a gap of about +30% (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 6592?
No. The price is what the market pays today (57.60 TWD); the fair value is what the company's own numbers justify (74.80 TWD). For Hotai Finance Corp the two are 17.20 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Hotai Finance Corp worth?
The market values Hotai Finance Corp at about 41.9B TWD (market capitalisation, as of Sep 23, 2026). Per share that is 57.60 TWD; our models calculate a fair value of 74.80 TWD per share.
What do the bullish and bearish scenarios say about 6592?
Our models span a range for Hotai Finance Corp: cautious scenario 44.26 TWD, base 74.80 TWD, optimistic 107.10 TWD per share (as of Sep 23, 2026, price 57.60 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6592?
Hotai Finance Corp trades at a price-to-earnings ratio of 11.9 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 74.80 TWD is built from several models across several years. Other multiples: P/B 1.1, P/S 2.2, EV/EBITDA 10.1.
How solid is the balance sheet of Hotai Finance Corp (6592)?
Balance-sheet figures for Hotai Finance Corp (as of Sep 23, 2026): return on equity 8.7%, debt of 0.23 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is 6592 from its 52-week high?
Hotai Finance Corp trades at 57.60 TWD, about 25% below its 52-week high of 76.46 TWD and 10% above the low of 52.48 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 74.80 TWD is for.
Which stocks are comparable to Hotai Finance Corp?
From the same area (Financial Services) we also value Visa Inc, Mastercard Incorporated, American Express Company, Capital One Financial Corporation, 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 Hotai Finance Corp stock attractive at the current price?
The data as of Sep 23, 2026: price 57.60 TWD, calculated fair value 74.80 TWD (+30%), Quality Score 42/100, from 13 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 6592 calculated?
We run Hotai Finance Corp through 13 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 74.80 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. Hotai Finance Corp currently trades 30 % 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 Hotai Finance Corp (6592)?
The closing price on Sep 24, 2026 was 57.60 TWD. Our model-based fair value is 74.80 TWD, about +30% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hotai Finance Corp right now?
A fairly wide model range (44.26 TWD to 107.10 TWD) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Hotai Finance Corp (6592) come from?
Earnings per share at Hotai Finance Corp grew +6.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.0 %, EBIT margin +16.3 %, tax rate −0.6 %, residual (interest, one-offs) −11.4 %. 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 Hotai Finance Corp
How large is the market capitalisation of Hotai Finance Corp (6592)?
The market capitalisation of Hotai Finance Corp is 41.9B TWD (≈ $1.3B). 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 Hotai Finance Corp (6592)?
The price-to-sales ratio of Hotai Finance Corp is 1.69 (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 Hotai Finance Corp (6592)?
Earnings per share at Hotai Finance Corp are 4.85 TWD (price ÷ EPS = P/E 11.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hotai Finance Corp (6592)?
The dividend yield of Hotai Finance Corp is 5.1% (payout 60.1%). 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 Hotai Finance Corp (6592)?
The net margin of Hotai Finance Corp is 14.2% (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 Hotai Finance Corp (6592)?
The return on equity (ROE) of Hotai Finance Corp is 8.7% (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 Hotai Finance Corp (6592)?
On an EBIT basis the return on assets of Hotai Finance Corp is 2.4% (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 Hotai Finance Corp (6592)?
The operating margin of Hotai Finance Corp is 23.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hotai Finance Corp (6592)?
Revenue at Hotai Finance Corp is growing +1.6% versus a year earlier (3y avg +1.3%). 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 Hotai Finance Corp (6592)?
Earnings per share at Hotai Finance Corp are growing +62.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Hotai Finance Corp (6592) carry?
The net debt of Hotai Finance Corp is 275B TWD (fiscal year 2025, ≈ 50.8 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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