Horizon Securities Co., Ltd. AI Stock Analysis
Horizon Securities Co., Ltd. (6015) AI Stock Analysis
Horizon Securities Co., Ltd.
(TPEx:6015)
Horizon Securities earns a middling score. Financially it is sound and increasingly conservative — leverage has halved since 2020, equity is growing, and free cash flow backs reported earnings — but revenue and profit both declined in fiscal 2025, margins have compressed three years running, and return on equity is modest at 5.4%. The most attractive feature is valuation: a 3.4x P/E and 3.74% dividend yield offer a wide margin of safety. The main drag is technical, with the share price below all major moving averages and negative MACD confirming a downtrend, though deeply oversold RSI and Stochastic readings suggest selling may be extended. Overall, a cheap, conservatively funded but cyclical broker currently lacking positive earnings and price momentum.
Horizon Securities Co., Ltd. (6015) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 6.18B
- Dividend Yield
- 3.62%
- Average Volume (3M)
- 2.19M
- Price to Earnings (P/E)
- 3.5
- Beta (1Y)
- 1.01
- Revenue Growth
- 89.73%
- EPS Growth
- 1994.47%
- Country
- TW
- Employees
- 470
- Sector
- General
- Sector Strength
- 55
- Industry
- Financial - Capital Markets
Horizon Securities Co., Ltd. Business Overview & Revenue Model
Company Description
Horizon Securities Co., Ltd. operates as a key provider of financial services within Taiwan's securities market. Its comprehensive suite of offerings encompasses international securities trading, underwriting, and share registry management. Beyond th...
Horizon Securities Co., Ltd. Financial Statement Overview
Summary
Horizon Securities is financially stable but showing soft momentum. The balance sheet has improved markedly, with debt-to-equity falling to 0.79 from 2.00 in 2020 and equity building to NT$5.58 billion, while cash flow is genuine — NT$549 million operating and NT$480 million free cash flow, covering roughly 87% of net income. Offsetting this, fiscal 2025 revenue fell about 13% to NT$1.57 billion and net income declined about 11% to NT$299 million, gross margin compressed for a third consecutive year to 77.5%, and return on equity is thin at 5.4%. The track record is highly cyclical, swinging from a record 2021 profit to a 2022 loss, so earnings predictability remains limited.
Income Statement
58NeutralBalance Sheet
64PositiveCash Flow
63Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.48B | 1.57B | 1.80B | 1.35B | 1.09B | 3.04B |
| Gross Profit | 3.08B | 1.22B | 1.50B | 1.17B | 732.34M | 2.65B |
| EBITDA | 2.09B | 535.48M | 599.77M | 371.66M | -64.50M | 1.46B |
| Net Income | 1.72B | 299.01M | 337.46M | 179.80M | -220.18M | 1.24B |
Balance Sheet | ||||||
| Total Assets | 20.78B | 16.56B | 14.04B | 15.47B | 10.09B | 16.50B |
| Cash, Cash Equivalents and Short-Term Investments | 7.77B | 3.55B | 7.40B | 8.92B | 5.15B | 8.50B |
| Total Debt | 3.70B | 4.40B | 4.23B | 6.68B | 2.94B | 4.85B |
| Total Liabilities | 13.92B | 10.98B | 8.60B | 10.73B | 5.56B | 11.17B |
| Stockholders Equity | 6.85B | 5.58B | 5.44B | 4.74B | 4.53B | 5.33B |
Cash Flow | ||||||
| Free Cash Flow | 781.86M | 479.72M | 580.34M | -449.51M | 235.04M | 1.53B |
| Operating Cash Flow | 821.24M | 549.43M | 617.37M | -416.59M | 318.89M | 1.58B |
| Investing Cash Flow | -582.13M | -288.65M | -63.43M | -20.28M | -73.76M | -272.70M |
| Financing Cash Flow | 104.80M | -5.54M | 14.37M | 109.55M | -895.20M | 579.57M |
Horizon Securities Co., Ltd. Peers Comparison
Overall Rating
TW:602668Neutral- TW:601561Neutral
Financial Indicators
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:6015 | Horizon Securities Co., Ltd. | 15.20 | 4.88 | 47.36% | |
| TW:6026 | Grand Fortune Securities Co. Ltd. | 15.35 | 4.07 | 36.05% |
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Nov 09, 2026