Horizon Securities Co., Ltd. (6015) AI Stock Analysis

Horizon Securities Co., Ltd.

(TPEx:6015)

Select Model

Rating:55Neutral

Price Target:TWD 15.00▼(-2.91% Downside)

Action:initiatedcoverage

Date:11/10/26

The overall score is constrained by a sharp conflict between strong valuation and weak technicals. The stock's extremely low P/E of 3.54 and high 3.74% dividend yield are major positives, suggesting deep undervaluation. However, this is offset by bearish technical momentum, with the price trading below all major moving averages and an oversold RSI of 25, indicating the market is pricing in significant fundamental risk. Financial performance is a middling factor, with a much-improved balance sheet providing stability, but volatile revenue and thin, inconsistent profitability preventing a higher score.

Positive Factors

Recovered profitabilityThe 2025 recovery shows that Horizon can generate solid operating and net profits when market conditions improve. This provides a stronger base for the next several quarters, although the durability of the recovery depends on sustaining activity across its securities and capital-markets businesses.

Negative Factors

Cyclical earningsThe uneven revenue history and earnings below the 2021 peak indicate that Horizon’s results are closely tied to market and trading cycles. This makes the recent recovery less dependable as a compounding trend and can produce materially weaker profitability when activity declines.

Horizon Securities Co., Ltd. (6015) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 6.24B
Dividend Yield: 3.56%
Average Volume (3M): 2.17M
Price to Earnings (P/E): 3.6
Beta (1Y): 1.00
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

Financial performance is mixed. The balance sheet has significantly improved with lower leverage (debt-to-equity of 0.79x), but income statement trends are volatile with a recent 12.7% revenue drop and inconsistent margins. Cash flow has turned positive and free cash flow grew 30%, yet historical instability in earnings and cash generation remains a concern.

Income Statement

45Neutral

Balance Sheet

62Positive

Cash Flow

55Neutral

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6015 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6026	68Neutral	TWD 6.08B	3.94	―	8.80%	104.45%	396.63%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6015	55Neutral	TWD 6.13B	3.62	―	3.56%	89.73%	1994.47%

* General Sector Average

Performance Comparison

TW:6015 and its peers over the selected period
Show on chart	Ticker	Company Name	Price	Change	% Change
	TW:6015	Horizon Securities Co., Ltd.	15.45	5.13	49.78%
	TW:6026	Grand Fortune Securities Co. Ltd.	15.50	4.31	38.50%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

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

Horizon Securities Co., Ltd. AI Stock Analysis