Golden Insurance Brokers Co., Ltd. (6028) AI Stock Analysis

Golden Insurance Brokers Co., Ltd.

(TPEx:6028)

Select Model

Rating:68Neutral

Price Target:TWD 113.00▼(-1.74% Downside)

Action:initiatedcoverage

Date:11/09/26

Golden Insurance Brokers scores moderately above average. The core attraction is an inexpensive 9.4x P/E paired with a 6.6% dividend yield and a conservatively financed balance sheet (0.26 debt-to-equity, 26.7% ROE) backed by consistently positive free cash flow. The main risk is deteriorating profitability: rapid revenue growth has come with sharp margin compression, the first net income decline in three years, and a steep pullback in operating and free cash flow. Technically the stock remains in a longer-term uptrend above its 50-, 100- and 200-day averages, though short-term momentum has softened. Earnings call and corporate event data were unavailable and excluded, with their weight redistributed across the remaining components.

Positive Factors

Multi-year revenue expansionStrong revenue expansion across 2022–2025 indicates that the brokerage has been scaling its distribution and advisory platform over time. Although the latest year softened slightly, the multi-year trajectory supports continued market reach and a durable base for future earnings generation.

Negative Factors

Margin compressionThe sharp 2025 decline in gross and net margins indicates that recent growth has become less profitable. If higher costs or pricing pressure persist, earnings may remain constrained even when revenue scales, weakening the company’s ability to compound profits consistently.

Golden Insurance Brokers Co., Ltd. (6028) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.63B
Dividend Yield: 5.93%
Average Volume (3M): 37.67K
Price to Earnings (P/E): 9.5
Beta (1Y): 0.12
Revenue Growth: ―
EPS Growth: ―
Country: TW
Employees: 157
Sector: General
Sector Strength: 55
Industry: Insurance - Brokers

Golden Insurance Brokers Co., Ltd. Business Overview & Revenue Model

Company Description

Golden Insurance Brokers Co.,Ltd. is a Taiwanese enterprise primarily engaged in mediating both life and property insurance policies. The company's diverse service offerings encompass personal and property insurance brokerage, investment consultation...

Golden Insurance Brokers Co., Ltd. Financial Statement Overview

Summary

Revenue has roughly doubled over three years to NT$4.72 billion, and the balance sheet is clean with debt-to-equity of just 0.26 and a strong 26.7% return on equity. Offsetting this, margins compressed across the board (gross 10.3% from 15.6%, net 3.7% from 5.3%), net income fell to NT$172.8 million, and operating and free cash flow dropped roughly 40-46% after an unusually strong prior year. Cash generation still exceeds reported profit, but earnings quality is increasingly volume-driven rather than margin-driven.

Income Statement

60Neutral

Balance Sheet

72Positive

Cash Flow

63Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.36B	4.72B	4.48B	3.04B	2.19B	2.25B
Gross Profit	584.27M	486.67M	697.32M	485.65M	369.68M	385.08M
EBITDA	416.03M	330.09M	389.50M	229.21M	158.87M	177.68M
Net Income	255.77M	172.84M	238.90M	119.17M	64.91M	81.05M
Balance Sheet
Total Assets	1.85B	1.58B	1.57B	1.23B	975.83M	1.01B
Cash, Cash Equivalents and Short-Term Investments	789.14M	500.99M	571.99M	331.54M	257.95M	243.80M
Total Debt	190.63M	169.51M	128.67M	107.20M	115.84M	141.26M
Total Liabilities	938.26M	930.70M	934.54M	740.14M	548.46M	578.07M
Stockholders Equity	914.82M	648.28M	635.44M	486.54M	427.38M	432.46M
Cash Flow
Free Cash Flow	373.29M	187.06M	389.63M	183.59M	135.90M	114.41M
Operating Cash Flow	419.29M	256.70M	430.07M	215.57M	163.19M	145.32M
Investing Cash Flow	-65.27M	-100.02M	-46.48M	-81.28M	-28.86M	-28.13M
Financing Cash Flow	-363.68M	-227.69M	-143.14M	-110.70M	-120.19M	-116.78M

Golden Insurance Brokers Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6028 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6028	68Neutral	TWD 2.83B	9.55	―	5.93%	―	―
TW:5210	64Neutral	TWD 2.49B	27.61	―	―	6.74%	94.68%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

TW:6028 and its peers over the selected period
Show on chart	Ticker	Company Name	Price	Change	% Change
	TW:6028	Golden Insurance Brokers Co., Ltd.	115.00	-3.55	-3.00%
	TW:5210	Apex International Financial Engineering Res & Tech Co., Ltd.	30.00	8.20	37.61%

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

Golden Insurance Brokers Co., Ltd. AI Stock Analysis