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5864

致和證 Finance As of 2026-06-17 Updated daily after market close

strong quality, discounted valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 致和證 to your watchlist to track signal changes on your next visit.
Valuation 68Quality 99Growth 98Momentum 96Chips 65

Is 致和證 a buy? Fundamentals and valuation first

  • Top-tier profitability.Operating margin beats ~100% of the market. Latest quarterly ROE ≈ 17.3%.

  • Valuation is low.PE is in the 2th market percentile; within its own history, PE is around the 52th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 2.5% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 350.2%, above the 20% growth threshold.

  • Signals are active now.On the latest data, signals such as Revenue YoY ≥ 20% are active — see the historical forward returns after each occurrence below.

Chip flow

Bullish +0.19
BearishNeutralBullish

Institutional rotation, concentration steady — bullish

  • Institutional rotation, concentration steady — bullish
  • 兆豐-大同 holds 4,523 lots
  • sellers have 7,604 lots left, ~1350 sessions to clear

Window from 2026-01-17 · Price +156% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 兆豐-大同 has accumulated 4,523 lots since the start (sold 0%), still adding.
  • Main distributor 摩根大通 peaked at 5,352 lots, has sold 36%, 3,445 left, ~35 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders -0.34pp, mid holders +1, retail -0.62pp — little change.
  • Foreign hedge-desk net short Net short -3,236 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Branch inventory reconstruction
Accumulating holders Branches that accumulated shares during the window and still hold positive inventory; they are the absorbing side.
Distributing sellers Branches that built inventory earlier and have been selling it down; the remaining number estimates what has not cleared.
Net-short desks Trading-desk branches with negative inventory or net selling, often hedge, offsetting, or short-term flow. It is not automatically a bearish view.
Accumulating
兆豐-大同兆豐-台南新加坡商瑞銀永豐金-中正華南永昌-台中台灣企銀-台中
Distributing
摩根大通台灣摩根士丹利群益金鼎-鳳山元大-竹山國泰-敦南群益金鼎-瑞豐
Desks
own scale
元大-桃園致和證券凱基-桃園第一金-光復
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 兆豐-大同 +4,523
    sold 0%· still adding
  • 兆豐-台南 +2,016
    sold 0%· still adding
  • 新加坡商瑞銀 +1,624
    sold 0%· still adding
  • 永豐金-中正 +1,456
    sold 0%
  • 華南永昌-台中 +904
    sold 0%· still adding
  • 台灣企銀-台中 +870
    sold 0%

Distributing

  • 摩根大通 3,445 left
    sold 36%· ~35 sessions to clear
  • 台灣摩根士丹利 963 left
    sold 76%· ~10 sessions to clear
  • 群益金鼎-鳳山 2,779 left
    sold 30%· paused recently
  • 元大-竹山 1,275 left
    sold 26%· ~47 sessions to clear
  • 國泰-敦南 372 left
    sold 70%· paused recently
  • 群益金鼎-瑞豐 103 left
    sold 84%· ~5 sessions to clear

Desks

  • 元大-桃園 -3,129
    unclassified
  • 致和證券 -2,771
    unclassified
  • 凱基-桃園 -2,344
    unclassified
  • 第一金-光復 -1,607
    unclassified
Still selling 7,604 lots ~1350 sessions to bottom at most
Recent buy/sell force +9,627 absorbed / -3,588 sold buyers slightly ahead
Hedge-desk net short -1,711 lots potential cover-buying, not selling pressure
TDCC big holders · absolute-holding cross-check
>1000-lot holder share Retail (<400 lots) share Price (right axis)

Mixed direction: big-holder and retail changes are not aligned.

Describes chip flow, not investment advice. Branch data discloses only high-volume branches with ~1-day lag; TDCC is weekly. Inventory is a relative reconstruction from the window start, not absolute holdings.

Historical evidence

Signals active now

These signals are true on the latest data, with this stock's own historical forward-return stats after each occurrence.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 350.19%

Monthly revenue YoY ≥ 20%; event date is the first trading day after the filing deadline (no look-ahead).

84 historical occurrences (since 2018-04-02)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 50%, Sample 52, Median -0.17%, Excess +1.97%, Beat mkt rate 46.2%；60-day: Win 56.9%, Sample 51, Median +4.15%, Excess +5.41%, Beat mkt rate 47.1%；120-day: Win 52.1%, Sample 48, Median +5.45%, Excess +4.41%, Beat mkt rate 41.7%

120 days after: historical avg +14.3%

20-day +3.67%
60-day +11.62%
120-day +14.3%
20-day
60-day
120-day
Win
50%
56.9%
52.1%
Sample
52
51
48
Median
-0.17%
+4.15%
+5.45%
Excess
+1.97%
+5.41%
+4.41%
Beat mkt rate
46.2%
47.1%
41.7%

Over 48 occurrences, 120-day forward avg gained 14.3%, beat the market by 4.41 pts; win rate 52.1%.

Valuation regime and subsequent returns

Each day's PE is converted to its own-history percentile (as of that day), then we look at adjusted-close returns over the next 240 trading days by valuation regime.

PE percentile bandSample days240-day avg returnMedianWin rateAvg excess (vs index)
0-20 171+54% +54% 89.5% +29.3%
20-40 108+57.8% +31% 92.6% +33.9%
40-60 You are here191+2% +3.2% 55.5% -21.1%
60-80 88+36% +42.2% 67% -19.9%
80-100 62-4.9% -9.3% 25.8% -41.5%

Percentiles use an expanding own-history window (no look-ahead); forward return is 240 trading days on adjusted close. Sample days overlap; distribution is indicative only.

Current PE ≈ 6.89, at the 51.7th percentile of its own history (40-60 band).

Valuation × momentum historical grid

Every day in its own history is bucketed by valuation tercile (own-history PE) and 60-day momentum sign into six cells; we show adjusted-close returns over the next 120 trading days per cell.

Valuation
Momentum
Cheap (own-history bottom 1/3)
Mid
Expensive (own-history top 1/3)
60-day momentum up
-6.1%
Win rate 34.9% Excess -6%
43d
Now
-0.8%
Win rate 44.6% Excess -10.3%
175d
+26.2%
Win rate 27.1% Excess +5.6%
85d
60-day momentum down
+36.9%
Win rate 78.3% Excess +20.5%
267d
+48.6%
Win rate 71.8% Excess +17.9%
142d
Insufficient data
(28d)

Currently in “Mid × 60-day momentum up”: across 175 historical days, 120-day forward avg declined 0.8%, win rate 44.6%, lagged the market by 10.3%.

Days = trading days in this bucket; returns use adjusted prices, ex-costs. 60-day momentum: direction of this stock's price over the past 60 trading days.

Does this signal hold up across the market

Over the past 242 months, on average ~404 stocks per month met “monthly revenue YoY ≥ 20%”; their adjusted-close return over the next 60 trading days averaged 6.94% (equal-weighted), beating the market by 2.37 points on average, and outperformed the TAIEX total-return index in 64.5% of months.

Each month, equal-weighted 60-day forward adjusted return of all signal-matching stocks, then averaged across months; excess vs the TAIEX total-return index.

Signals not active (historical stats for reference)

These are not occurring now; historical samples shown for comparison.

252-day price high (breakout)

Pending

Adjusted close makes a new 252-day high; repeats within 20 days counted once.

11 times historically; 60-day forward avg +34.53%, win rate 88.9%, beating the market by +20.78 pts on average.

Foreign net buying for 5 straight days

Pending

Foreign net flow (ex-dealer) positive for 5 straight days; event on day 5; repeats within 20 days counted once.

25 times historically; 60-day forward avg +6.56%, win rate 54.2%, beating the market by +1.85 pts on average.

What does 致和證 do? Company profile

金融業－證券業 上櫃（證券櫃檯買賣中心 TPEx）

Overview

致和證券為台灣上櫃證券商，設立於民國78年11月4日（1989年），民國78年11月27日正式營業，民國98年4月9日登錄興櫃，民國107年4月2日正式上櫃交易，股票代號5864。總部位於台南市北區西門路三段10號。董事長為王文促，總經理為潘嬅蓁。2025年底額定股本為新台幣90億元，已發行且已收足股款股數454,496仟股，已發行股本約新台幣45.44956億元；2025年度員工人數206人。2025年度基本EPS為2.56元，歸屬普通股股東本期淨利約新台幣11.61878億元。主要股東依113年股東會年報資料日114/03/15，包括保利都投資股份有限公司47,043,830股、持股11.178%，官田投資開發股份有限公司43,279,348股、持股10.284%，陳宓娟17,353,867股、持股4.123%，陳重憲17,116,955股、持股4.067%，陳品錞16,035,848股、持股3.81%，美優實業13,281,550股、持股3.156%，統一綜合證券12,350,127股、持股2.934%。

Business

致和證券為中型綜合券商，主要業務包括證券經紀、證券自營、證券承銷、債券業務、期貨交易輔助、複委託、融資融券、借貸款項及不限用途款項借貸。2025年度部門收入約為經紀部門3.10155億元、自營部門10.97518億元、承銷部門負0.00162億元、其他0.07383億元，合計14.14894億元；2024年度收入為經紀部門3.55043億元、自營部門6.32206億元、承銷部門0.02699億元、其他0.05304億元，合計9.95252億元。經紀收入來自集中市場與櫃買市場受託買賣、信用交易、交割清算與電子交易服務；2025年度經紀手續費收入合計2.42815億元，其中集中市場1.82607億元、櫃檯買賣中心0.59939億元。自營業務以自有資金投資上市櫃股票、興櫃、債券、期貨與金融衍生商品，2025年度營業證券出售淨利益約1.15199億元，但整體自營部門收入含股利、評價及其他投資相關收益，對獲利波動影響最大。承銷業務提供公開發行、興櫃、上市櫃輔導、股票與可轉債等籌資、現增評估及財務顧問服務。公司有9個總分公司營業據點，電子下單平台包括Just Win、Web、手機APP與電話語音系統，期貨及選擇權交易採期貨交易輔助方式透過元大期貨平台進行。主要客戶為台灣個人與法人投資人、需要籌資或上市櫃輔導的企業，以及使用信用交易、借貸與複委託服務的投資人。

Outlook 2025–2028

2025至2028年展望：成長動能來自台股成交值維持高檔時的經紀手續費、自營部位投資收益、電子下單占比提升、信用與借貸款項業務擴張、承銷及財務顧問案件增加。公司已揭露2025年營業計畫重點為優化電子下單系統、增加電子交易占比、推展分戶帳交易、深耕客戶、提升員工專業、強化稽核內控與風險管理、積極參與IPO與現增承銷。2026至2028年若台股資本市場活絡、ETF與AI/半導體供應鏈交易熱度延續、企業籌資需求穩定，將有利於經紀、自營與承銷收入；若市場成交量下滑、股債評價反轉、利率與匯率波動、地緣政治與美國貿易政策造成風險性資產修正，致和證券獲利可能明顯波動。中長期挑戰包括大型金控券商與網路券商價格/平台競爭、資安與個資保護成本提高、金融監理與資本適足要求、金融商品銷售適合度與公平待客風險、承銷案件來源有限及自營部位集中度管理。公司永續報告亦揭露自2025年起導入第三方查證碳排數據，並以2030年前碳排放總量年減2%、2050年營運據點範疇一與範疇二淨零為環境目標。

Supply Chain

Upstream
  • 臺灣證券交易所 集中交易市場基礎設施與市場資訊來源，非台股掛牌公司。
  • 證券櫃檯買賣中心 上櫃、興櫃與店頭市場交易及產業鏈分類主管機構，非台股掛牌公司。
  • 臺灣集中保管結算所 證券保管、帳簿劃撥、交割結算與股務相關基礎設施，非台股掛牌公司。
  • 臺灣期貨交易所 期貨與選擇權市場基礎設施，非台股掛牌公司。
  • 元大期貨 6023 致和證券期貨與選擇權交易採期貨交易輔助方式透過元大期貨平台進行。
  • 資訊設備、軟體、資安與事務用品供應商 公司永續報告揭露上游採購項目包括電腦資訊設備、文具印刷用品、事務用品、修繕用品與禮品等，未揭露具名供應商。
Downstream
  • 個人投資人與法人投資人 證券經紀、信用交易、借貸款項、電子下單、複委託與投資理財服務客戶，非單一掛牌公司。
  • 上市櫃與興櫃公司、公開發行及擬上市櫃企業 承銷、上市櫃輔導、現金增資、可轉債、財務顧問及籌資服務對象，包含掛牌與未掛牌公司。
  • 香港交易所掛牌證券投資人 公司複委託業務目前揭露限香港交易所並經主管機關允許之交易標的；香港交易所本身為香港上市公司，非台股掛牌。
  • 股東與投資人 公司透過穩健經營、股利政策與資訊揭露回饋股東，屬金融服務價值鏈下游利害關係人。

Competitors

  • 群益證券 6005 台股上市券商，與致和證券在證券經紀、自營、承銷及財富管理等業務競爭。
  • 宏遠證券 6015 台股上櫃券商，與致和證券同屬證券業，在經紀、自營與承銷市場競爭。
  • 康和證券 6016 台股上櫃券商，與致和證券同為中型券商競爭者。
  • 福邦證券 6026 台股上櫃券商，與致和證券在承銷、經紀與自營業務競爭。
  • 美好證券 6021 台股上櫃券商，與致和證券同屬證券業競爭者。
  • 元大金控／元大證券 2885 元大證券為大型券商但未單獨掛牌，母公司元大金控為台股上市公司；在經紀、市占、電子交易、財富管理與承銷具規模競爭優勢。
  • 凱基金控／凱基證券 2883 凱基證券未單獨掛牌，母公司凱基金控為台股上市公司；屬大型金控券商競爭者。
  • 富邦金控／富邦證券 2881 富邦證券未單獨掛牌，母公司富邦金控為台股上市公司；在經紀、財富管理與金融集團通路上競爭。
  • 統一綜合證券 2855 台股上市券商，也是致和證券主要股東之一；在經紀、自營、承銷市場亦具同業競爭關係。
Sources（15）

This company profile is compiled from public sources (annual reports, filings, news and analyst reports), not finlab backtest data; the 2025–2028 outlook contains forward-looking estimates and is for reference only.

Method and limitations

  • All returns use adjusted close (etl:adj_close), already adjusted for dividends and splits.
  • Excess return is measured against the TAIEX total-return index (dividends included).
  • Valuation regime and percentile stats use an expanding own-history window (no future data).
  • Revenue-signal event dates align to the first trading day after the filing deadline, avoiding look-ahead.
  • Event samples may overlap in time; stats describe historical distribution only and are less reliable when samples are few.

This page is historical statistics for educational purposes and is not investment advice. Investing involves risk; past performance does not indicate future results. Assess and bear the risk yourself before trading.