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6020

大展證 Finance As of 2026-06-17 Updated daily after market close

strong quality, fair valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 大展證 to your watchlist to track signal changes on your next visit.
Valuation 57Quality 80Growth 99Momentum 66Chips 58

Is 大展證 a buy? Fundamentals and valuation first

  • Top-tier profitability.Operating margin beats ~100% of the market. Latest quarterly ROE ≈ 2.5%.

  • Valuation is neutral.PE is in the 49th market percentile; within its own history, PE is around the 42th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 1.4% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 1285.0%, 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 +0.22
BearishNeutralBullish

Institutional rotation, concentration steady — bullish

  • Institutional rotation, concentration steady — bullish
  • 大展 holds 771 lots
  • sellers have 34 lots left, ~30 sessions to clear

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

  • Largest holder 大展 has accumulated 771 lots since the start (sold 3%), still adding.
  • Main distributor 中國信託-中壢 peaked at 81 lots, has sold 75%, 20 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders -0.19pp, mid holders -2, retail +0.60pp — little change.
  • Foreign hedge-desk net short Net short -16 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
大展元大-館前臺銀-臺南華南永昌元大-台北台新-安南
Distributing
中國信託-中壢凱基-城中國票-桃園摩根大通新光國泰-高雄
Desks
own scale
大昌元大-忠孝鼎富新百王第一金-澎湖
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 大展 +771
    sold 3%· still adding
  • 元大-館前 +314
    sold 16%· still adding
  • 臺銀-臺南 +208
    sold 10%
  • 華南永昌 +123
    sold 20%· still adding
  • 元大-台北 +65
    sold 0%· still adding
  • 台新-安南 +65
    sold 0%· still adding

Distributing

  • 中國信託-中壢 20 left
    sold 75%· paused recently
  • 凱基-城中 34 left
    sold 56%· paused recently
  • 國票-桃園 45 left
    sold 40%· paused recently
  • 摩根大通 26 left
    sold 30%· paused recently
  • 新光 25 left
    sold 26%· paused recently
  • 國泰-高雄 6 left
    sold 82%· ~2 sessions to clear

Desks

  • 大昌 -1,355
    unclassified
  • 元大-忠孝鼎富 -883
    unclassified
  • 新百王 -110
    unclassified
  • 第一金-澎湖 -93
    unclassified
Still selling 34 lots ~30 sessions to bottom at most
Recent buy/sell force +880 absorbed / -80 sold buyers slightly ahead
TDCC big holders · absolute-holding cross-check
>1000-lot holder share Retail (<400 lots) share Price (right axis)

Weak direction: big-holder share fell while retail share rose.

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 1284.97%

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

126 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 51.7%, Sample 118, Median +0.32%, Excess -0.68%, Beat mkt rate 36.4%；60-day: Win 52.6%, Sample 116, Median +0.46%, Excess -1.29%, Beat mkt rate 32.8%；120-day: Win 53.5%, Sample 114, Median +1.36%, Excess -4.74%, Beat mkt rate 34.2%

120 days after: historical avg +3.9%

20-day +1.11%
60-day +3.91%
120-day +3.9%
20-day
60-day
120-day
Win
51.7%
52.6%
53.5%
Sample
118
116
114
Median
+0.32%
+0.46%
+1.36%
Excess
-0.68%
-1.29%
-4.74%
Beat mkt rate
36.4%
32.8%
34.2%

Over 114 occurrences, 120-day forward avg gained 3.9%, lagged the market by 4.74 pts; win rate 53.5%.

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)
0-20 704-4.5% -2.5% 35.2% -15%
20-40 362+5.1% +1.1% 55% -14.6%
40-60 You are here488+12.3% +7.1% 63.5% -14.4%
60-80 247+10.8% +11.7% 86.2% -17.2%
80-100 409+19.5% +8.5% 74.8% -6.6%

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 ≈ 21.67, at the 42.1th 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
-0.1%
Win rate 39.3% Excess -5.6%
514d
Now
+2.1%
Win rate 54.8% Excess -6.8%
385d
+5.4%
Win rate 84.5% Excess -15.9%
213d
60-day momentum down
+3.2%
Win rate 48.3% Excess -1.8%
422d
+10.7%
Win rate 77.3% Excess -6.6%
352d
-0.2%
Win rate 48% Excess -15.2%
444d

Currently in “Mid × 60-day momentum up”: across 385 historical days, 120-day forward avg gained 2.1%, win rate 54.8%, lagged the market by 6.8%.

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.

18 times historically; 60-day forward avg +2.03%, win rate 52.9%, beating the market by -2.72 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.

5 times historically; 60-day forward avg -1.13%, win rate 40%, beating the market by -8.24 pts on average.

What does 大展證 do? Company profile

證券業 上櫃

Overview

6020 對應證券為大展證券股份有限公司，簡稱大展證，屬櫃買中心上櫃普通股，不是 ETF、ETN、特別股或權證。公司成立於 1988/06/17，公開發行日期 1989/10/28，興櫃日期 2002/10/01，上櫃日期 2003/01/23。總部位於台北市大同區承德路一段17號17樓；統一編號 22955802；實收資本額約新台幣25.235億元，已發行普通股 252,353,154 股，每股面額新台幣10元。董事長為李玉萍，總經理為李俊龍，發言人為曾煥祥。公司網站揭露之較舊版前十大股東資料顯示，力新投資、昇威投資、巨發投資及朱茂隆、李玉萍等關係人為主要持股者；第三方籌碼資料顯示董監事及大股東持股集中度高。104人力銀行頁面揭露員工數約100人，但此為徵才平台資訊，非財報正式員工數。2025年度合併財報公告顯示營業收入260,329千元、營業利益44,762千元、歸屬母公司業主淨利98,881千元、EPS 0.39元、期末總資產8,289,570千元、歸屬母公司業主權益4,894,085千元。2026年第一季合併財報公告顯示營業收入188,702千元、營業利益120,193千元、歸屬母公司業主淨利124,484千元、EPS約0.49元。

Business

大展證券為中小型本土綜合證券商，主要業務包括：在集中交易市場及營業處所受託買賣有價證券、在集中交易市場及營業處所自行買賣有價證券、承銷有價證券、期貨交易輔助人、有價證券買賣融資融券、債券與店頭衍生性商品相關業務、受託買賣外國有價證券，以及透過轉投資涉入投顧、創投或相關金融服務。商業模式以經紀手續費、融資融券利息、自營部位投資損益、承銷收入、債券與衍生性商品損益、轉投資收益為主要獲利來源。玉山證券個股摘要列示其營收比重包含營業證券出售損益38.17%、經紀手續費31.72%、利息收入19.23%、衍生工具淨損益等，惟該比重未能確認所屬完整年度，僅作為第三方揭露的營收結構參考。其客戶包含一般投資人、專業投資人、法人機構、融資融券客戶、承銷或籌資企業，以及複委託與財富管理需求客戶。公司規模相較大型金控券商小，獲利對台股成交量、自營投資評價、創投/轉投資處分收益與市場風險偏好敏感。

Outlook 2025–2028

2025至2028年展望主要取決於台股成交量、AI與半導體相關資本市場熱度、承銷案源、財富管理與複委託需求、自營投資績效、融資餘額，以及監理與資訊安全成本。成長動能方面，若台股維持高成交值，經紀手續費與融資融券利息可望受惠；金管會推動臺灣成為亞洲資產管理中心、證交所研究證券商財富管理法制，有利證券商擴大高資產客戶與跨境商品服務；全球結算週期縮短、數位金融、AI輔助研究與投資服務、零信任資安架構導入，可能提升營運效率但也增加系統投資成本。大展證2026年第一季獲利明顯回升，顯示自營、創投或投資收益對獲利彈性很大，但此類收益可重複性較經紀與利息收入低。2025至2028年的主要風險包括：台股量能反轉導致手續費收入下降、自營部位評價損失、創投收益波動、利率與信用風險、資安與洗錢防制成本上升、金控大型券商以財富管理與數位平台搶占客戶，以及中小券商規模經濟不足。未找到公司對2028年的正式財務預測，因此中長期展望屬產業趨勢與已公告營運資訊推估。

Supply Chain

Upstream
  • 臺灣證券交易所 集中市場交易與上市商品基礎設施；非台股上市櫃公司。
  • 證券櫃檯買賣中心 大展證為上櫃公司，櫃買中心亦為店頭市場交易與資訊揭露基礎設施；非台股上市櫃公司。
  • 臺灣集中保管結算所 證券集保、結算與股務相關基礎設施；非台股上市櫃公司。
  • 臺灣期貨交易所 期貨與選擇權市場基礎設施，與公司期貨交易輔助人業務相關；非台股上市櫃公司。
  • 兆豐證券股份有限公司 大展證股務代理機構；兆豐證券本身未單獨上市櫃，母公司兆豐金為台股上市公司。
  • 證券交易系統、資安、行情資訊與金融資料供應商 提供電子下單、風控、資安、行情與研究資料；多數實際供應商未在可查來源中逐一確認。
Downstream
  • 一般自然人投資人 證券經紀、電子下單、融資融券、複委託與理財服務客戶；非公司。
  • 法人與專業投資人 經紀、自營交易對手、債券及財富管理相關客戶；可能包含上市櫃與非上市機構，未能逐一確認。
  • 承銷與籌資企業 公司承銷有價證券業務之下游客戶；公開承銷文件可見大展證曾參與新應材、聯友金屬等承銷案，個別案源具波動性。
  • 期貨交易客戶 透過期貨交易輔助人業務服務之下游客群；非公司。

Competitors

  • 群益證 6005 上市證券商，經紀、自營、承銷與財富管理等業務與大展證競爭。
  • 宏遠證 6015 上櫃證券商，規模與業務型態較接近中小型券商競爭者。
  • 康和證 6016 上櫃證券商，經紀、自營、承銷及衍生性商品等業務與大展證重疊。
  • 福邦證 6026 上櫃證券商，承銷與經紀業務為同業競爭。
  • 統一證 2855 上市證券商，品牌、據點、經紀與財富管理規模較大。
  • 元大金 2885 旗下元大證券為台灣大型券商，平台、財富管理、複委託與承銷能力為主要競爭壓力。
  • 富邦金 2881 旗下富邦證券為大型金控券商，具銀行、保險、證券交叉銷售優勢。
  • 凱基金 2883 旗下凱基證券為大型券商，法人、自營、承銷與財富管理業務具規模優勢。
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.