# Asustek Computer (2357.TW)

Canonical: https://gigainvestors.com/s/2357.TW

Analysis as of: 2026-10-16T07:34:38.965Z. Financial observations: FY2001–FY2025.

Listing currency: TWD. Reporting currency: TWD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: TWD 975.00 per share; close as of 2026-10-15.

Estimated value: low TWD 851.65 per share, central TWD 1,047.22 per share, high TWD 1,205.83 per share. Buy at or below the central value TWD 1,047.22 per share. Valuation as of 2026-10-16T07:34:38.965Z; scenarios are not confidence intervals.

Expected annual return: 10.6% at the stated quote. About 10.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; TW 10-year bond 2.0% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.45×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.03×

- FY2018: 0.05×

- FY2019: 0.06×

- FY2020: 0.08×

- FY2021: 0.11×

- FY2022: 0.04×

- FY2023: 0.02×

- FY2024: 0.05×

- FY2025: 0.05×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 15.2%

- ROIC, second-lowest year: 9.3%

- Typical minus recent gross margin: -0.0 pp

- Typical gross margin (annual median): 15.1%

- Recent gross margin (lower of latest and 3-year median): 15.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: 14.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.8%

- FY2017: 10.3%

- FY2018: 14.6%

- FY2019: 15.9%

- FY2020: 20.1%

- FY2021: 27.8%

- FY2022: 9.3%

- FY2023: 5.2%

- FY2024: 12.4%

- FY2025: 18.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 154B

- Net income, five-year total: TWD 151B

- Return on incremental invested capital: 19.3%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 4.9 pp

- Working capital / revenue, final three-year average: 31.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.02×

- FY2022: 1.06×

- FY2023: 1.03×

- FY2024: 1.00×

- FY2025: 1.01×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 14.6% vs 12.4%

- Per-share earnings: 22.85 to 42.27 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.8%

- Ordinary dilution, 5-year annual growth: 1.7%

- Market cap gain: TWD 248B

- Cumulative retained earnings: TWD 62B

- Diluted shares, 10-year annual growth: 0.8%

- Diluted shares, 5-year annual growth: 1.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.0%

- Per-share value change: TWD 19.42

- Per-share value, starting three-year median: TWD 22.85

- Per-share value, ending three-year median: TWD 42.27

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: TWD 13B

- Cumulative net income, 10 years: TWD 229B

- ROIC, first three-year median: 14.6%

- ROIC, last three-year median: 12.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 25.69

- FY2017: TWD 20.86

- FY2018: TWD 5.69

- FY2019: TWD 16.25

- FY2020: TWD 35.44

- FY2021: TWD 59.41

- FY2022: TWD 19.78

- FY2023: TWD 21.40

- FY2024: TWD 42.27

- FY2025: TWD 54.78

### accounting: pass

- Sloan accruals: 1.9%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.73×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.3%

- FY2017: 4.9%

- FY2018: -0.3%

- FY2019: -6.6%

- FY2020: 7.2%

- FY2021: 2.4%

- FY2022: 6.5%

- FY2023: -7.5%

- FY2024: 4.2%

- FY2025: 1.9%

## Holders

## Price story

Price needs cash profits to grow 2.4% a year for ten years · sales +25.9%

Story as of 2026-10-16T10:00:01.717Z; price observation 2026-10-15.

Price needs cash profits to grow 2.4% a year for ten years

### Sales · FY2024–2025

sales +25.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 467B 

- FY2017: TWD 434B 

- FY2018: TWD 354B 

- FY2019: TWD 351B 

- FY2020: TWD 413B 

- FY2021: TWD 535B 

- FY2022: TWD 537B 

- FY2023: TWD 482B 

- FY2024: TWD 587B 

- FY2025: TWD 739B 

### Gross margin · FY2025

gross margin 15.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 14.2% 

- FY2017: 13.7% 

- FY2018: 14.7% 

- FY2019: 15.2% 

- FY2020: 17.7% 

- FY2021: 20.6% 

- FY2022: 13.8% 

- FY2023: 15.0% 

- FY2024: 17.6% 

- FY2025: 15.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in computer hardware; annual sales are TWD 738.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2025: revenue 738904787000; grossProfit 111614345000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2357.TW: ASUSTeK Computer Inc. researches and develops, designs, manufactures, sells, and repairs 3C information products in Taiwan, China, Singapore, Europe, the United States, and internationally. The company provides phone and accessories; laptops for home, work, creators, students, gaming, and accessories; monitors, projectors, all-in-one PCs, tower PCs, gaming tower PCs, NUCs, mini-PCs, and accessories; and motherboards, graphics cards, cases, cooling, power supply units, sound cards, optical drives, data storage, and external graphics docks. It offers networking/IoT/ servers, such as Wifi 7, 6, and routers, whole home mesh Wifi system, and business network solutions. In addition, the company provides wired networking, intelligent robots, AloT and industrial solutions, servers, and smart home; accessories, which include keyboards, mice and mouse pads, headsets and audio, streaming kits, apparel bags and gear, cases and protection, adapters and chargers, docks dongles and cable, power banks, controllers, and gimbal. Further, it offers Internet information services; maintenance and operating services for information hardware; information technology services; communication products; and leases real estate property. Additionally, the company provides ink-jet print heads and digital image output technology, high-speed analog circuits, industrial and medical computers, interface cards, and medical robots; invests in computer peripheral, Internet service, and automotive electronics businesses; and research, develops, sells, and consults information system software; provides marketing support and repair services for medical computers and peripherals. ASUSTeK Computer Inc. was founded in 1989 and is headquartered in Taipei, Taiwan.

### Why customers stay

Margins ranged from 15% to 17.6% during 2023–25; it earns 15.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2023: grossProfit / revenue = 15%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2024: grossProfit / revenue = 17.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2025: grossProfit / revenue = 15.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); 10-year return on capital observations [[2016,0.16755047856788055],[2017,0.10260322960366886],[2018,0.14599540345319426],[2019,0.15855332587422874],[2020,0.2006730372132392],[2021,0.27756480870497285],[2022,0.09328574680426371],[2023,0.05191144285224717],[2024,0.1242762145889201],[2025,0.1810567780380849]]; median 0.1522743646637115. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2016: growth capex 0; upkeep 5737571000; owner earnings 15068947000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2017: growth capex 0; upkeep 2438019000; owner earnings 14760068000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2018: growth capex 0; upkeep 3580891000; owner earnings 2331510000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2019: growth capex 0; upkeep 7685489000; owner earnings 6799995400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2020: growth capex 0; upkeep 3015775000; owner earnings 26756455400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2021: growth capex 0; upkeep 2397476000; owner earnings 45449772600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2022: growth capex 0; upkeep 1523747000; owner earnings 15511941200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2023: growth capex 0; upkeep 2032247000; owner earnings 16360439400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2024: growth capex 0; upkeep 2562438000; owner earnings 31246108400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2025: growth capex 0; upkeep 2244752000; owner earnings 44944912200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); Dividend observations: [[2016,11141404000],[2017,12626925000],[2018,11141404000],[2019,11141404000],[2020,10398644000],[2021,19311767000],[2022,31195932000],[2023,11141404000],[2024,12626925000],[2025,25253849000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 9.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2357.TW SharesStats.PercentInsiders = 9.464 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.4% yearly over ten years; actual growth was 8.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); Ten-year compound average after fade. Initial solved rate 0.021478901106336656. Price 975; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 23.847175555787217 → FY2025 55.25180489172125. Closing-price date 2026-10-15.

## Monthly share-price history (TWD per share)

- 2016-10: TWD 276.50 per share

- 2016-11: TWD 264.00 per share

- 2016-12: TWD 265.00 per share

- 2017-01: TWD 273.00 per share

- 2017-02: TWD 277.50 per share

- 2017-03: TWD 300.00 per share

- 2017-04: TWD 296.50 per share

- 2017-05: TWD 285.00 per share

- 2017-06: TWD 287.50 per share

- 2017-07: TWD 281.00 per share

- 2017-08: TWD 250.00 per share

- 2017-09: TWD 248.00 per share

- 2017-10: TWD 261.00 per share

- 2017-11: TWD 276.00 per share

- 2017-12: TWD 279.50 per share

- 2018-01: TWD 281.00 per share

- 2018-02: TWD 277.00 per share

- 2018-03: TWD 276.00 per share

- 2018-04: TWD 278.00 per share

- 2018-05: TWD 271.50 per share

- 2018-06: TWD 278.50 per share

- 2018-07: TWD 263.50 per share

- 2018-08: TWD 261.50 per share

- 2018-09: TWD 264.00 per share

- 2018-10: TWD 229.00 per share

- 2018-11: TWD 218.00 per share

- 2018-12: TWD 201.50 per share

- 2019-01: TWD 236.00 per share

- 2019-02: TWD 219.50 per share

- 2019-03: TWD 223.00 per share

- 2019-04: TWD 236.00 per share

- 2019-05: TWD 217.00 per share

- 2019-06: TWD 223.00 per share

- 2019-07: TWD 222.00 per share

- 2019-08: TWD 204.00 per share

- 2019-09: TWD 206.50 per share

- 2019-10: TWD 206.50 per share

- 2019-11: TWD 230.50 per share

- 2019-12: TWD 231.50 per share

- 2020-01: TWD 224.00 per share

- 2020-02: TWD 206.00 per share

- 2020-03: TWD 204.50 per share

- 2020-04: TWD 202.50 per share

- 2020-05: TWD 210.50 per share

- 2020-06: TWD 216.00 per share

- 2020-07: TWD 216.50 per share

- 2020-08: TWD 243.00 per share

- 2020-09: TWD 253.50 per share

- 2020-10: TWD 242.50 per share

- 2020-11: TWD 249.00 per share

- 2020-12: TWD 250.50 per share

- 2021-01: TWD 286.50 per share

- 2021-02: TWD 304.00 per share

- 2021-03: TWD 372.50 per share

- 2021-04: TWD 376.00 per share

- 2021-05: TWD 395.00 per share

- 2021-06: TWD 371.50 per share

- 2021-07: TWD 351.00 per share

- 2021-08: TWD 324.00 per share

- 2021-09: TWD 325.50 per share

- 2021-10: TWD 353.00 per share

- 2021-11: TWD 352.50 per share

- 2021-12: TWD 376.00 per share

- 2022-01: TWD 359.50 per share

- 2022-02: TWD 371.50 per share

- 2022-03: TWD 373.50 per share

- 2022-04: TWD 357.00 per share

- 2022-05: TWD 341.50 per share

- 2022-06: TWD 310.50 per share

- 2022-07: TWD 281.50 per share

- 2022-08: TWD 255.00 per share

- 2022-09: TWD 234.00 per share

- 2022-10: TWD 236.00 per share

- 2022-11: TWD 266.00 per share

- 2022-12: TWD 268.50 per share

- 2023-01: TWD 272.00 per share

- 2023-02: TWD 278.00 per share

- 2023-03: TWD 272.50 per share

- 2023-04: TWD 282.50 per share

- 2023-05: TWD 305.00 per share

- 2023-06: TWD 314.50 per share

- 2023-07: TWD 364.00 per share

- 2023-08: TWD 402.50 per share

- 2023-09: TWD 367.00 per share

- 2023-10: TWD 338.00 per share

- 2023-11: TWD 393.50 per share

- 2023-12: TWD 489.50 per share

- 2024-01: TWD 445.50 per share

- 2024-02: TWD 455.00 per share

- 2024-03: TWD 425.50 per share

- 2024-04: TWD 430.00 per share

- 2024-05: TWD 513.00 per share

- 2024-06: TWD 498.00 per share

- 2024-07: TWD 456.00 per share

- 2024-08: TWD 537.00 per share

- 2024-09: TWD 553.00 per share

- 2024-10: TWD 575.00 per share

- 2024-11: TWD 588.00 per share

- 2024-12: TWD 616.00 per share

- 2025-01: TWD 607.00 per share

- 2025-02: TWD 682.00 per share

- 2025-03: TWD 609.00 per share

- 2025-04: TWD 580.00 per share

- 2025-05: TWD 625.00 per share

- 2025-06: TWD 644.00 per share

- 2025-07: TWD 662.00 per share

- 2025-08: TWD 632.00 per share

- 2025-09: TWD 671.00 per share

- 2025-10: TWD 697.00 per share

- 2025-11: TWD 601.00 per share

- 2025-12: TWD 548.00 per share

- 2026-01: TWD 496.00 per share

- 2026-02: TWD 532.00 per share

- 2026-03: TWD 549.00 per share

- 2026-04: TWD 581.00 per share

- 2026-05: TWD 761.00 per share

- 2026-06: TWD 700.00 per share

- 2026-07: TWD 810.00 per share

- 2026-08: TWD 999.00 per share

- 2026-09: TWD 961.00 per share

- 2026-10: TWD 966.00 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 412.36 per share, central TWD 453.57 per share, high TWD 508.43 per share

- FY2017: low TWD 337.55 per share, central TWD 370.70 per share, high TWD 414.83 per share

- FY2018: low TWD 263.04 per share, central TWD 287.42 per share, high TWD 319.88 per share

- FY2019: low TWD 271.16 per share, central TWD 294.03 per share, high TWD 324.48 per share

- FY2020: low TWD 287.68 per share, central TWD 314.48 per share, high TWD 350.15 per share

- FY2021: low TWD 375.53 per share, central TWD 449.92 per share, high TWD 511.14 per share

- FY2022: low TWD 314.61 per share, central TWD 346.09 per share, high TWD 387.98 per share

- FY2023: low TWD 337.81 per share, central TWD 370.93 per share, high TWD 415.02 per share

- FY2024: low TWD 609.21 per share, central TWD 711.19 per share, high TWD 808.49 per share

- FY2025: low TWD 686.30 per share, central TWD 838.08 per share, high TWD 961.18 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:22.829Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Asustek Computer

2357 · TW

FTSE TWSE Taiwan 50

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: TWD 975.00
Buy up to: TWD 1,047.22
Expected / yr: 10.6% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 45.5% around their average (limit 35%).

Operating margin

10y median: 4.9%
Worst year: 2.3%
Latest · 2025: 5.4%

The second-worst year 9.3% (minimum 10%).

ROIC excluding acquisitions

10y median: 15.2%
Worst year: 5.2%
Latest · 2025: 18.1%

Each $1 of profit left $1.02 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.02×
Annual median: 1.02×
Latest · 2025: 1.01×

Per-share value rose from 22.85 to 42.27, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: TWD 23.54
Worst year: TWD 5.69
Latest · 2025: TWD 54.78

Profits were backed by cash: accruals were 1.9% of assets (limit 10%).

Sloan accruals

10y median: 2.1%
Worst year: 7.2%
Latest · 2025: 1.9%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 5.3%, three-year average owner earnings per share 39.77 TWD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price TWD 276.50 · Value 453.57 · Buy at or below 453.57; 2016-11 · Price TWD 264.00 · Value 453.57 · Buy at or below 453.57; 2016-12 · Price TWD 265.00 · Value 453.57 · Buy at or below 453.57; 2017-01 · Price TWD 273.00 · Value 453.57 · Buy at or below 453.57; 2017-02 · Price TWD 277.50 · Value 370.70 · Buy at or below 370.70; 2017-03 · Price TWD 300.00 · Value 370.70 · Buy at or below 370.70; 2017-04 · Price TWD 296.50 · Value 370.70 · Buy at or below 370.70; 2017-05 · Price TWD 285.00 · Value 370.70 · Buy at or below 370.70; 2017-06 · Price TWD 287.50 · Value 370.70 · Buy at or below 370.70; 2017-07 · Price TWD 281.00 · Value 370.70 · Buy at or below 370.70; 2017-08 · Price TWD 250.00 · Value 370.70 · Buy at or below 370.70; 2017-09 · Price TWD 248.00 · Value 370.70 · Buy at or below 370.70; 2017-10 · Price TWD 261.00 · Value 370.70 · Buy at or below 370.70; 2017-11 · Price TWD 276.00 · Value 370.70 · Buy at or below 370.70; 2017-12 · Price TWD 279.50 · Value 370.70 · Buy at or below 370.70; 2018-01 · Price TWD 281.00 · Value 370.70 · Buy at or below 370.70; 2018-02 · Price TWD 277.00 · Value 287.42 · Buy at or below 287.42; 2018-03 · Price TWD 276.00 · Value 287.42 · Buy at or below 287.42; 2018-04 · Price TWD 278.00 · Value 287.42 · Buy at or below 287.42; 2018-05 · Price TWD 271.50 · Value 287.42 · Buy at or below 287.42; 2018-06 · Price TWD 278.50 · Value 287.42 · Buy at or below 287.42; 2018-07 · Price TWD 263.50 · Value 287.42 · Buy at or below 287.42; 2018-08 · Price TWD 261.50 · Value 287.42 · Buy at or below 287.42; 2018-09 · Price TWD 264.00 · Value 287.42 · Buy at or below 287.42; 2018-10 · Price TWD 229.00 · Value 287.42 · Buy at or below 287.42; 2018-11 · Price TWD 218.00 · Value 287.42 · Buy at or below 287.42; 2018-12 · Price TWD 201.50 · Value 287.42 · Buy at or below 287.42; 2019-01 · Price TWD 236.00 · Value 287.42 · Buy at or below 287.42; 2019-02 · Price TWD 219.50 · Value 294.03 · Buy at or below 294.03; 2019-03 · Price TWD 223.00 · Value 294.03 · Buy at or below 294.03; 2019-04 · Price TWD 236.00 · Value 294.03 · Buy at or below 294.03; 2019-05 · Price TWD 217.00 · Value 294.03 · Buy at or below 294.03; 2019-06 · Price TWD 223.00 · Value 294.03 · Buy at or below 294.03; 2019-07 · Price TWD 222.00 · Value 294.03 · Buy at or below 294.03; 2019-08 · Price TWD 204.00 · Value 294.03 · Buy at or below 294.03; 2019-09 · Price TWD 206.50 · Value 294.03 · Buy at or below 294.03; 2019-10 · Price TWD 206.50 · Value 294.03 · Buy at or below 294.03; 2019-11 · Price TWD 230.50 · Value 294.03 · Buy at or below 294.03; 2019-12 · Price TWD 231.50 · Value 294.03 · Buy at or below 294.03; 2020-01 · Price TWD 224.00 · Value 294.03 · Buy at or below 294.03; 2020-02 · Price TWD 206.00 · Value 314.48 · Buy at or below 314.48; 2020-03 · Price TWD 204.50 · Value 314.48 · Buy at or below 314.48; 2020-04 · Price TWD 202.50 · Value 314.48 · Buy at or below 314.48; 2020-05 · Price TWD 210.50 · Value 314.48 · Buy at or below 314.48; 2020-06 · Price TWD 216.00 · Value 314.48 · Buy at or below 314.48; 2020-07 · Price TWD 216.50 · Value 314.48 · Buy at or below 314.48; 2020-08 · Price TWD 243.00 · Value 314.48 · Buy at or below 314.48; 2020-09 · Price TWD 253.50 · Value 314.48 · Buy at or below 314.48; 2020-10 · Price TWD 242.50 · Value 314.48 · Buy at or below 314.48; 2020-11 · Price TWD 249.00 · Value 314.48 · Buy at or below 314.48; 2020-12 · Price TWD 250.50 · Value 314.48 · Buy at or below 314.48; 2021-01 · Price TWD 286.50 · Value 314.48 · Buy at or below 314.48; 2021-02 · Price TWD 304.00 · Value 449.92 · Buy at or below 449.92; 2021-03 · Price TWD 372.50 · Value 449.92 · Buy at or below 449.92; 2021-04 · Price TWD 376.00 · Value 449.92 · Buy at or below 449.92; 2021-05 · Price TWD 395.00 · Value 449.92 · Buy at or below 449.92; 2021-06 · Price TWD 371.50 · Value 449.92 · Buy at or below 449.92; 2021-07 · Price TWD 351.00 · Value 449.92 · Buy at or below 449.92; 2021-08 · Price TWD 324.00 · Value 449.92 · Buy at or below 449.92; 2021-09 · Price TWD 325.50 · Value 449.92 · Buy at or below 449.92; 2021-10 · Price TWD 353.00 · Value 449.92 · Buy at or below 449.92; 2021-11 · Price TWD 352.50 · Value 449.92 · Buy at or below 449.92; 2021-12 · Price TWD 376.00 · Value 449.92 · Buy at or below 449.92; 2022-01 · Price TWD 359.50 · Value 449.92 · Buy at or below 449.92; 2022-02 · Price TWD 371.50 · Value 346.09 · Buy at or below 346.09; 2022-03 · Price TWD 373.50 · Value 346.09 · Buy at or below 346.09; 2022-04 · Price TWD 357.00 · Value 346.09 · Buy at or below 346.09; 2022-05 · Price TWD 341.50 · Value 346.09 · Buy at or below 346.09; 2022-06 · Price TWD 310.50 · Value 346.09 · Buy at or below 346.09; 2022-07 · Price TWD 281.50 · Value 346.09 · Buy at or below 346.09; 2022-08 · Price TWD 255.00 · Value 346.09 · Buy at or below 346.09; 2022-09 · Price TWD 234.00 · Value 346.09 · Buy at or below 346.09; 2022-10 · Price TWD 236.00 · Value 346.09 · Buy at or below 346.09; 2022-11 · Price TWD 266.00 · Value 346.09 · Buy at or below 346.09; 2022-12 · Price TWD 268.50 · Value 346.09 · Buy at or below 346.09; 2023-01 · Price TWD 272.00 · Value 346.09 · Buy at or below 346.09; 2023-02 · Price TWD 278.00 · Value 370.93 · Buy at or below 370.93; 2023-03 · Price TWD 272.50 · Value 370.93 · Buy at or below 370.93; 2023-04 · Price TWD 282.50 · Value 370.93 · Buy at or below 370.93; 2023-05 · Price TWD 305.00 · Value 370.93 · Buy at or below 370.93; 2023-06 · Price TWD 314.50 · Value 370.93 · Buy at or below 370.93; 2023-07 · Price TWD 364.00 · Value 370.93 · Buy at or below 370.93; 2023-08 · Price TWD 402.50 · Value 370.93 · Buy at or below 370.93; 2023-09 · Price TWD 367.00 · Value 370.93 · Buy at or below 370.93; 2023-10 · Price TWD 338.00 · Value 370.93 · Buy at or below 370.93; 2023-11 · Price TWD 393.50 · Value 370.93 · Buy at or below 370.93; 2023-12 · Price TWD 489.50 · Value 370.93 · Buy at or below 370.93; 2024-01 · Price TWD 445.50 · Value 370.93 · Buy at or below 370.93; 2024-02 · Price TWD 455.00 · Value 711.19 · Buy at or below 711.19; 2024-03 · Price TWD 425.50 · Value 711.19 · Buy at or below 711.19; 2024-04 · Price TWD 430.00 · Value 711.19 · Buy at or below 711.19; 2024-05 · Price TWD 513.00 · Value 711.19 · Buy at or below 711.19; 2024-06 · Price TWD 498.00 · Value 711.19 · Buy at or below 711.19; 2024-07 · Price TWD 456.00 · Value 711.19 · Buy at or below 711.19; 2024-08 · Price TWD 537.00 · Value 711.19 · Buy at or below 711.19; 2024-09 · Price TWD 553.00 · Value 711.19 · Buy at or below 711.19; 2024-10 · Price TWD 575.00 · Value 711.19 · Buy at or below 711.19; 2024-11 · Price TWD 588.00 · Value 711.19 · Buy at or below 711.19; 2024-12 · Price TWD 616.00 · Value 711.19 · Buy at or below 711.19; 2025-01 · Price TWD 607.00 · Value 711.19 · Buy at or below 711.19; 2025-02 · Price TWD 682.00 · Value 838.08 · Buy at or below 838.08; 2025-03 · Price TWD 609.00 · Value 838.08 · Buy at or below 838.08; 2025-04 · Price TWD 580.00 · Value 838.08 · Buy at or below 838.08; 2025-05 · Price TWD 625.00 · Value 838.08 · Buy at or below 838.08; 2025-06 · Price TWD 644.00 · Value 838.08 · Buy at or below 838.08; 2025-07 · Price TWD 662.00 · Value 838.08 · Buy at or below 838.08; 2025-08 · Price TWD 632.00 · Value 838.08 · Buy at or below 838.08; 2025-09 · Price TWD 671.00 · Value 838.08 · Buy at or below 838.08; 2025-10 · Price TWD 697.00 · Value 838.08 · Buy at or below 838.08; 2025-11 · Price TWD 601.00 · Value 838.08 · Buy at or below 838.08; 2025-12 · Price TWD 548.00 · Value 838.08 · Buy at or below 838.08; 2026-01 · Price TWD 496.00 · Value 838.08 · Buy at or below 838.08; 2026-02 · Price TWD 532.00 · Value 1047.22 · Buy at or below 1047.22; 2026-03 · Price TWD 549.00 · Value 1047.22 · Buy at or below 1047.22; 2026-04 · Price TWD 581.00 · Value 1047.22 · Buy at or below 1047.22; 2026-05 · Price TWD 761.00 · Value 1047.22 · Buy at or below 1047.22; 2026-06 · Price TWD 700.00 · Value 1047.22 · Buy at or below 1047.22; 2026-07 · Price TWD 810.00 · Value 1047.22 · Buy at or below 1047.22; 2026-08 · Price TWD 999.00 · Value 1047.22 · Buy at or below 1047.22; 2026-09 · Price TWD 961.00 · Value 1047.22 · Buy at or below 1047.22; 2026-10 · Price TWD 966.00 · Value 1047.22 · Buy at or below 1047.22; 2026-10 · Price TWD 975.00 · Value 1047.22 · Buy at or below 1047.22

TWD per share · annual estimates

Price & return math
Value range	TWD 851.65 – TWD 1,205.83
Buy at or below	Central value TWD 1,047.22
Discount to value	1 − 975.00 / 1047.22 = 6.9%
Return / year	About 10.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash TWD 62.29/share; 3.6% growth for 5 years, then fades to 3.0%; excess cash TWD 101.08/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueTWD 739B

Revenue

Owner earningsTWD 45B

Owner earnings

Operating margin5.4%

Operating margin

Net cash / debtTWD 67B

Net cash / debt

Diluted shares813M

Diluted shares

Prices 15 Oct 2026 · FY2025