# Realtek Semiconductor (2379.TW)

Canonical: https://gigainvestors.com/s/2379.TW

Analysis as of: 2026-10-16T07:35:34.068Z. Financial observations: FY2000–FY2025.

Listing currency: TWD. Reporting currency: TWD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: TWD 764.00 per share; close as of 2026-10-15.

Estimated value: low TWD 599.99 per share, central TWD 821.40 per share, high TWD 944.89 per share. Buy at or below the central value TWD 821.40 per share. Valuation as of 2026-10-16T07:35:34.068Z; 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: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.09×

- FY2017: 0.08×

- FY2018: 0.08×

- FY2019: 0.12×

- FY2020: 0.12×

- FY2021: 0.17×

- FY2022: 0.15×

- FY2023: 0.07×

- FY2024: 0.12×

- FY2025: 0.12×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: >100%

- ROIC, second-lowest year: 60.2%

- Typical minus recent gross margin: -4.0 pp

- Typical gross margin (annual median): 44.2%

- Recent gross margin (lower of latest and 3-year median): 48.2%

- Years with nonpositive capital: 1

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: >100%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 63.4%

- FY2017: 60.2%

- FY2018: >100%

- FY2019: >100%

- FY2020: 21.2%

- FY2021: >100%

- FY2022: >100%

- FY2023: 95.8%

- FY2024: >100%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 71B

- Net income, five-year total: TWD 72B

- Return on incremental invested capital: 44.4%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 5.4 pp

- Working capital / revenue, final three-year average: 18.4%

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

- FY2021: 0.98×

- FY2022: 0.90×

- FY2023: 0.90×

- FY2024: 0.98×

- FY2025: 1.09×

### 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: 63.4% vs 330.3%

- Per-share earnings: 5.92 to 26.91 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.6%

- Ordinary dilution, 5-year annual growth: 1.3%

- Market cap gain: TWD 216B

- Cumulative retained earnings: TWD 25B

- Diluted shares, 10-year annual growth: 0.6%

- Diluted shares, 5-year annual growth: 1.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 20.8%

- Per-share value change: TWD 20.99

- Per-share value, starting three-year median: TWD 5.92

- Per-share value, ending three-year median: TWD 26.91

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: TWD 1.8B

- Cumulative net income, 10 years: TWD 99B

- ROIC, first three-year median: 63.4%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 5.92

- FY2017: TWD 6.67

- FY2018: TWD 8.51

- FY2019: TWD 13.32

- FY2020: TWD 17.14

- FY2021: TWD 32.17

- FY2022: TWD 30.09

- FY2023: TWD 17.60

- FY2024: TWD 29.27

- FY2025: TWD 26.91

### accounting: pass

- Sloan accruals: -5.9%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.52×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.9%

- FY2017: -0.7%

- FY2018: -6.6%

- FY2019: -7.4%

- FY2020: -8.5%

- FY2021: -1.5%

- FY2022: -2.5%

- FY2023: -9.3%

- FY2024: -7.6%

- FY2025: -5.9%

## Holders

## Price story

Price needs cash profits to grow 6.4% a year for ten years · sales +8.2%

Story as of 2026-10-16T10:00:05.584Z; price observation 2026-10-15.

Price needs cash profits to grow 6.4% a year for ten years

### Sales · FY2024–2025

sales +8.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 39B 

- FY2017: TWD 42B 

- FY2018: TWD 46B 

- FY2019: TWD 61B 

- FY2020: TWD 78B 

- FY2021: TWD 106B 

- FY2022: TWD 112B 

- FY2023: TWD 95B 

- FY2024: TWD 113B 

- FY2025: TWD 123B 

### Gross margin · FY2025

gross margin 48.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 43.4% 

- FY2017: 42.9% 

- FY2018: 44.7% 

- FY2019: 43.8% 

- FY2020: 42.8% 

- FY2021: 50.4% 

- FY2022: 48.9% 

- FY2023: 42.8% 

- FY2024: 50.4% 

- FY2025: 48.2% 

## Owner memo

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

### How it makes money

Operates in semiconductors; annual sales are TWD 122.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:34.068Z); FY2025: revenue 122706372000; grossProfit 59192410000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2379.TW: Realtek Semiconductor Corp., together with its subsidiaries, engages in the research, development, production, and sale of various integrated circuits and related application software in Taiwan, Asia, and internationally. It provides communications network ICs, including broadband access controllers, gateway controllers, digital home centers, gigabit ethernet, switch controllers, wireless LAN ICs, and DTV demodulators, as well as Bluetooth, GNSS, and Internet of Things products. The company also offers connected media ICs, such as high speed bridge controllers, network interface controllers, and single-port PHYceiver. In addition, it offers computer peripheral ICs, comprising PC audio codecs, consumer audio codecs, class-D audio amplifiers, PC camera controllers; multimedia ICs; and smart interconnect ICs, including card reader solutions, type-C PD controllers, and USB hubs. Further, it engages in the manufacture and installation of computer equipment; wholesale, retail, and related service of electronic materials and information/software; and provision of information and technical support services, as well as operates as an investment holding company. Realtek Semiconductor Corp. was incorporated in 1987 and is headquartered in Hsinchu City, Taiwan.

### Why customers stay

Margins ranged from 42.8% to 50.4% during 2023–25; it earns over 100% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:34.068Z); FY2023: grossProfit / revenue = 42.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:34.068Z); FY2024: grossProfit / revenue = 50.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:34.068Z); FY2025: grossProfit / revenue = 48.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:34.068Z); 10-year return on capital observations [[2016,0.6341001078421479],[2017,0.6020049960803946],[2018,1.800921492802023],[2019,3.8800686864796914],[2020,0.2115457887674374],[2021,9.787443779938423],[2022,2.4845471293215966],[2023,0.9577179134229167],[2024,3.303086058901932],[2025,5.548348806675136]]; median 2.14273431106181. 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 2026-10-16T07:35:34.068Z); FY2016: growth capex 0; upkeep 1479417000; owner earnings 3256075000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:34.068Z); FY2017: growth capex 0; upkeep 1413638000; owner earnings 3529190000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:34.068Z); FY2018: growth capex 0; upkeep 1222074000; owner earnings 4663583000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:34.068Z); FY2019: growth capex 719967000; upkeep 1716614000; owner earnings 6567748000. Growth capex / owner earnings = 0.10962159327672133.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:34.068Z); FY2020: growth capex 779475000; upkeep 1980126000; owner earnings 8518025600. Growth capex / owner earnings = 0.09150888205830233.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:34.068Z); FY2021: growth capex 1391960000; upkeep 2297013000; owner earnings 16586218000. Growth capex / owner earnings = 0.08392268810165163.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:34.068Z); FY2022: growth capex 486214357.24030256; upkeep 4153755642.7596974; owner earnings 14594299157.240303. Growth capex / owner earnings = 0.0333153618410713.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:34.068Z); FY2023: growth capex 0; upkeep 3627727000; owner earnings 8240273200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:34.068Z); FY2024: growth capex 650833000; upkeep 3344014000; owner earnings 14996394200. Growth capex / owner earnings = 0.04339929927955615.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:34.068Z); FY2025: growth capex 0; upkeep 2089496000; owner earnings 16121125600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:34.068Z); Dividend observations: [[2016,2019805000],[2017,2524756000],[2018,2794525000],[2019,3556668000],[2020,5617534000],[2021,7149589000],[2022,12821591000],[2023,13847319000],[2024,7949387000],[2025,13078023000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 5.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2379.TW SharesStats.PercentInsiders = 5.571000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.4% yearly over ten years; actual growth was 20.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:34.068Z); Ten-year compound average after fade. Initial solved rate 0.09872093749084035. Price 764; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.72113408376322 → FY2025 29.403673488073647. Closing-price date 2026-10-15.

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

- 2016-10: TWD 107.00 per share

- 2016-11: TWD 99.00 per share

- 2016-12: TWD 102.00 per share

- 2017-01: TWD 109.00 per share

- 2017-02: TWD 114.50 per share

- 2017-03: TWD 108.50 per share

- 2017-04: TWD 102.00 per share

- 2017-05: TWD 100.50 per share

- 2017-06: TWD 109.50 per share

- 2017-07: TWD 113.00 per share

- 2017-08: TWD 117.00 per share

- 2017-09: TWD 106.50 per share

- 2017-10: TWD 113.50 per share

- 2017-11: TWD 111.50 per share

- 2017-12: TWD 109.00 per share

- 2018-01: TWD 116.50 per share

- 2018-02: TWD 116.00 per share

- 2018-03: TWD 130.00 per share

- 2018-04: TWD 113.00 per share

- 2018-05: TWD 114.50 per share

- 2018-06: TWD 111.00 per share

- 2018-07: TWD 123.00 per share

- 2018-08: TWD 149.00 per share

- 2018-09: TWD 136.00 per share

- 2018-10: TWD 124.00 per share

- 2018-11: TWD 141.50 per share

- 2018-12: TWD 143.00 per share

- 2019-01: TWD 163.50 per share

- 2019-02: TWD 178.00 per share

- 2019-03: TWD 182.00 per share

- 2019-04: TWD 209.00 per share

- 2019-05: TWD 200.00 per share

- 2019-06: TWD 228.50 per share

- 2019-07: TWD 209.50 per share

- 2019-08: TWD 215.00 per share

- 2019-09: TWD 230.00 per share

- 2019-10: TWD 226.50 per share

- 2019-11: TWD 230.50 per share

- 2019-12: TWD 235.00 per share

- 2020-01: TWD 247.50 per share

- 2020-02: TWD 225.00 per share

- 2020-03: TWD 218.50 per share

- 2020-04: TWD 257.50 per share

- 2020-05: TWD 258.50 per share

- 2020-06: TWD 299.00 per share

- 2020-07: TWD 374.50 per share

- 2020-08: TWD 380.00 per share

- 2020-09: TWD 368.50 per share

- 2020-10: TWD 355.50 per share

- 2020-11: TWD 371.00 per share

- 2020-12: TWD 390.50 per share

- 2021-01: TWD 451.50 per share

- 2021-02: TWD 460.00 per share

- 2021-03: TWD 494.00 per share

- 2021-04: TWD 532.00 per share

- 2021-05: TWD 499.00 per share

- 2021-06: TWD 505.00 per share

- 2021-07: TWD 588.00 per share

- 2021-08: TWD 554.00 per share

- 2021-09: TWD 495.50 per share

- 2021-10: TWD 499.00 per share

- 2021-11: TWD 555.00 per share

- 2021-12: TWD 580.00 per share

- 2022-01: TWD 526.00 per share

- 2022-02: TWD 456.00 per share

- 2022-03: TWD 430.50 per share

- 2022-04: TWD 407.50 per share

- 2022-05: TWD 445.00 per share

- 2022-06: TWD 363.00 per share

- 2022-07: TWD 342.00 per share

- 2022-08: TWD 346.00 per share

- 2022-09: TWD 270.00 per share

- 2022-10: TWD 255.00 per share

- 2022-11: TWD 317.00 per share

- 2022-12: TWD 281.00 per share

- 2023-01: TWD 320.00 per share

- 2023-02: TWD 380.00 per share

- 2023-03: TWD 387.50 per share

- 2023-04: TWD 359.00 per share

- 2023-05: TWD 382.00 per share

- 2023-06: TWD 387.50 per share

- 2023-07: TWD 430.50 per share

- 2023-08: TWD 418.00 per share

- 2023-09: TWD 395.00 per share

- 2023-10: TWD 401.50 per share

- 2023-11: TWD 449.50 per share

- 2023-12: TWD 471.50 per share

- 2024-01: TWD 469.50 per share

- 2024-02: TWD 569.00 per share

- 2024-03: TWD 559.00 per share

- 2024-04: TWD 518.00 per share

- 2024-05: TWD 543.00 per share

- 2024-06: TWD 546.00 per share

- 2024-07: TWD 512.00 per share

- 2024-08: TWD 535.00 per share

- 2024-09: TWD 471.00 per share

- 2024-10: TWD 478.50 per share

- 2024-11: TWD 476.00 per share

- 2024-12: TWD 568.00 per share

- 2025-01: TWD 542.00 per share

- 2025-02: TWD 550.00 per share

- 2025-03: TWD 523.00 per share

- 2025-04: TWD 524.00 per share

- 2025-05: TWD 541.00 per share

- 2025-06: TWD 567.00 per share

- 2025-07: TWD 575.00 per share

- 2025-08: TWD 534.00 per share

- 2025-09: TWD 550.00 per share

- 2025-10: TWD 515.00 per share

- 2025-11: TWD 521.00 per share

- 2025-12: TWD 489.00 per share

- 2026-01: TWD 483.50 per share

- 2026-02: TWD 481.50 per share

- 2026-03: TWD 478.00 per share

- 2026-04: TWD 537.00 per share

- 2026-05: TWD 580.00 per share

- 2026-06: TWD 806.00 per share

- 2026-07: TWD 683.00 per share

- 2026-08: TWD 721.00 per share

- 2026-09: TWD 760.00 per share

- 2026-10: TWD 758.00 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 163.46 per share, central TWD 175.89 per share, high TWD 192.45 per share

- FY2017: low TWD 145.95 per share, central TWD 161.38 per share, high TWD 176.97 per share

- FY2018: low TWD 180.45 per share, central TWD 230.95 per share, high TWD 259.12 per share

- FY2019: low TWD 233.01 per share, central TWD 300.19 per share, high TWD 337.66 per share

- FY2020: low TWD 306.16 per share, central TWD 408.94 per share, high TWD 466.26 per share

- FY2021: low TWD 413.13 per share, central TWD 558.19 per share, high TWD 639.09 per share

- FY2022: low TWD 431.69 per share, central TWD 583.16 per share, high TWD 667.64 per share

- FY2023: low TWD 336.96 per share, central TWD 425.23 per share, high TWD 484.36 per share

- FY2024: low TWD 512.61 per share, central TWD 701.38 per share, high TWD 806.67 per share

- FY2025: low TWD 534.43 per share, central TWD 730.31 per share, high TWD 839.55 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

## 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.

Realtek Semiconductor

2379 · TW

FTSE TWSE Taiwan 50

A wonderful business at a fair price

Passes the quality tests.

Share price: TWD 764.00
Buy up to: TWD 821.40
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 27.8% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 11.8%
Worst year: 7.0%
Latest · 2025: 11.7%

Capital return excluding acquisitions: median >100% (minimum 15%), and the second-worst year 60.2% (minimum 10%).

ROIC excluding acquisitions

10y median: >100%
Worst year: 21.2%
Latest · 2025: >100%

Each $1 of profit left $0.98 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.98×
Annual median: 0.98×
Latest · 2025: 1.09×

Per-share value rose from 5.92 to 26.91, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: TWD 17.37
Worst year: TWD 5.92
Latest · 2025: TWD 26.91

Profits were backed by cash: accruals were -5.9% of assets (limit 10%).

Sloan accruals

10y median: -6.3%
Worst year: -0.7%
Latest · 2025: -5.9%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 11.2%, three-year average owner earnings per share 24.65 TWD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price TWD 107.00 · Value 175.89 · Buy at or below 175.89; 2016-11 · Price TWD 99.00 · Value 175.89 · Buy at or below 175.89; 2016-12 · Price TWD 102.00 · Value 175.89 · Buy at or below 175.89; 2017-01 · Price TWD 109.00 · Value 175.89 · Buy at or below 175.89; 2017-02 · Price TWD 114.50 · Value 161.38 · Buy at or below 161.38; 2017-03 · Price TWD 108.50 · Value 161.38 · Buy at or below 161.38; 2017-04 · Price TWD 102.00 · Value 161.38 · Buy at or below 161.38; 2017-05 · Price TWD 100.50 · Value 161.38 · Buy at or below 161.38; 2017-06 · Price TWD 109.50 · Value 161.38 · Buy at or below 161.38; 2017-07 · Price TWD 113.00 · Value 161.38 · Buy at or below 161.38; 2017-08 · Price TWD 117.00 · Value 161.38 · Buy at or below 161.38; 2017-09 · Price TWD 106.50 · Value 161.38 · Buy at or below 161.38; 2017-10 · Price TWD 113.50 · Value 161.38 · Buy at or below 161.38; 2017-11 · Price TWD 111.50 · Value 161.38 · Buy at or below 161.38; 2017-12 · Price TWD 109.00 · Value 161.38 · Buy at or below 161.38; 2018-01 · Price TWD 116.50 · Value 161.38 · Buy at or below 161.38; 2018-02 · Price TWD 116.00 · Value 230.95 · Buy at or below 230.95; 2018-03 · Price TWD 130.00 · Value 230.95 · Buy at or below 230.95; 2018-04 · Price TWD 113.00 · Value 230.95 · Buy at or below 230.95; 2018-05 · Price TWD 114.50 · Value 230.95 · Buy at or below 230.95; 2018-06 · Price TWD 111.00 · Value 230.95 · Buy at or below 230.95; 2018-07 · Price TWD 123.00 · Value 230.95 · Buy at or below 230.95; 2018-08 · Price TWD 149.00 · Value 230.95 · Buy at or below 230.95; 2018-09 · Price TWD 136.00 · Value 230.95 · Buy at or below 230.95; 2018-10 · Price TWD 124.00 · Value 230.95 · Buy at or below 230.95; 2018-11 · Price TWD 141.50 · Value 230.95 · Buy at or below 230.95; 2018-12 · Price TWD 143.00 · Value 230.95 · Buy at or below 230.95; 2019-01 · Price TWD 163.50 · Value 230.95 · Buy at or below 230.95; 2019-02 · Price TWD 178.00 · Value 300.19 · Buy at or below 300.19; 2019-03 · Price TWD 182.00 · Value 300.19 · Buy at or below 300.19; 2019-04 · Price TWD 209.00 · Value 300.19 · Buy at or below 300.19; 2019-05 · Price TWD 200.00 · Value 300.19 · Buy at or below 300.19; 2019-06 · Price TWD 228.50 · Value 300.19 · Buy at or below 300.19; 2019-07 · Price TWD 209.50 · Value 300.19 · Buy at or below 300.19; 2019-08 · Price TWD 215.00 · Value 300.19 · Buy at or below 300.19; 2019-09 · Price TWD 230.00 · Value 300.19 · Buy at or below 300.19; 2019-10 · Price TWD 226.50 · Value 300.19 · Buy at or below 300.19; 2019-11 · Price TWD 230.50 · Value 300.19 · Buy at or below 300.19; 2019-12 · Price TWD 235.00 · Value 300.19 · Buy at or below 300.19; 2020-01 · Price TWD 247.50 · Value 300.19 · Buy at or below 300.19; 2020-02 · Price TWD 225.00 · Value 408.94 · Buy at or below 408.94; 2020-03 · Price TWD 218.50 · Value 408.94 · Buy at or below 408.94; 2020-04 · Price TWD 257.50 · Value 408.94 · Buy at or below 408.94; 2020-05 · Price TWD 258.50 · Value 408.94 · Buy at or below 408.94; 2020-06 · Price TWD 299.00 · Value 408.94 · Buy at or below 408.94; 2020-07 · Price TWD 374.50 · Value 408.94 · Buy at or below 408.94; 2020-08 · Price TWD 380.00 · Value 408.94 · Buy at or below 408.94; 2020-09 · Price TWD 368.50 · Value 408.94 · Buy at or below 408.94; 2020-10 · Price TWD 355.50 · Value 408.94 · Buy at or below 408.94; 2020-11 · Price TWD 371.00 · Value 408.94 · Buy at or below 408.94; 2020-12 · Price TWD 390.50 · Value 408.94 · Buy at or below 408.94; 2021-01 · Price TWD 451.50 · Value 408.94 · Buy at or below 408.94; 2021-02 · Price TWD 460.00 · Value 558.19 · Buy at or below 558.19; 2021-03 · Price TWD 494.00 · Value 558.19 · Buy at or below 558.19; 2021-04 · Price TWD 532.00 · Value 558.19 · Buy at or below 558.19; 2021-05 · Price TWD 499.00 · Value 558.19 · Buy at or below 558.19; 2021-06 · Price TWD 505.00 · Value 558.19 · Buy at or below 558.19; 2021-07 · Price TWD 588.00 · Value 558.19 · Buy at or below 558.19; 2021-08 · Price TWD 554.00 · Value 558.19 · Buy at or below 558.19; 2021-09 · Price TWD 495.50 · Value 558.19 · Buy at or below 558.19; 2021-10 · Price TWD 499.00 · Value 558.19 · Buy at or below 558.19; 2021-11 · Price TWD 555.00 · Value 558.19 · Buy at or below 558.19; 2021-12 · Price TWD 580.00 · Value 558.19 · Buy at or below 558.19; 2022-01 · Price TWD 526.00 · Value 558.19 · Buy at or below 558.19; 2022-02 · Price TWD 456.00 · Value 583.16 · Buy at or below 583.16; 2022-03 · Price TWD 430.50 · Value 583.16 · Buy at or below 583.16; 2022-04 · Price TWD 407.50 · Value 583.16 · Buy at or below 583.16; 2022-05 · Price TWD 445.00 · Value 583.16 · Buy at or below 583.16; 2022-06 · Price TWD 363.00 · Value 583.16 · Buy at or below 583.16; 2022-07 · Price TWD 342.00 · Value 583.16 · Buy at or below 583.16; 2022-08 · Price TWD 346.00 · Value 583.16 · Buy at or below 583.16; 2022-09 · Price TWD 270.00 · Value 583.16 · Buy at or below 583.16; 2022-10 · Price TWD 255.00 · Value 583.16 · Buy at or below 583.16; 2022-11 · Price TWD 317.00 · Value 583.16 · Buy at or below 583.16; 2022-12 · Price TWD 281.00 · Value 583.16 · Buy at or below 583.16; 2023-01 · Price TWD 320.00 · Value 583.16 · Buy at or below 583.16; 2023-02 · Price TWD 380.00 · Value 425.23 · Buy at or below 425.23; 2023-03 · Price TWD 387.50 · Value 425.23 · Buy at or below 425.23; 2023-04 · Price TWD 359.00 · Value 425.23 · Buy at or below 425.23; 2023-05 · Price TWD 382.00 · Value 425.23 · Buy at or below 425.23; 2023-06 · Price TWD 387.50 · Value 425.23 · Buy at or below 425.23; 2023-07 · Price TWD 430.50 · Value 425.23 · Buy at or below 425.23; 2023-08 · Price TWD 418.00 · Value 425.23 · Buy at or below 425.23; 2023-09 · Price TWD 395.00 · Value 425.23 · Buy at or below 425.23; 2023-10 · Price TWD 401.50 · Value 425.23 · Buy at or below 425.23; 2023-11 · Price TWD 449.50 · Value 425.23 · Buy at or below 425.23; 2023-12 · Price TWD 471.50 · Value 425.23 · Buy at or below 425.23; 2024-01 · Price TWD 469.50 · Value 425.23 · Buy at or below 425.23; 2024-02 · Price TWD 569.00 · Value 701.38 · Buy at or below 701.38; 2024-03 · Price TWD 559.00 · Value 701.38 · Buy at or below 701.38; 2024-04 · Price TWD 518.00 · Value 701.38 · Buy at or below 701.38; 2024-05 · Price TWD 543.00 · Value 701.38 · Buy at or below 701.38; 2024-06 · Price TWD 546.00 · Value 701.38 · Buy at or below 701.38; 2024-07 · Price TWD 512.00 · Value 701.38 · Buy at or below 701.38; 2024-08 · Price TWD 535.00 · Value 701.38 · Buy at or below 701.38; 2024-09 · Price TWD 471.00 · Value 701.38 · Buy at or below 701.38; 2024-10 · Price TWD 478.50 · Value 701.38 · Buy at or below 701.38; 2024-11 · Price TWD 476.00 · Value 701.38 · Buy at or below 701.38; 2024-12 · Price TWD 568.00 · Value 701.38 · Buy at or below 701.38; 2025-01 · Price TWD 542.00 · Value 701.38 · Buy at or below 701.38; 2025-02 · Price TWD 550.00 · Value 730.31 · Buy at or below 730.31; 2025-03 · Price TWD 523.00 · Value 730.31 · Buy at or below 730.31; 2025-04 · Price TWD 524.00 · Value 730.31 · Buy at or below 730.31; 2025-05 · Price TWD 541.00 · Value 730.31 · Buy at or below 730.31; 2025-06 · Price TWD 567.00 · Value 730.31 · Buy at or below 730.31; 2025-07 · Price TWD 575.00 · Value 730.31 · Buy at or below 730.31; 2025-08 · Price TWD 534.00 · Value 730.31 · Buy at or below 730.31; 2025-09 · Price TWD 550.00 · Value 730.31 · Buy at or below 730.31; 2025-10 · Price TWD 515.00 · Value 730.31 · Buy at or below 730.31; 2025-11 · Price TWD 521.00 · Value 730.31 · Buy at or below 730.31; 2025-12 · Price TWD 489.00 · Value 730.31 · Buy at or below 730.31; 2026-01 · Price TWD 483.50 · Value 730.31 · Buy at or below 730.31; 2026-02 · Price TWD 481.50 · Value 821.40 · Buy at or below 821.40; 2026-03 · Price TWD 478.00 · Value 821.40 · Buy at or below 821.40; 2026-04 · Price TWD 537.00 · Value 821.40 · Buy at or below 821.40; 2026-05 · Price TWD 580.00 · Value 821.40 · Buy at or below 821.40; 2026-06 · Price TWD 806.00 · Value 821.40 · Buy at or below 821.40; 2026-07 · Price TWD 683.00 · Value 821.40 · Buy at or below 821.40; 2026-08 · Price TWD 721.00 · Value 821.40 · Buy at or below 821.40; 2026-09 · Price TWD 760.00 · Value 821.40 · Buy at or below 821.40; 2026-10 · Price TWD 758.00 · Value 821.40 · Buy at or below 821.40; 2026-10 · Price TWD 764.00 · Value 821.40 · Buy at or below 821.40

TWD per share · annual estimates

Price & return math
Value range	TWD 599.99 – TWD 944.89
Buy at or below	Central value TWD 821.40
Discount to value	1 − 764.00 / 821.40 = 7.0%
Return / year	About 10.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash TWD 33.24/share; 12.0% growth fades over 10 years to 3.0%; excess cash TWD 117.37/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueTWD 123B

Revenue

Owner earningsTWD 16B

Owner earnings

Operating margin11.7%

Operating margin

Net cash / debtTWD 50B

Net cash / debt

Diluted shares548M

Diluted shares

Prices 15 Oct 2026 · FY2025