# MediaTek (2454.TW)

Canonical: https://gigainvestors.com/s/2454.TW

Analysis as of: 2026-10-16T07:33:32.974Z. Financial observations: FY2001–FY2026.

Listing currency: TWD. Reporting currency: TWD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: TWD 4,165.00 per share; close as of 2026-10-15.

Estimated value: low TWD 1,179.45 per share, central TWD 1,634.82 per share, high TWD 1,899.99 per share. Buy at or below the central value TWD 1,634.82 per share. Valuation as of 2026-10-16T07:33:32.974Z; scenarios are not confidence intervals.

Expected annual return: 5.7% at the stated quote. About 5.7% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.41×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.07×

- FY2019: 0.09×

- FY2020: 0.13×

- FY2021: 0.22×

- FY2022: 0.23×

- FY2023: 0.17×

- FY2024: 0.19×

- FY2025: 0.17×

- LTM to Jun 2026: 0.15×

### moat: pass

- ROIC, median of available years: 37.2%

- ROIC, second-lowest year: 14.9%

- Typical minus recent gross margin: -1.4 pp

- Typical gross margin (annual median): 42.3%

- Recent gross margin (lower of latest and 3-year median): 43.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.4%

- ROIC including acquisitions, ten-year median: 30.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 24.6%

- FY2017: 9.8%

- FY2018: 14.9%

- FY2019: 18.4%

- FY2020: 31.2%

- FY2021: 43.1%

- FY2022: 49.3%

- FY2023: 46.2%

- FY2024: 72.1%

- FY2025: 82.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 535B

- Net income, five-year total: TWD 518B

- Return on incremental invested capital: 225.8%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -2.9 pp

- Working capital / revenue, final three-year average: 14.5%

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

- FY2021: 0.99×

- FY2022: 1.00×

- FY2023: 1.09×

- FY2024: 1.05×

- FY2025: 1.06×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 14.9% vs 72.1%

- Per-share earnings: 15.47 to 65.95 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.2%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: TWD 1.94T

- Cumulative retained earnings: TWD 147B

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 19.9%

- Per-share value change: TWD 50.48

- Per-share value, starting three-year median: TWD 15.47

- Per-share value, ending three-year median: TWD 65.95

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.6%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: TWD 18B

- Cumulative net income, 10 years: TWD 651B

- ROIC, first three-year median: 14.9%

- ROIC, last three-year median: 72.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 15.09

- FY2017: TWD 15.47

- FY2018: TWD 13.13

- FY2019: TWD 14.57

- FY2020: TWD 25.65

- FY2021: TWD 70.31

- FY2022: TWD 74.12

- FY2023: TWD 48.32

- FY2024: TWD 66.75

- FY2025: TWD 65.95

### accounting: pass

- Sloan accruals: -7.1%

- Receivables to sales index (DSRI): 1.17×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.50×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.20×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.7%

- FY2017: 1.1%

- FY2018: 0.4%

- FY2019: -5.1%

- FY2020: -7.2%

- FY2021: 9.4%

- FY2022: -4.3%

- FY2023: -13.2%

- FY2024: -6.8%

- FY2025: -7.1%

## Holders

## Price story

Price needs cash profits to grow 19.1% a year for ten years · "Nvidia-Backed MediaTek’s Sales Soar 44% With AI Chip Momentum" (finance.yahoo.com, Sep 2026) · sales -0.4%

Story as of 2026-10-16T09:59:56.646Z; price observation 2026-10-15.

Price needs cash profits to grow 19.1% a year for ten years

- 2025-04-30: Chip designer MediaTek unable to give full-year outlook given tariff uncertainty ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/chip-designer-mediatek-unable-full-083759699.html))

- 2026-02-04: Taiwan's MediaTek flags supply chain crunch from AI, says will adjust prices ([finance.yahoo.com](https://finance.yahoo.com/news/taiwans-mediatek-flags-supply-chain-081742992.html))

- 2026-08-04: MediaTek Inc (TPE:2454) (Q2 2026) Earnings Call Highlights: AI ASIC Momentum Drives Record ... ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/mediatek-inc-tpe-2454-q2-010316865.html))

- 2026-09-10: Nvidia-Backed MediaTek’s Sales Soar 44% With AI Chip Momentum ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/nvidia-backed-mediatek-sales-soar-090359864.html))

### Sales · FY2025–2026

sales -0.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: TWD 238B 

- FY2018: TWD 238B 

- FY2019: TWD 246B 

- FY2020: TWD 322B 

- FY2021: TWD 493B 

- FY2022: TWD 549B 

- FY2023: TWD 433B 

- FY2024: TWD 531B 

- FY2025: TWD 596B 

- FY2026: TWD 594B 

### Gross margin · FY2025

gross margin 43.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 33.2% 

- FY2017: 32.7% 

- FY2018: 35.4% 

- FY2019: 38.5% 

- FY2020: 40.9% 

- FY2021: 44.8% 

- FY2022: 46.7% 

- FY2023: 43.7% 

- FY2024: 45.8% 

- FY2025: 43.7% 

## Owner memo

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

### How it makes money

Operates in semiconductors; annual sales are TWD 596 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.974Z); FY2025: revenue 595965682000; grossProfit 260650373000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2454.TW: MediaTek Inc. engages in the research, development, production, manufacture, and marketing of multimedia integrated circuits (ICs) in Taiwan, rest of Asia, and internationally. The company offers multimedia, computer peripherals oriented, consumer-oriented, and other ICs for various applications. It also offers design, test runs, maintenance and repair, and technological consultation services for software and hardware solutions; and sale and delegation patents and circuit layout rights for its ICs products. In addition, the company provides research, marketing, and technical services; intellectual property right management services; and general investing services. The company was incorporated in 1997 and is headquartered in Hsinchu City, Taiwan.

### Why customers stay

Margins ranged from 43.7% to 45.8% during 2023–25; it earns 37.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.974Z); FY2023: grossProfit / revenue = 43.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.974Z); FY2024: grossProfit / revenue = 45.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.974Z); FY2025: grossProfit / revenue = 43.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.974Z); 10-year return on capital observations [[2016,0.2459164031608469],[2017,0.09775119500870307],[2018,0.14875479066697855],[2019,0.18397479394139005],[2020,0.31208121981424897],[2021,0.4309424125613902],[2022,0.49325829433123264],[2023,0.4620669353606251],[2024,0.7206994476988986],[2025,0.8241176518088472]]; median 0.3715118161878196. 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 2026-10-16T07:33:32.974Z); FY2016: growth capex 0; upkeep 6671275000; owner earnings 23923387000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.974Z); FY2017: growth capex 0; upkeep 4053439000; owner earnings 27471372000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.974Z); FY2018: growth capex 0; upkeep 4652766000; owner earnings 23657919000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.974Z); FY2019: growth capex 0; upkeep 5615810000; owner earnings 25207266200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.974Z); FY2020: growth capex 0; upkeep 5002265000; owner earnings 45220069200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.974Z); FY2021: growth capex 6406681000; upkeep 10578688000; owner earnings 110722846800. Growth capex / owner earnings = 0.057862321870864326.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.974Z); FY2022: growth capex 0; upkeep 13622110000; owner earnings 117677907600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.974Z); FY2023: growth capex 0; upkeep 9324762000; owner earnings 84010193800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.974Z); FY2024: growth capex 0; upkeep 13786506000; owner earnings 111586836400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.974Z); FY2025: growth capex 0; upkeep 15059115000; owner earnings 111317987800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.974Z); Dividend observations: [[2016,17201686000],[2017,14912148000],[2018,15630378000],[2019,14161809000],[2020,16588763000],[2021,58584650000],[2022,116140659000],[2023,120981171000],[2024,87550792000],[2025,86069629000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 8.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2454.TW SharesStats.PercentInsiders = 8.096 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 19.1% yearly over ten years; actual growth was 17.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.974Z); Ten-year compound average after fade. Initial solved rate 0.26403343412664537. Price 4165; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 13.893341814496255 → FY2025 69.70269235585833. Closing-price date 2026-10-15.

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

- 2016-10: TWD 240.00 per share

- 2016-11: TWD 221.50 per share

- 2016-12: TWD 216.50 per share

- 2017-01: TWD 213.50 per share

- 2017-02: TWD 224.00 per share

- 2017-03: TWD 215.00 per share

- 2017-04: TWD 217.00 per share

- 2017-05: TWD 230.00 per share

- 2017-06: TWD 260.50 per share

- 2017-07: TWD 266.00 per share

- 2017-08: TWD 270.50 per share

- 2017-09: TWD 284.50 per share

- 2017-10: TWD 342.50 per share

- 2017-11: TWD 326.00 per share

- 2017-12: TWD 294.00 per share

- 2018-01: TWD 299.00 per share

- 2018-02: TWD 301.00 per share

- 2018-03: TWD 340.00 per share

- 2018-04: TWD 340.00 per share

- 2018-05: TWD 311.50 per share

- 2018-06: TWD 300.00 per share

- 2018-07: TWD 254.00 per share

- 2018-08: TWD 251.50 per share

- 2018-09: TWD 246.50 per share

- 2018-10: TWD 227.50 per share

- 2018-11: TWD 237.50 per share

- 2018-12: TWD 229.50 per share

- 2019-01: TWD 243.00 per share

- 2019-02: TWD 280.00 per share

- 2019-03: TWD 282.50 per share

- 2019-04: TWD 295.50 per share

- 2019-05: TWD 311.00 per share

- 2019-06: TWD 314.00 per share

- 2019-07: TWD 314.50 per share

- 2019-08: TWD 367.50 per share

- 2019-09: TWD 369.00 per share

- 2019-10: TWD 408.00 per share

- 2019-11: TWD 421.50 per share

- 2019-12: TWD 443.50 per share

- 2020-01: TWD 388.00 per share

- 2020-02: TWD 360.00 per share

- 2020-03: TWD 327.50 per share

- 2020-04: TWD 415.00 per share

- 2020-05: TWD 463.00 per share

- 2020-06: TWD 579.00 per share

- 2020-07: TWD 701.00 per share

- 2020-08: TWD 556.00 per share

- 2020-09: TWD 607.00 per share

- 2020-10: TWD 678.00 per share

- 2020-11: TWD 704.00 per share

- 2020-12: TWD 747.00 per share

- 2021-01: TWD 875.00 per share

- 2021-02: TWD 896.00 per share

- 2021-03: TWD 969.00 per share

- 2021-04: TWD 1,185.00 per share

- 2021-05: TWD 995.00 per share

- 2021-06: TWD 962.00 per share

- 2021-07: TWD 910.00 per share

- 2021-08: TWD 901.00 per share

- 2021-09: TWD 905.00 per share

- 2021-10: TWD 913.00 per share

- 2021-11: TWD 1,010.00 per share

- 2021-12: TWD 1,190.00 per share

- 2022-01: TWD 1,075.00 per share

- 2022-02: TWD 1,085.00 per share

- 2022-03: TWD 905.00 per share

- 2022-04: TWD 830.00 per share

- 2022-05: TWD 905.00 per share

- 2022-06: TWD 651.00 per share

- 2022-07: TWD 683.00 per share

- 2022-08: TWD 667.00 per share

- 2022-09: TWD 551.00 per share

- 2022-10: TWD 590.00 per share

- 2022-11: TWD 733.00 per share

- 2022-12: TWD 625.00 per share

- 2023-01: TWD 718.00 per share

- 2023-02: TWD 723.00 per share

- 2023-03: TWD 787.00 per share

- 2023-04: TWD 665.00 per share

- 2023-05: TWD 759.00 per share

- 2023-06: TWD 688.00 per share

- 2023-07: TWD 690.00 per share

- 2023-08: TWD 705.00 per share

- 2023-09: TWD 735.00 per share

- 2023-10: TWD 842.00 per share

- 2023-11: TWD 945.00 per share

- 2023-12: TWD 1,015.00 per share

- 2024-01: TWD 966.00 per share

- 2024-02: TWD 1,140.00 per share

- 2024-03: TWD 1,185.00 per share

- 2024-04: TWD 992.00 per share

- 2024-05: TWD 1,235.00 per share

- 2024-06: TWD 1,400.00 per share

- 2024-07: TWD 1,220.00 per share

- 2024-08: TWD 1,240.00 per share

- 2024-09: TWD 1,175.00 per share

- 2024-10: TWD 1,290.00 per share

- 2024-11: TWD 1,255.00 per share

- 2024-12: TWD 1,415.00 per share

- 2025-01: TWD 1,465.00 per share

- 2025-02: TWD 1,515.00 per share

- 2025-03: TWD 1,390.00 per share

- 2025-04: TWD 1,350.00 per share

- 2025-05: TWD 1,260.00 per share

- 2025-06: TWD 1,250.00 per share

- 2025-07: TWD 1,370.00 per share

- 2025-08: TWD 1,370.00 per share

- 2025-09: TWD 1,315.00 per share

- 2025-10: TWD 1,310.00 per share

- 2025-11: TWD 1,395.00 per share

- 2025-12: TWD 1,430.00 per share

- 2026-01: TWD 1,760.00 per share

- 2026-02: TWD 1,945.00 per share

- 2026-03: TWD 1,490.00 per share

- 2026-04: TWD 2,610.00 per share

- 2026-05: TWD 4,310.00 per share

- 2026-06: TWD 4,245.00 per share

- 2026-07: TWD 3,555.00 per share

- 2026-08: TWD 3,925.00 per share

- 2026-09: TWD 4,920.00 per share

- 2026-10: TWD 4,525.00 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 425.36 per share, central TWD 471.01 per share, high TWD 531.79 per share

- FY2017: low TWD 295.97 per share, central TWD 322.29 per share, high TWD 357.32 per share

- FY2018: low TWD 268.97 per share, central TWD 292.11 per share, high TWD 322.92 per share

- FY2019: low TWD 298.90 per share, central TWD 322.83 per share, high TWD 354.68 per share

- FY2020: low TWD 353.69 per share, central TWD 384.85 per share, high TWD 426.33 per share

- FY2021: low TWD 611.13 per share, central TWD 820.31 per share, high TWD 942.12 per share

- FY2022: low TWD 753.52 per share, central TWD 1,035.07 per share, high TWD 1,199.01 per share

- FY2023: low TWD 824.93 per share, central TWD 1,132.16 per share, high TWD 1,311.06 per share

- FY2024: low TWD 1,083.00 per share, central TWD 1,490.89 per share, high TWD 1,728.40 per share

- FY2025: low TWD 1,214.59 per share, central TWD 1,671.80 per share, high TWD 1,938.04 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 2026-10-15T06:39:18.855Z 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.

MediaTek

2454 · TW

FTSE TWSE Taiwan 50

A wonderful business at too high a price

Passes the quality tests.

Share price: TWD 4,165.00
Buy up to: TWD 1,634.82
Expected / yr: 5.7% 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 40.9% around their average (limit 35%).

Operating margin

10y median: 15.8%
Worst year: 4.1%
Latest · LTM: 15.1%

Capital return excluding acquisitions: median 37.2% (minimum 15%), and the second-worst year 14.9% (minimum 10%).

ROIC excluding acquisitions

10y median: 37.2%
Worst year: 9.8%
Latest · 2025: 82.4%

Each $1 of profit left $1.03 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.03×
Annual median: 1.05×
Latest · 2025: 1.06×

Per-share value rose from 15.47 to 65.95, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: TWD 36.99
Worst year: TWD 13.13
Latest · 2025: TWD 65.95

Profits were backed by cash: accruals were -7.1% of assets (limit 10%).

Sloan accruals

10y median: -4.7%
Worst year: 9.4%
Latest · 2025: -7.1%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 14.0%, three-year average owner earnings per share 64.15 TWD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price TWD 240.00 · Value 471.01 · Buy at or below 471.01; 2016-11 · Price TWD 221.50 · Value 471.01 · Buy at or below 471.01; 2016-12 · Price TWD 216.50 · Value 471.01 · Buy at or below 471.01; 2017-01 · Price TWD 213.50 · Value 471.01 · Buy at or below 471.01; 2017-02 · Price TWD 224.00 · Value 322.29 · Buy at or below 322.29; 2017-03 · Price TWD 215.00 · Value 322.29 · Buy at or below 322.29; 2017-04 · Price TWD 217.00 · Value 322.29 · Buy at or below 322.29; 2017-05 · Price TWD 230.00 · Value 322.29 · Buy at or below 322.29; 2017-06 · Price TWD 260.50 · Value 322.29 · Buy at or below 322.29; 2017-07 · Price TWD 266.00 · Value 322.29 · Buy at or below 322.29; 2017-08 · Price TWD 270.50 · Value 322.29 · Buy at or below 322.29; 2017-09 · Price TWD 284.50 · Value 322.29 · Buy at or below 322.29; 2017-10 · Price TWD 342.50 · Value 322.29 · Buy at or below 322.29; 2017-11 · Price TWD 326.00 · Value 322.29 · Buy at or below 322.29; 2017-12 · Price TWD 294.00 · Value 322.29 · Buy at or below 322.29; 2018-01 · Price TWD 299.00 · Value 322.29 · Buy at or below 322.29; 2018-02 · Price TWD 301.00 · Value 292.11 · Buy at or below 292.11; 2018-03 · Price TWD 340.00 · Value 292.11 · Buy at or below 292.11; 2018-04 · Price TWD 340.00 · Value 292.11 · Buy at or below 292.11; 2018-05 · Price TWD 311.50 · Value 292.11 · Buy at or below 292.11; 2018-06 · Price TWD 300.00 · Value 292.11 · Buy at or below 292.11; 2018-07 · Price TWD 254.00 · Value 292.11 · Buy at or below 292.11; 2018-08 · Price TWD 251.50 · Value 292.11 · Buy at or below 292.11; 2018-09 · Price TWD 246.50 · Value 292.11 · Buy at or below 292.11; 2018-10 · Price TWD 227.50 · Value 292.11 · Buy at or below 292.11; 2018-11 · Price TWD 237.50 · Value 292.11 · Buy at or below 292.11; 2018-12 · Price TWD 229.50 · Value 292.11 · Buy at or below 292.11; 2019-01 · Price TWD 243.00 · Value 292.11 · Buy at or below 292.11; 2019-02 · Price TWD 280.00 · Value 322.83 · Buy at or below 322.83; 2019-03 · Price TWD 282.50 · Value 322.83 · Buy at or below 322.83; 2019-04 · Price TWD 295.50 · Value 322.83 · Buy at or below 322.83; 2019-05 · Price TWD 311.00 · Value 322.83 · Buy at or below 322.83; 2019-06 · Price TWD 314.00 · Value 322.83 · Buy at or below 322.83; 2019-07 · Price TWD 314.50 · Value 322.83 · Buy at or below 322.83; 2019-08 · Price TWD 367.50 · Value 322.83 · Buy at or below 322.83; 2019-09 · Price TWD 369.00 · Value 322.83 · Buy at or below 322.83; 2019-10 · Price TWD 408.00 · Value 322.83 · Buy at or below 322.83; 2019-11 · Price TWD 421.50 · Value 322.83 · Buy at or below 322.83; 2019-12 · Price TWD 443.50 · Value 322.83 · Buy at or below 322.83; 2020-01 · Price TWD 388.00 · Value 322.83 · Buy at or below 322.83; 2020-02 · Price TWD 360.00 · Value 384.85 · Buy at or below 384.85; 2020-03 · Price TWD 327.50 · Value 384.85 · Buy at or below 384.85; 2020-04 · Price TWD 415.00 · Value 384.85 · Buy at or below 384.85; 2020-05 · Price TWD 463.00 · Value 384.85 · Buy at or below 384.85; 2020-06 · Price TWD 579.00 · Value 384.85 · Buy at or below 384.85; 2020-07 · Price TWD 701.00 · Value 384.85 · Buy at or below 384.85; 2020-08 · Price TWD 556.00 · Value 384.85 · Buy at or below 384.85; 2020-09 · Price TWD 607.00 · Value 384.85 · Buy at or below 384.85; 2020-10 · Price TWD 678.00 · Value 384.85 · Buy at or below 384.85; 2020-11 · Price TWD 704.00 · Value 384.85 · Buy at or below 384.85; 2020-12 · Price TWD 747.00 · Value 384.85 · Buy at or below 384.85; 2021-01 · Price TWD 875.00 · Value 384.85 · Buy at or below 384.85; 2021-02 · Price TWD 896.00 · Value 820.31 · Buy at or below 820.31; 2021-03 · Price TWD 969.00 · Value 820.31 · Buy at or below 820.31; 2021-04 · Price TWD 1185.00 · Value 820.31 · Buy at or below 820.31; 2021-05 · Price TWD 995.00 · Value 820.31 · Buy at or below 820.31; 2021-06 · Price TWD 962.00 · Value 820.31 · Buy at or below 820.31; 2021-07 · Price TWD 910.00 · Value 820.31 · Buy at or below 820.31; 2021-08 · Price TWD 901.00 · Value 820.31 · Buy at or below 820.31; 2021-09 · Price TWD 905.00 · Value 820.31 · Buy at or below 820.31; 2021-10 · Price TWD 913.00 · Value 820.31 · Buy at or below 820.31; 2021-11 · Price TWD 1010.00 · Value 820.31 · Buy at or below 820.31; 2021-12 · Price TWD 1190.00 · Value 820.31 · Buy at or below 820.31; 2022-01 · Price TWD 1075.00 · Value 820.31 · Buy at or below 820.31; 2022-02 · Price TWD 1085.00 · Value 1035.07 · Buy at or below 1035.07; 2022-03 · Price TWD 905.00 · Value 1035.07 · Buy at or below 1035.07; 2022-04 · Price TWD 830.00 · Value 1035.07 · Buy at or below 1035.07; 2022-05 · Price TWD 905.00 · Value 1035.07 · Buy at or below 1035.07; 2022-06 · Price TWD 651.00 · Value 1035.07 · Buy at or below 1035.07; 2022-07 · Price TWD 683.00 · Value 1035.07 · Buy at or below 1035.07; 2022-08 · Price TWD 667.00 · Value 1035.07 · Buy at or below 1035.07; 2022-09 · Price TWD 551.00 · Value 1035.07 · Buy at or below 1035.07; 2022-10 · Price TWD 590.00 · Value 1035.07 · Buy at or below 1035.07; 2022-11 · Price TWD 733.00 · Value 1035.07 · Buy at or below 1035.07; 2022-12 · Price TWD 625.00 · Value 1035.07 · Buy at or below 1035.07; 2023-01 · Price TWD 718.00 · Value 1035.07 · Buy at or below 1035.07; 2023-02 · Price TWD 723.00 · Value 1132.16 · Buy at or below 1132.16; 2023-03 · Price TWD 787.00 · Value 1132.16 · Buy at or below 1132.16; 2023-04 · Price TWD 665.00 · Value 1132.16 · Buy at or below 1132.16; 2023-05 · Price TWD 759.00 · Value 1132.16 · Buy at or below 1132.16; 2023-06 · Price TWD 688.00 · Value 1132.16 · Buy at or below 1132.16; 2023-07 · Price TWD 690.00 · Value 1132.16 · Buy at or below 1132.16; 2023-08 · Price TWD 705.00 · Value 1132.16 · Buy at or below 1132.16; 2023-09 · Price TWD 735.00 · Value 1132.16 · Buy at or below 1132.16; 2023-10 · Price TWD 842.00 · Value 1132.16 · Buy at or below 1132.16; 2023-11 · Price TWD 945.00 · Value 1132.16 · Buy at or below 1132.16; 2023-12 · Price TWD 1015.00 · Value 1132.16 · Buy at or below 1132.16; 2024-01 · Price TWD 966.00 · Value 1132.16 · Buy at or below 1132.16; 2024-02 · Price TWD 1140.00 · Value 1490.89 · Buy at or below 1490.89; 2024-03 · Price TWD 1185.00 · Value 1490.89 · Buy at or below 1490.89; 2024-04 · Price TWD 992.00 · Value 1490.89 · Buy at or below 1490.89; 2024-05 · Price TWD 1235.00 · Value 1490.89 · Buy at or below 1490.89; 2024-06 · Price TWD 1400.00 · Value 1490.89 · Buy at or below 1490.89; 2024-07 · Price TWD 1220.00 · Value 1490.89 · Buy at or below 1490.89; 2024-08 · Price TWD 1240.00 · Value 1490.89 · Buy at or below 1490.89; 2024-09 · Price TWD 1175.00 · Value 1490.89 · Buy at or below 1490.89; 2024-10 · Price TWD 1290.00 · Value 1490.89 · Buy at or below 1490.89; 2024-11 · Price TWD 1255.00 · Value 1490.89 · Buy at or below 1490.89; 2024-12 · Price TWD 1415.00 · Value 1490.89 · Buy at or below 1490.89; 2025-01 · Price TWD 1465.00 · Value 1490.89 · Buy at or below 1490.89; 2025-02 · Price TWD 1515.00 · Value 1671.80 · Buy at or below 1671.80; 2025-03 · Price TWD 1390.00 · Value 1671.80 · Buy at or below 1671.80; 2025-04 · Price TWD 1350.00 · Value 1671.80 · Buy at or below 1671.80; 2025-05 · Price TWD 1260.00 · Value 1671.80 · Buy at or below 1671.80; 2025-06 · Price TWD 1250.00 · Value 1671.80 · Buy at or below 1671.80; 2025-07 · Price TWD 1370.00 · Value 1671.80 · Buy at or below 1671.80; 2025-08 · Price TWD 1370.00 · Value 1671.80 · Buy at or below 1671.80; 2025-09 · Price TWD 1315.00 · Value 1671.80 · Buy at or below 1671.80; 2025-10 · Price TWD 1310.00 · Value 1671.80 · Buy at or below 1671.80; 2025-11 · Price TWD 1395.00 · Value 1671.80 · Buy at or below 1671.80; 2025-12 · Price TWD 1430.00 · Value 1671.80 · Buy at or below 1671.80; 2026-01 · Price TWD 1760.00 · Value 1671.80 · Buy at or below 1671.80; 2026-02 · Price TWD 1945.00 · Value 1634.82 · Buy at or below 1634.82; 2026-03 · Price TWD 1490.00 · Value 1634.82 · Buy at or below 1634.82; 2026-04 · Price TWD 2610.00 · Value 1634.82 · Buy at or below 1634.82; 2026-05 · Price TWD 4310.00 · Value 1634.82 · Buy at or below 1634.82; 2026-06 · Price TWD 4245.00 · Value 1634.82 · Buy at or below 1634.82; 2026-07 · Price TWD 3555.00 · Value 1634.82 · Buy at or below 1634.82; 2026-08 · Price TWD 3925.00 · Value 1634.82 · Buy at or below 1634.82; 2026-09 · Price TWD 4920.00 · Value 1634.82 · Buy at or below 1634.82; 2026-10 · Price TWD 4525.00 · Value 1634.82 · Buy at or below 1634.82; 2026-10 · Price TWD 4165.00 · Value 1634.82 · Buy at or below 1634.82

TWD per share · annual estimates

Price & return math
Value range	TWD 1,179.45 – TWD 1,899.99
Buy at or below	Central value TWD 1,634.82
Discount to value	1 − 4165.00 / 1634.82 = -154.8%
Return / year	About 5.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash TWD 78.17/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash TWD 116.79/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueTWD 594B

Revenue

Owner earningsTWD 111B

Owner earnings

Operating margin15.1%

Operating margin

Net cash / debtTWD 226B

Net cash / debt

Diluted shares1.6B

Diluted shares

Prices 15 Oct 2026 · FY2025