# Fubon Financial Holding (2881.TW)

Canonical: https://gigainvestors.com/s/2881.TW

Analysis as of: 2026-10-16T07:33:47.754Z. Financial observations: FY2015–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 159.50 per share; close as of 2026-10-15.

Estimated value: low TWD 108.02 per share, central TWD 135.02 per share, high TWD 180.03 per share. Buy at or below the central value TWD 135.02 per share. Valuation as of 2026-10-16T07:33:47.754Z; scenarios are not confidence intervals.

Expected annual return: 9.4% at the stated quote. About 9.4% 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

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.22×

Chart: Net income; fiscal year observations.

- FY2016: TWD 48B

- FY2017: TWD 53B

- FY2018: TWD 46B

- FY2019: TWD 56B

- FY2020: TWD 87B

- FY2021: TWD 142B

- FY2022: TWD 47B

- FY2023: TWD 66B

- FY2024: TWD 151B

- FY2025: TWD 121B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 11.2%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 8.3%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 11.5%

- FY2017: 11.0%

- FY2018: 10.1%

- FY2019: 9.2%

- FY2020: 11.5%

- FY2021: 14.9%

- FY2022: 8.3%

- FY2023: 8.2%

- FY2024: 15.9%

- FY2025: 12.3%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 13.5%

- Book return interval: 10 years

- Starting book value per share: TWD 31.06

- Ending book value per share: TWD 70.39

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 19.9%

- FY2017: 20.1%

- FY2018: 0.0%

- FY2019: 24.1%

- FY2020: 43.6%

- FY2021: 29.1%

- FY2022: -41.7%

- FY2023: 45.8%

- FY2024: 17.3%

- FY2025: 7.4%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 1.7%

- Diluted shares, 5-year annual growth: 3.4%

- Share growth excluding flagged crisis recapitalisations: 1.7%

- Five-year share growth excluding flagged crisis recapitalisations: 3.4%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.98×

- Book value created per share: TWD 39.34

- Earnings retained per share after dividends and buybacks: TWD 40.09

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 111

- FY2020: 100

- FY2021: 100

- FY2022: 110

- FY2023: 110

- FY2024: 115

- FY2025: 118

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 6.6% a year forever · net income -19.8%

Story as of 2026-10-16T09:59:57.804Z; price observation 2026-10-15.

The price assumes profits grow 6.6% a year forever

### Net income · FY2025

net income -19.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 48B 

- FY2017: TWD 53B 

- FY2018: TWD 46B 

- FY2019: TWD 56B 

- FY2020: TWD 87B 

- FY2021: TWD 142B 

- FY2022: TWD 47B 

- FY2023: TWD 66B 

- FY2024: TWD 151B 

- FY2025: TWD 121B 

## Owner memo

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

### How it makes money

Operates in insurance life; annual sales are TWD 190.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:47.754Z); FY2025: revenue 190389088000.

### Why customers stay

It earns 11.2% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:47.754Z); 10-year return on tangible equity observations [[2016,0.11506364955700109],[2017,0.11006354915285733],[2018,0.10071535276449839],[2019,0.0919308895069343],[2020,0.11451044598804065],[2021,0.1491655834466318],[2022,0.08295282096730656],[2023,0.08227027939342194],[2024,0.15857015591091198],[2025,0.1230879640536837]]; median 0.112286997570449. 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 2026-10-16T07:33:47.754Z); Dividend observations: [[2016,20467208000],[2017,21491536000],[2018,25013289000],[2019,23091251000],[2020,23383194000],[2021,33550645000],[2022,44343497000],[2023,22108799000],[2024,36173976000],[2025,61768548000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 39.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2881.TW SharesStats.PercentInsiders = 39.267 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:47.754Z); Price 159.5; FX 1; original perpetual distributable cash 5.400864970558567; discount 0.1; growth 0.06613877761405287. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: TWD 44.80 per share

- 2016-11: TWD 49.45 per share

- 2016-12: TWD 51.00 per share

- 2017-01: TWD 50.60 per share

- 2017-02: TWD 49.75 per share

- 2017-03: TWD 49.50 per share

- 2017-04: TWD 47.30 per share

- 2017-05: TWD 45.85 per share

- 2017-06: TWD 48.45 per share

- 2017-07: TWD 46.90 per share

- 2017-08: TWD 48.50 per share

- 2017-09: TWD 47.20 per share

- 2017-10: TWD 48.05 per share

- 2017-11: TWD 49.05 per share

- 2017-12: TWD 50.70 per share

- 2018-01: TWD 54.20 per share

- 2018-02: TWD 52.20 per share

- 2018-03: TWD 50.20 per share

- 2018-04: TWD 51.00 per share

- 2018-05: TWD 52.10 per share

- 2018-06: TWD 51.10 per share

- 2018-07: TWD 50.70 per share

- 2018-08: TWD 50.90 per share

- 2018-09: TWD 51.80 per share

- 2018-10: TWD 48.45 per share

- 2018-11: TWD 48.80 per share

- 2018-12: TWD 47.05 per share

- 2019-01: TWD 44.55 per share

- 2019-02: TWD 45.50 per share

- 2019-03: TWD 46.00 per share

- 2019-04: TWD 45.60 per share

- 2019-05: TWD 43.25 per share

- 2019-06: TWD 45.85 per share

- 2019-07: TWD 43.20 per share

- 2019-08: TWD 43.65 per share

- 2019-09: TWD 44.55 per share

- 2019-10: TWD 44.55 per share

- 2019-11: TWD 44.80 per share

- 2019-12: TWD 46.40 per share

- 2020-01: TWD 45.05 per share

- 2020-02: TWD 44.45 per share

- 2020-03: TWD 37.55 per share

- 2020-04: TWD 42.30 per share

- 2020-05: TWD 42.40 per share

- 2020-06: TWD 43.90 per share

- 2020-07: TWD 41.75 per share

- 2020-08: TWD 42.80 per share

- 2020-09: TWD 41.90 per share

- 2020-10: TWD 40.70 per share

- 2020-11: TWD 44.30 per share

- 2020-12: TWD 46.75 per share

- 2021-01: TWD 45.55 per share

- 2021-02: TWD 49.90 per share

- 2021-03: TWD 56.80 per share

- 2021-04: TWD 64.20 per share

- 2021-05: TWD 72.30 per share

- 2021-06: TWD 73.90 per share

- 2021-07: TWD 75.00 per share

- 2021-08: TWD 85.00 per share

- 2021-09: TWD 76.70 per share

- 2021-10: TWD 73.60 per share

- 2021-11: TWD 73.10 per share

- 2021-12: TWD 76.30 per share

- 2022-01: TWD 75.60 per share

- 2022-02: TWD 75.10 per share

- 2022-03: TWD 76.50 per share

- 2022-04: TWD 74.40 per share

- 2022-05: TWD 64.10 per share

- 2022-06: TWD 59.80 per share

- 2022-07: TWD 56.10 per share

- 2022-08: TWD 57.40 per share

- 2022-09: TWD 49.90 per share

- 2022-10: TWD 51.00 per share

- 2022-11: TWD 60.80 per share

- 2022-12: TWD 56.30 per share

- 2023-01: TWD 60.20 per share

- 2023-02: TWD 60.00 per share

- 2023-03: TWD 56.50 per share

- 2023-04: TWD 59.00 per share

- 2023-05: TWD 60.80 per share

- 2023-06: TWD 60.80 per share

- 2023-07: TWD 65.50 per share

- 2023-08: TWD 63.60 per share

- 2023-09: TWD 60.70 per share

- 2023-10: TWD 60.10 per share

- 2023-11: TWD 64.40 per share

- 2023-12: TWD 64.80 per share

- 2024-01: TWD 64.50 per share

- 2024-02: TWD 68.00 per share

- 2024-03: TWD 69.70 per share

- 2024-04: TWD 69.10 per share

- 2024-05: TWD 73.40 per share

- 2024-06: TWD 79.30 per share

- 2024-07: TWD 88.20 per share

- 2024-08: TWD 91.90 per share

- 2024-09: TWD 90.40 per share

- 2024-10: TWD 90.80 per share

- 2024-11: TWD 88.00 per share

- 2024-12: TWD 90.30 per share

- 2025-01: TWD 92.80 per share

- 2025-02: TWD 92.30 per share

- 2025-03: TWD 85.30 per share

- 2025-04: TWD 84.30 per share

- 2025-05: TWD 79.60 per share

- 2025-06: TWD 87.30 per share

- 2025-07: TWD 82.40 per share

- 2025-08: TWD 83.90 per share

- 2025-09: TWD 88.30 per share

- 2025-10: TWD 91.20 per share

- 2025-11: TWD 92.60 per share

- 2025-12: TWD 96.10 per share

- 2026-01: TWD 90.90 per share

- 2026-02: TWD 94.20 per share

- 2026-03: TWD 86.00 per share

- 2026-04: TWD 90.00 per share

- 2026-05: TWD 110.00 per share

- 2026-06: TWD 129.50 per share

- 2026-07: TWD 130.00 per share

- 2026-08: TWD 144.00 per share

- 2026-09: TWD 151.00 per share

- 2026-10: TWD 160.00 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 92.13 per share, central TWD 115.17 per share, high TWD 153.55 per share

- FY2017: low TWD 88.94 per share, central TWD 111.17 per share, high TWD 148.23 per share

- FY2018: low TWD 46.75 per share, central TWD 51.42 per share, high TWD 57.14 per share

- FY2019: low TWD 56.47 per share, central TWD 70.59 per share, high TWD 94.12 per share

- FY2020: low TWD 77.48 per share, central TWD 96.85 per share, high TWD 129.14 per share

- FY2021: low TWD 97.43 per share, central TWD 121.78 per share, high TWD 162.38 per share

- FY2022: low TWD 45.45 per share, central TWD 49.99 per share, high TWD 55.55 per share

- FY2023: low TWD 64.37 per share, central TWD 70.81 per share, high TWD 78.68 per share

- FY2024: low TWD 80.44 per share, central TWD 100.55 per share, high TWD 134.06 per share

- FY2025: low TWD 74.00 per share, central TWD 81.40 per share, high TWD 90.44 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.

Fubon Financial Holding

2881 · TW

FTSE TWSE Taiwan 50

Not a wonderful business

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

Share price: TWD 159.50
Buy up to: TWD 135.02
Expected / yr: 9.4% 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

Profits were positive in 10 years (at least 8 needed).

Net income

10y median: TWD 61B
Worst year: TWD 46B
Latest · 2025: TWD 121B

Earned a median 11.2% on equity (minimum 10%).

Return on common equity

10y median: 11.2%
Worst year: 8.2%
Latest · 2025: 12.3%

Book value plus dividends grew 13.5% a year (minimum 7%).

Annual book + dividend return

10y median: 20.0%
Worst year: -41.7%
Latest · 2025: 7.4%

Book value gained 39.34 per share against 40.09 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 100
Worst year: 118
Latest · 2025: 118

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 8.26 TWD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price TWD 44.80 · Value 115.17 · Buy at or below 115.17; 2016-11 · Price TWD 49.45 · Value 115.17 · Buy at or below 115.17; 2016-12 · Price TWD 51.00 · Value 115.17 · Buy at or below 115.17; 2017-01 · Price TWD 50.60 · Value 115.17 · Buy at or below 115.17; 2017-02 · Price TWD 49.75 · Value 111.17 · Buy at or below 111.17; 2017-03 · Price TWD 49.50 · Value 111.17 · Buy at or below 111.17; 2017-04 · Price TWD 47.30 · Value 111.17 · Buy at or below 111.17; 2017-05 · Price TWD 45.85 · Value 111.17 · Buy at or below 111.17; 2017-06 · Price TWD 48.45 · Value 111.17 · Buy at or below 111.17; 2017-07 · Price TWD 46.90 · Value 111.17 · Buy at or below 111.17; 2017-08 · Price TWD 48.50 · Value 111.17 · Buy at or below 111.17; 2017-09 · Price TWD 47.20 · Value 111.17 · Buy at or below 111.17; 2017-10 · Price TWD 48.05 · Value 111.17 · Buy at or below 111.17; 2017-11 · Price TWD 49.05 · Value 111.17 · Buy at or below 111.17; 2017-12 · Price TWD 50.70 · Value 111.17 · Buy at or below 111.17; 2018-01 · Price TWD 54.20 · Value 111.17 · Buy at or below 111.17; 2018-02 · Price TWD 52.20 · Value 51.42 · Buy at or below 51.42; 2018-03 · Price TWD 50.20 · Value 51.42 · Buy at or below 51.42; 2018-04 · Price TWD 51.00 · Value 51.42 · Buy at or below 51.42; 2018-05 · Price TWD 52.10 · Value 51.42 · Buy at or below 51.42; 2018-06 · Price TWD 51.10 · Value 51.42 · Buy at or below 51.42; 2018-07 · Price TWD 50.70 · Value 51.42 · Buy at or below 51.42; 2018-08 · Price TWD 50.90 · Value 51.42 · Buy at or below 51.42; 2018-09 · Price TWD 51.80 · Value 51.42 · Buy at or below 51.42; 2018-10 · Price TWD 48.45 · Value 51.42 · Buy at or below 51.42; 2018-11 · Price TWD 48.80 · Value 51.42 · Buy at or below 51.42; 2018-12 · Price TWD 47.05 · Value 51.42 · Buy at or below 51.42; 2019-01 · Price TWD 44.55 · Value 51.42 · Buy at or below 51.42; 2019-02 · Price TWD 45.50 · Value 70.59 · Buy at or below 70.59; 2019-03 · Price TWD 46.00 · Value 70.59 · Buy at or below 70.59; 2019-04 · Price TWD 45.60 · Value 70.59 · Buy at or below 70.59; 2019-05 · Price TWD 43.25 · Value 70.59 · Buy at or below 70.59; 2019-06 · Price TWD 45.85 · Value 70.59 · Buy at or below 70.59; 2019-07 · Price TWD 43.20 · Value 70.59 · Buy at or below 70.59; 2019-08 · Price TWD 43.65 · Value 70.59 · Buy at or below 70.59; 2019-09 · Price TWD 44.55 · Value 70.59 · Buy at or below 70.59; 2019-10 · Price TWD 44.55 · Value 70.59 · Buy at or below 70.59; 2019-11 · Price TWD 44.80 · Value 70.59 · Buy at or below 70.59; 2019-12 · Price TWD 46.40 · Value 70.59 · Buy at or below 70.59; 2020-01 · Price TWD 45.05 · Value 70.59 · Buy at or below 70.59; 2020-02 · Price TWD 44.45 · Value 96.85 · Buy at or below 96.85; 2020-03 · Price TWD 37.55 · Value 96.85 · Buy at or below 96.85; 2020-04 · Price TWD 42.30 · Value 96.85 · Buy at or below 96.85; 2020-05 · Price TWD 42.40 · Value 96.85 · Buy at or below 96.85; 2020-06 · Price TWD 43.90 · Value 96.85 · Buy at or below 96.85; 2020-07 · Price TWD 41.75 · Value 96.85 · Buy at or below 96.85; 2020-08 · Price TWD 42.80 · Value 96.85 · Buy at or below 96.85; 2020-09 · Price TWD 41.90 · Value 96.85 · Buy at or below 96.85; 2020-10 · Price TWD 40.70 · Value 96.85 · Buy at or below 96.85; 2020-11 · Price TWD 44.30 · Value 96.85 · Buy at or below 96.85; 2020-12 · Price TWD 46.75 · Value 96.85 · Buy at or below 96.85; 2021-01 · Price TWD 45.55 · Value 96.85 · Buy at or below 96.85; 2021-02 · Price TWD 49.90 · Value 121.78 · Buy at or below 121.78; 2021-03 · Price TWD 56.80 · Value 121.78 · Buy at or below 121.78; 2021-04 · Price TWD 64.20 · Value 121.78 · Buy at or below 121.78; 2021-05 · Price TWD 72.30 · Value 121.78 · Buy at or below 121.78; 2021-06 · Price TWD 73.90 · Value 121.78 · Buy at or below 121.78; 2021-07 · Price TWD 75.00 · Value 121.78 · Buy at or below 121.78; 2021-08 · Price TWD 85.00 · Value 121.78 · Buy at or below 121.78; 2021-09 · Price TWD 76.70 · Value 121.78 · Buy at or below 121.78; 2021-10 · Price TWD 73.60 · Value 121.78 · Buy at or below 121.78; 2021-11 · Price TWD 73.10 · Value 121.78 · Buy at or below 121.78; 2021-12 · Price TWD 76.30 · Value 121.78 · Buy at or below 121.78; 2022-01 · Price TWD 75.60 · Value 121.78 · Buy at or below 121.78; 2022-02 · Price TWD 75.10 · Value 49.99 · Buy at or below 49.99; 2022-03 · Price TWD 76.50 · Value 49.99 · Buy at or below 49.99; 2022-04 · Price TWD 74.40 · Value 49.99 · Buy at or below 49.99; 2022-05 · Price TWD 64.10 · Value 49.99 · Buy at or below 49.99; 2022-06 · Price TWD 59.80 · Value 49.99 · Buy at or below 49.99; 2022-07 · Price TWD 56.10 · Value 49.99 · Buy at or below 49.99; 2022-08 · Price TWD 57.40 · Value 49.99 · Buy at or below 49.99; 2022-09 · Price TWD 49.90 · Value 49.99 · Buy at or below 49.99; 2022-10 · Price TWD 51.00 · Value 49.99 · Buy at or below 49.99; 2022-11 · Price TWD 60.80 · Value 49.99 · Buy at or below 49.99; 2022-12 · Price TWD 56.30 · Value 49.99 · Buy at or below 49.99; 2023-01 · Price TWD 60.20 · Value 49.99 · Buy at or below 49.99; 2023-02 · Price TWD 60.00 · Value 70.81 · Buy at or below 70.81; 2023-03 · Price TWD 56.50 · Value 70.81 · Buy at or below 70.81; 2023-04 · Price TWD 59.00 · Value 70.81 · Buy at or below 70.81; 2023-05 · Price TWD 60.80 · Value 70.81 · Buy at or below 70.81; 2023-06 · Price TWD 60.80 · Value 70.81 · Buy at or below 70.81; 2023-07 · Price TWD 65.50 · Value 70.81 · Buy at or below 70.81; 2023-08 · Price TWD 63.60 · Value 70.81 · Buy at or below 70.81; 2023-09 · Price TWD 60.70 · Value 70.81 · Buy at or below 70.81; 2023-10 · Price TWD 60.10 · Value 70.81 · Buy at or below 70.81; 2023-11 · Price TWD 64.40 · Value 70.81 · Buy at or below 70.81; 2023-12 · Price TWD 64.80 · Value 70.81 · Buy at or below 70.81; 2024-01 · Price TWD 64.50 · Value 70.81 · Buy at or below 70.81; 2024-02 · Price TWD 68.00 · Value 100.55 · Buy at or below 100.55; 2024-03 · Price TWD 69.70 · Value 100.55 · Buy at or below 100.55; 2024-04 · Price TWD 69.10 · Value 100.55 · Buy at or below 100.55; 2024-05 · Price TWD 73.40 · Value 100.55 · Buy at or below 100.55; 2024-06 · Price TWD 79.30 · Value 100.55 · Buy at or below 100.55; 2024-07 · Price TWD 88.20 · Value 100.55 · Buy at or below 100.55; 2024-08 · Price TWD 91.90 · Value 100.55 · Buy at or below 100.55; 2024-09 · Price TWD 90.40 · Value 100.55 · Buy at or below 100.55; 2024-10 · Price TWD 90.80 · Value 100.55 · Buy at or below 100.55; 2024-11 · Price TWD 88.00 · Value 100.55 · Buy at or below 100.55; 2024-12 · Price TWD 90.30 · Value 100.55 · Buy at or below 100.55; 2025-01 · Price TWD 92.80 · Value 100.55 · Buy at or below 100.55; 2025-02 · Price TWD 92.30 · Value 81.40 · Buy at or below 81.40; 2025-03 · Price TWD 85.30 · Value 81.40 · Buy at or below 81.40; 2025-04 · Price TWD 84.30 · Value 81.40 · Buy at or below 81.40; 2025-05 · Price TWD 79.60 · Value 81.40 · Buy at or below 81.40; 2025-06 · Price TWD 87.30 · Value 81.40 · Buy at or below 81.40; 2025-07 · Price TWD 82.40 · Value 81.40 · Buy at or below 81.40; 2025-08 · Price TWD 83.90 · Value 81.40 · Buy at or below 81.40; 2025-09 · Price TWD 88.30 · Value 81.40 · Buy at or below 81.40; 2025-10 · Price TWD 91.20 · Value 81.40 · Buy at or below 81.40; 2025-11 · Price TWD 92.60 · Value 81.40 · Buy at or below 81.40; 2025-12 · Price TWD 96.10 · Value 81.40 · Buy at or below 81.40; 2026-01 · Price TWD 90.90 · Value 81.40 · Buy at or below 81.40; 2026-02 · Price TWD 94.20 · Value 135.02 · Buy at or below 135.02; 2026-03 · Price TWD 86.00 · Value 135.02 · Buy at or below 135.02; 2026-04 · Price TWD 90.00 · Value 135.02 · Buy at or below 135.02; 2026-05 · Price TWD 110.00 · Value 135.02 · Buy at or below 135.02; 2026-06 · Price TWD 129.50 · Value 135.02 · Buy at or below 135.02; 2026-07 · Price TWD 130.00 · Value 135.02 · Buy at or below 135.02; 2026-08 · Price TWD 144.00 · Value 135.02 · Buy at or below 135.02; 2026-09 · Price TWD 151.00 · Value 135.02 · Buy at or below 135.02; 2026-10 · Price TWD 160.00 · Value 135.02 · Buy at or below 135.02; 2026-10 · Price TWD 159.50 · Value 135.02 · Buy at or below 135.02

TWD per share · annual estimates

Price & return math
Value range	TWD 108.02 – TWD 180.03
Buy at or below	Central value TWD 135.02
Discount to value	1 − 159.50 / 135.02 = -18.1%
Return / year	About 9.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Book TWD 90.25/share; ROE 12.0%; first payout TWD 5.40/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeTWD 121B

Net income

Book / shareTWD 70.39

Book / share

Dividend / shareTWD 4.43

Dividend / share

Return on equity12.3%

Return on equity

Diluted shares14B

Diluted shares

Prices 15 Oct 2026 · FY2025