# 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.

## Reported holder observations