# Cathay Financial Holding (2882.TW)

Canonical: https://gigainvestors.com/s/2882.TW

Analysis as of: 2026-10-16T07:33:55.077Z. 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 113.50 per share; close as of 2026-10-15.

Estimated value: low TWD 64.34 per share, central TWD 80.11 per share, high TWD 106.12 per share. Buy at or below the central value TWD 80.11 per share. Valuation as of 2026-10-16T07:33:55.077Z; scenarios are not confidence intervals.

Expected annual return: 8.8% at the stated quote. About 8.8% 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): 0.28×

Chart: Net income; fiscal year observations.

- FY2016: TWD 48B

- FY2017: TWD 56B

- FY2018: TWD 50B

- FY2019: TWD 60B

- FY2020: TWD 71B

- FY2021: TWD 136B

- FY2022: TWD 34B

- FY2023: TWD 51B

- FY2024: TWD 110B

- FY2025: TWD 107B

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 9.4%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 6.5%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 9.2%

- FY2017: 9.5%

- FY2018: 9.5%

- FY2019: 7.8%

- FY2020: 8.0%

- FY2021: 15.1%

- FY2022: 5.7%

- FY2023: 6.5%

- FY2024: 12.4%

- FY2025: 11.5%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 10.7%

- Book return interval: 10 years

- Starting book value per share: TWD 35.81

- Ending book value per share: TWD 63.28

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

- FY2016: 19.0%

- FY2017: 19.7%

- FY2018: -5.4%

- FY2019: 51.7%

- FY2020: 14.6%

- FY2021: 5.1%

- FY2022: -35.5%

- FY2023: 34.4%

- FY2024: 16.9%

- FY2025: 10.6%

### 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: 1.4%

- Diluted shares, 5-year annual growth: 2.2%

- Share growth excluding flagged crisis recapitalisations: 1.4%

- Five-year share growth excluding flagged crisis recapitalisations: 2.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.94×

- Book value created per share: TWD 27.47

- Earnings retained per share after dividends and buybacks: TWD 29.36

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

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 99

- FY2019: 99

- FY2020: 104

- FY2021: 104

- FY2022: 115

- FY2023: 115

- FY2024: 115

- FY2025: 115

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 7.1% a year forever · net income -2.8%

Story as of 2026-10-16T09:59:58.283Z; price observation 2026-10-15.

The price assumes profits grow 7.1% a year forever

### Net income · FY2025

net income -2.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 48B 

- FY2017: TWD 56B 

- FY2018: TWD 50B 

- FY2019: TWD 60B 

- FY2020: TWD 71B 

- FY2021: TWD 136B 

- FY2022: TWD 34B 

- FY2023: TWD 51B 

- FY2024: TWD 110B 

- FY2025: TWD 107B 

## Owner memo

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

### How it makes money

Operates in insurance life; annual sales are TWD 1.1 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.077Z); FY2025: revenue 1058688210000.

### Why customers stay

It earns 9.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.077Z); 10-year return on tangible equity observations [[2016,0.09246522776104771],[2017,0.09510565372485516],[2018,0.09537104295790673],[2019,0.07786148385488818],[2020,0.07971294097716142],[2021,0.15090621012384547],[2022,0.056723693664324615],[2023,0.06462605447234922],[2024,0.12408101393374271],[2025,0.11541902104215437]]; median 0.09378544074295143. 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 2026-10-16T07:33:55.077Z); Dividend observations: [[2016,25223449000],[2017,25474807000],[2018,33679517000],[2019,21512706000],[2020,29729344000],[2021,36313949000],[2022,49483159000],[2023,16593213000],[2024,32742823000],[2025,54938151000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 34% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2882.TW SharesStats.PercentInsiders = 33.985 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 7.1% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.077Z); Price 113.5; FX 1; original perpetual distributable cash 3.268094537425072; discount 0.1; growth 0.07120621552929453. 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 40.13 per share

- 2016-11: TWD 45.97 per share

- 2016-12: TWD 47.24 per share

- 2017-01: TWD 46.55 per share

- 2017-02: TWD 47.29 per share

- 2017-03: TWD 47.73 per share

- 2017-04: TWD 47.44 per share

- 2017-05: TWD 46.16 per share

- 2017-06: TWD 49.10 per share

- 2017-07: TWD 48.22 per share

- 2017-08: TWD 48.27 per share

- 2017-09: TWD 47.24 per share

- 2017-10: TWD 48.81 per share

- 2017-11: TWD 50.67 per share

- 2017-12: TWD 52.43 per share

- 2018-01: TWD 53.51 per share

- 2018-02: TWD 53.41 per share

- 2018-03: TWD 50.87 per share

- 2018-04: TWD 52.43 per share

- 2018-05: TWD 52.53 per share

- 2018-06: TWD 52.73 per share

- 2018-07: TWD 51.65 per share

- 2018-08: TWD 51.55 per share

- 2018-09: TWD 51.45 per share

- 2018-10: TWD 48.02 per share

- 2018-11: TWD 47.58 per share

- 2018-12: TWD 46.06 per share

- 2019-01: TWD 42.73 per share

- 2019-02: TWD 44.40 per share

- 2019-03: TWD 44.05 per share

- 2019-04: TWD 43.81 per share

- 2019-05: TWD 39.99 per share

- 2019-06: TWD 42.14 per share

- 2019-07: TWD 39.99 per share

- 2019-08: TWD 39.35 per share

- 2019-09: TWD 40.09 per share

- 2019-10: TWD 39.68 per share

- 2019-11: TWD 41.06 per share

- 2019-12: TWD 41.89 per share

- 2020-01: TWD 40.02 per share

- 2020-02: TWD 39.43 per share

- 2020-03: TWD 34.76 per share

- 2020-04: TWD 39.28 per share

- 2020-05: TWD 39.43 per share

- 2020-06: TWD 41.20 per share

- 2020-07: TWD 38.99 per share

- 2020-08: TWD 39.23 per share

- 2020-09: TWD 38.00 per share

- 2020-10: TWD 37.81 per share

- 2020-11: TWD 39.78 per share

- 2020-12: TWD 41.60 per share

- 2021-01: TWD 39.28 per share

- 2021-02: TWD 41.30 per share

- 2021-03: TWD 47.21 per share

- 2021-04: TWD 51.49 per share

- 2021-05: TWD 55.04 per share

- 2021-06: TWD 53.07 per share

- 2021-07: TWD 53.46 per share

- 2021-08: TWD 58.68 per share

- 2021-09: TWD 57.01 per share

- 2021-10: TWD 57.20 per share

- 2021-11: TWD 59.07 per share

- 2021-12: TWD 61.54 per share

- 2022-01: TWD 62.32 per share

- 2022-02: TWD 61.34 per share

- 2022-03: TWD 63.50 per share

- 2022-04: TWD 61.54 per share

- 2022-05: TWD 54.84 per share

- 2022-06: TWD 50.11 per share

- 2022-07: TWD 44.80 per share

- 2022-08: TWD 43.86 per share

- 2022-09: TWD 39.33 per share

- 2022-10: TWD 37.22 per share

- 2022-11: TWD 42.88 per share

- 2022-12: TWD 40.00 per share

- 2023-01: TWD 42.55 per share

- 2023-02: TWD 43.45 per share

- 2023-03: TWD 41.80 per share

- 2023-04: TWD 42.45 per share

- 2023-05: TWD 44.30 per share

- 2023-06: TWD 43.15 per share

- 2023-07: TWD 45.75 per share

- 2023-08: TWD 45.60 per share

- 2023-09: TWD 44.55 per share

- 2023-10: TWD 43.90 per share

- 2023-11: TWD 46.50 per share

- 2023-12: TWD 45.75 per share

- 2024-01: TWD 44.15 per share

- 2024-02: TWD 45.05 per share

- 2024-03: TWD 48.50 per share

- 2024-04: TWD 50.50 per share

- 2024-05: TWD 56.20 per share

- 2024-06: TWD 59.00 per share

- 2024-07: TWD 62.40 per share

- 2024-08: TWD 63.50 per share

- 2024-09: TWD 66.50 per share

- 2024-10: TWD 68.90 per share

- 2024-11: TWD 65.70 per share

- 2024-12: TWD 68.30 per share

- 2025-01: TWD 66.80 per share

- 2025-02: TWD 68.40 per share

- 2025-03: TWD 61.20 per share

- 2025-04: TWD 58.50 per share

- 2025-05: TWD 59.80 per share

- 2025-06: TWD 62.80 per share

- 2025-07: TWD 60.90 per share

- 2025-08: TWD 61.50 per share

- 2025-09: TWD 65.60 per share

- 2025-10: TWD 64.00 per share

- 2025-11: TWD 64.20 per share

- 2025-12: TWD 75.80 per share

- 2026-01: TWD 75.40 per share

- 2026-02: TWD 79.70 per share

- 2026-03: TWD 70.30 per share

- 2026-04: TWD 77.20 per share

- 2026-05: TWD 85.70 per share

- 2026-06: TWD 98.30 per share

- 2026-07: TWD 101.50 per share

- 2026-08: TWD 110.50 per share

- 2026-09: TWD 111.00 per share

- 2026-10: TWD 114.50 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 30.03 per share, central TWD 36.74 per share, high TWD 47.31 per share

- FY2017: low TWD 35.13 per share, central TWD 42.96 per share, high TWD 55.28 per share

- FY2018: low TWD 32.27 per share, central TWD 39.73 per share, high TWD 51.68 per share

- FY2019: low TWD 49.60 per share, central TWD 61.07 per share, high TWD 79.44 per share

- FY2020: low TWD 54.93 per share, central TWD 68.50 per share, high TWD 90.98 per share

- FY2021: low TWD 60.79 per share, central TWD 75.99 per share, high TWD 101.32 per share

- FY2022: low TWD 36.30 per share, central TWD 39.94 per share, high TWD 44.37 per share

- FY2023: low TWD 47.16 per share, central TWD 51.87 per share, high TWD 57.64 per share

- FY2024: low TWD 54.64 per share, central TWD 60.10 per share, high TWD 66.78 per share

- FY2025: low TWD 52.78 per share, central TWD 65.71 per share, high TWD 87.05 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.

Cathay Financial Holding

2882 · TW

FTSE TWSE Taiwan 50

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: TWD 113.50
Buy up to: TWD 80.11
Expected / yr: 8.8% 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 58B
Worst year: TWD 34B
Latest · 2025: TWD 107B

Earned a median 9.4% on equity (minimum 10%).

Return on common equity

10y median: 9.4%
Worst year: 5.7%
Latest · 2025: 11.5%

Book value plus dividends grew 10.7% a year (minimum 7%).

Annual book + dividend return

10y median: 15.8%
Worst year: -35.5%
Latest · 2025: 10.6%

Book value gained 27.47 per share against 29.36 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 104
Worst year: 115
Latest · 2025: 115

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 6.1 TWD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price TWD 40.13 · Value 36.74 · Buy at or below 36.74; 2016-11 · Price TWD 45.97 · Value 36.74 · Buy at or below 36.74; 2016-12 · Price TWD 47.24 · Value 36.74 · Buy at or below 36.74; 2017-01 · Price TWD 46.55 · Value 36.74 · Buy at or below 36.74; 2017-02 · Price TWD 47.29 · Value 42.96 · Buy at or below 42.96; 2017-03 · Price TWD 47.73 · Value 42.96 · Buy at or below 42.96; 2017-04 · Price TWD 47.44 · Value 42.96 · Buy at or below 42.96; 2017-05 · Price TWD 46.16 · Value 42.96 · Buy at or below 42.96; 2017-06 · Price TWD 49.10 · Value 42.96 · Buy at or below 42.96; 2017-07 · Price TWD 48.22 · Value 42.96 · Buy at or below 42.96; 2017-08 · Price TWD 48.27 · Value 42.96 · Buy at or below 42.96; 2017-09 · Price TWD 47.24 · Value 42.96 · Buy at or below 42.96; 2017-10 · Price TWD 48.81 · Value 42.96 · Buy at or below 42.96; 2017-11 · Price TWD 50.67 · Value 42.96 · Buy at or below 42.96; 2017-12 · Price TWD 52.43 · Value 42.96 · Buy at or below 42.96; 2018-01 · Price TWD 53.51 · Value 42.96 · Buy at or below 42.96; 2018-02 · Price TWD 53.41 · Value 39.73 · Buy at or below 39.73; 2018-03 · Price TWD 50.87 · Value 39.73 · Buy at or below 39.73; 2018-04 · Price TWD 52.43 · Value 39.73 · Buy at or below 39.73; 2018-05 · Price TWD 52.53 · Value 39.73 · Buy at or below 39.73; 2018-06 · Price TWD 52.73 · Value 39.73 · Buy at or below 39.73; 2018-07 · Price TWD 51.65 · Value 39.73 · Buy at or below 39.73; 2018-08 · Price TWD 51.55 · Value 39.73 · Buy at or below 39.73; 2018-09 · Price TWD 51.45 · Value 39.73 · Buy at or below 39.73; 2018-10 · Price TWD 48.02 · Value 39.73 · Buy at or below 39.73; 2018-11 · Price TWD 47.58 · Value 39.73 · Buy at or below 39.73; 2018-12 · Price TWD 46.06 · Value 39.73 · Buy at or below 39.73; 2019-01 · Price TWD 42.73 · Value 39.73 · Buy at or below 39.73; 2019-02 · Price TWD 44.40 · Value 61.07 · Buy at or below 61.07; 2019-03 · Price TWD 44.05 · Value 61.07 · Buy at or below 61.07; 2019-04 · Price TWD 43.81 · Value 61.07 · Buy at or below 61.07; 2019-05 · Price TWD 39.99 · Value 61.07 · Buy at or below 61.07; 2019-06 · Price TWD 42.14 · Value 61.07 · Buy at or below 61.07; 2019-07 · Price TWD 39.99 · Value 61.07 · Buy at or below 61.07; 2019-08 · Price TWD 39.35 · Value 61.07 · Buy at or below 61.07; 2019-09 · Price TWD 40.09 · Value 61.07 · Buy at or below 61.07; 2019-10 · Price TWD 39.68 · Value 61.07 · Buy at or below 61.07; 2019-11 · Price TWD 41.06 · Value 61.07 · Buy at or below 61.07; 2019-12 · Price TWD 41.89 · Value 61.07 · Buy at or below 61.07; 2020-01 · Price TWD 40.02 · Value 61.07 · Buy at or below 61.07; 2020-02 · Price TWD 39.43 · Value 68.50 · Buy at or below 68.50; 2020-03 · Price TWD 34.76 · Value 68.50 · Buy at or below 68.50; 2020-04 · Price TWD 39.28 · Value 68.50 · Buy at or below 68.50; 2020-05 · Price TWD 39.43 · Value 68.50 · Buy at or below 68.50; 2020-06 · Price TWD 41.20 · Value 68.50 · Buy at or below 68.50; 2020-07 · Price TWD 38.99 · Value 68.50 · Buy at or below 68.50; 2020-08 · Price TWD 39.23 · Value 68.50 · Buy at or below 68.50; 2020-09 · Price TWD 38.00 · Value 68.50 · Buy at or below 68.50; 2020-10 · Price TWD 37.81 · Value 68.50 · Buy at or below 68.50; 2020-11 · Price TWD 39.78 · Value 68.50 · Buy at or below 68.50; 2020-12 · Price TWD 41.60 · Value 68.50 · Buy at or below 68.50; 2021-01 · Price TWD 39.28 · Value 68.50 · Buy at or below 68.50; 2021-02 · Price TWD 41.30 · Value 75.99 · Buy at or below 75.99; 2021-03 · Price TWD 47.21 · Value 75.99 · Buy at or below 75.99; 2021-04 · Price TWD 51.49 · Value 75.99 · Buy at or below 75.99; 2021-05 · Price TWD 55.04 · Value 75.99 · Buy at or below 75.99; 2021-06 · Price TWD 53.07 · Value 75.99 · Buy at or below 75.99; 2021-07 · Price TWD 53.46 · Value 75.99 · Buy at or below 75.99; 2021-08 · Price TWD 58.68 · Value 75.99 · Buy at or below 75.99; 2021-09 · Price TWD 57.01 · Value 75.99 · Buy at or below 75.99; 2021-10 · Price TWD 57.20 · Value 75.99 · Buy at or below 75.99; 2021-11 · Price TWD 59.07 · Value 75.99 · Buy at or below 75.99; 2021-12 · Price TWD 61.54 · Value 75.99 · Buy at or below 75.99; 2022-01 · Price TWD 62.32 · Value 75.99 · Buy at or below 75.99; 2022-02 · Price TWD 61.34 · Value 39.94 · Buy at or below 39.94; 2022-03 · Price TWD 63.50 · Value 39.94 · Buy at or below 39.94; 2022-04 · Price TWD 61.54 · Value 39.94 · Buy at or below 39.94; 2022-05 · Price TWD 54.84 · Value 39.94 · Buy at or below 39.94; 2022-06 · Price TWD 50.11 · Value 39.94 · Buy at or below 39.94; 2022-07 · Price TWD 44.80 · Value 39.94 · Buy at or below 39.94; 2022-08 · Price TWD 43.86 · Value 39.94 · Buy at or below 39.94; 2022-09 · Price TWD 39.33 · Value 39.94 · Buy at or below 39.94; 2022-10 · Price TWD 37.22 · Value 39.94 · Buy at or below 39.94; 2022-11 · Price TWD 42.88 · Value 39.94 · Buy at or below 39.94; 2022-12 · Price TWD 40.00 · Value 39.94 · Buy at or below 39.94; 2023-01 · Price TWD 42.55 · Value 39.94 · Buy at or below 39.94; 2023-02 · Price TWD 43.45 · Value 51.87 · Buy at or below 51.87; 2023-03 · Price TWD 41.80 · Value 51.87 · Buy at or below 51.87; 2023-04 · Price TWD 42.45 · Value 51.87 · Buy at or below 51.87; 2023-05 · Price TWD 44.30 · Value 51.87 · Buy at or below 51.87; 2023-06 · Price TWD 43.15 · Value 51.87 · Buy at or below 51.87; 2023-07 · Price TWD 45.75 · Value 51.87 · Buy at or below 51.87; 2023-08 · Price TWD 45.60 · Value 51.87 · Buy at or below 51.87; 2023-09 · Price TWD 44.55 · Value 51.87 · Buy at or below 51.87; 2023-10 · Price TWD 43.90 · Value 51.87 · Buy at or below 51.87; 2023-11 · Price TWD 46.50 · Value 51.87 · Buy at or below 51.87; 2023-12 · Price TWD 45.75 · Value 51.87 · Buy at or below 51.87; 2024-01 · Price TWD 44.15 · Value 51.87 · Buy at or below 51.87; 2024-02 · Price TWD 45.05 · Value 60.10 · Buy at or below 60.10; 2024-03 · Price TWD 48.50 · Value 60.10 · Buy at or below 60.10; 2024-04 · Price TWD 50.50 · Value 60.10 · Buy at or below 60.10; 2024-05 · Price TWD 56.20 · Value 60.10 · Buy at or below 60.10; 2024-06 · Price TWD 59.00 · Value 60.10 · Buy at or below 60.10; 2024-07 · Price TWD 62.40 · Value 60.10 · Buy at or below 60.10; 2024-08 · Price TWD 63.50 · Value 60.10 · Buy at or below 60.10; 2024-09 · Price TWD 66.50 · Value 60.10 · Buy at or below 60.10; 2024-10 · Price TWD 68.90 · Value 60.10 · Buy at or below 60.10; 2024-11 · Price TWD 65.70 · Value 60.10 · Buy at or below 60.10; 2024-12 · Price TWD 68.30 · Value 60.10 · Buy at or below 60.10; 2025-01 · Price TWD 66.80 · Value 60.10 · Buy at or below 60.10; 2025-02 · Price TWD 68.40 · Value 65.71 · Buy at or below 65.71; 2025-03 · Price TWD 61.20 · Value 65.71 · Buy at or below 65.71; 2025-04 · Price TWD 58.50 · Value 65.71 · Buy at or below 65.71; 2025-05 · Price TWD 59.80 · Value 65.71 · Buy at or below 65.71; 2025-06 · Price TWD 62.80 · Value 65.71 · Buy at or below 65.71; 2025-07 · Price TWD 60.90 · Value 65.71 · Buy at or below 65.71; 2025-08 · Price TWD 61.50 · Value 65.71 · Buy at or below 65.71; 2025-09 · Price TWD 65.60 · Value 65.71 · Buy at or below 65.71; 2025-10 · Price TWD 64.00 · Value 65.71 · Buy at or below 65.71; 2025-11 · Price TWD 64.20 · Value 65.71 · Buy at or below 65.71; 2025-12 · Price TWD 75.80 · Value 65.71 · Buy at or below 65.71; 2026-01 · Price TWD 75.40 · Value 65.71 · Buy at or below 65.71; 2026-02 · Price TWD 79.70 · Value 80.11 · Buy at or below 80.11; 2026-03 · Price TWD 70.30 · Value 80.11 · Buy at or below 80.11; 2026-04 · Price TWD 77.20 · Value 80.11 · Buy at or below 80.11; 2026-05 · Price TWD 85.70 · Value 80.11 · Buy at or below 80.11; 2026-06 · Price TWD 98.30 · Value 80.11 · Buy at or below 80.11; 2026-07 · Price TWD 101.50 · Value 80.11 · Buy at or below 80.11; 2026-08 · Price TWD 110.50 · Value 80.11 · Buy at or below 80.11; 2026-09 · Price TWD 111.00 · Value 80.11 · Buy at or below 80.11; 2026-10 · Price TWD 114.50 · Value 80.11 · Buy at or below 80.11; 2026-10 · Price TWD 113.50 · Value 80.11 · Buy at or below 80.11

TWD per share · annual estimates

Price & return math
Value range	TWD 64.34 – TWD 106.12
Buy at or below	Central value TWD 80.11
Discount to value	1 − 113.50 / 80.11 = -41.7%
Return / year	About 8.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Book TWD 74.52/share; ROE 10.3%; first payout TWD 3.27/share, growing 5.9% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeTWD 107B

Net income

Book / shareTWD 63.28

Book / share

Dividend / shareTWD 3.75

Dividend / share

Return on equity11.5%

Return on equity

Diluted shares15B

Diluted shares

Prices 15 Oct 2026 · FY2025