# 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.

## Reported holder observations