# China Development Financial Holding (2883.TW)

Canonical: https://gigainvestors.com/s/2883.TW

Analysis as of: 2026-10-16T07:34:44.695Z. 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 38.40 per share; close as of 2026-10-15.

Estimated value: low TWD 16.92 per share, central TWD 19.54 per share, high TWD 23.12 per share. Buy at or below the central value TWD 19.54 per share. Valuation as of 2026-10-16T07:34:44.695Z; scenarios are not confidence intervals.

Expected annual return: 6.8% at the stated quote. About 6.8% 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): 0.32×

Chart: Net income; fiscal year observations.

- FY2016: TWD 5.9B

- FY2017: TWD 12B

- FY2018: TWD 7.9B

- FY2019: TWD 13B

- FY2020: TWD 13B

- FY2021: TWD 35B

- FY2022: TWD 16B

- FY2023: TWD 19B

- FY2024: TWD 34B

- FY2025: TWD 30B

### 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: 7.1%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 4.9%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 3.6%

- FY2017: 7.0%

- FY2018: 4.9%

- FY2019: 6.8%

- FY2020: 6.2%

- FY2021: 12.0%

- FY2022: 7.8%

- FY2023: 7.2%

- FY2024: 10.9%

- FY2025: 9.2%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 9.4%

- Book return interval: 10 years

- Starting book value per share: TWD 11.60

- Ending book value per share: TWD 19.30

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

- FY2016: -1.9%

- FY2017: 9.6%

- FY2018: 2.4%

- FY2019: 16.6%

- FY2020: 13.2%

- FY2021: 46.7%

- FY2022: -37.5%

- FY2023: 26.0%

- FY2024: 20.5%

- FY2025: 20.8%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 1.8%

- Diluted shares, 5-year annual growth: 2.8%

- Share growth excluding flagged crisis recapitalisations: 1.8%

- Five-year share growth excluding flagged crisis recapitalisations: 2.8%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.31×

- Book value created per share: TWD 7.70

- Earnings retained per share after dividends and buybacks: TWD 5.90

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

- FY2015: 100

- FY2016: 106

- FY2017: 103

- FY2018: 101

- FY2019: 104

- FY2020: 104

- FY2021: 105

- FY2022: 129

- FY2023: 129

- FY2024: 129

- FY2025: 119

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 6.7% a year forever · net income -10.4%

Story as of 2026-10-16T10:00:02.249Z; price observation 2026-10-15.

The price assumes profits grow 6.7% a year forever

### Net income · FY2025

net income -10.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 5.9B 

- FY2017: TWD 12B 

- FY2018: TWD 7.9B 

- FY2019: TWD 13B 

- FY2020: TWD 13B 

- FY2021: TWD 35B 

- FY2022: TWD 16B 

- FY2023: TWD 19B 

- FY2024: TWD 34B 

- FY2025: TWD 30B 

## Owner memo

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

### How it makes money

Operates in insurance life; annual sales are TWD 323.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.695Z); FY2025: revenue 323098909000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2883.TW: KGI Financial Holding Co., Ltd. operates as a financial company in Taiwan and internationally. The company offers personal financial services, such as deposits, credit cards, wealth management, and fund scheduling; upstream, midstream and downstream supplier services; and cross-border trade businesses, short-term financing with supply chain cash flow, sustainable and green energy project financing, and asset-backed loan or under 5 years mid-term syndicated loan for unlisted or listed companies. It also provides corporate strategic services, including credits, foreign exchange hedging, cash management, and trade financing; currency, foreign exchange, interest rate, commodity, equity security of spot market, and derivative financial product trading; and investment strategy and strategic advisory services. In addition, the company offers insurance products comprising life, group, and accident, as well as investment-linked personal life, health, injury coverage, variable annuities, travel safety, and universal insurance; and passive fund or exchange traded fund, public active fund, private placement active fund, and mandate business services. Further, it is involved in investment in securities, real estate, overseas markets, loans, and other foreign investments; and retail brokerage and wealth management, investment banking, global markets business, derivatives business, FINI equity and sales, registry and transfer agency service, and proprietary trading business. The company was formerly known as China Development Financial Holding Corporation and changed its name to KGI Financial Holding Co., Ltd. in August 2024. KGI Financial Holding Co., Ltd. was founded in 1959 and is based in Taipei, Taiwan.

### Why customers stay

It earns 7.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.695Z); 10-year return on tangible equity observations [[2016,0.036229428221991204],[2017,0.06974761437363887],[2018,0.0493158053488303],[2019,0.06823453548049305],[2020,0.06242241268634791],[2021,0.1196918865501139],[2022,0.07843080751445895],[2023,0.07207517865723326],[2024,0.10923573394675012],[2025,0.09180590365832224]]; median 0.07091139651543607. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.695Z); Dividend observations: [[2016,7487006000],[2017,7487871000],[2018,8686848000],[2019,4366127000],[2020,8761068000],[2021,8244420000],[2022,16851631000],[2023,0],[2024,8976474000],[2025,14847854000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 6.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2883.TW SharesStats.PercentInsiders = 6.6659999999999995 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.695Z); Price 38.4; FX 1; original perpetual distributable cash 1.263494134183446; discount 0.1; growth 0.06709650692230609. 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 7.91 per share

- 2016-11: TWD 7.94 per share

- 2016-12: TWD 8.06 per share

- 2017-01: TWD 7.98 per share

- 2017-02: TWD 8.10 per share

- 2017-03: TWD 8.33 per share

- 2017-04: TWD 8.32 per share

- 2017-05: TWD 8.22 per share

- 2017-06: TWD 8.83 per share

- 2017-07: TWD 9.11 per share

- 2017-08: TWD 9.42 per share

- 2017-09: TWD 9.10 per share

- 2017-10: TWD 9.24 per share

- 2017-11: TWD 9.40 per share

- 2017-12: TWD 10.15 per share

- 2018-01: TWD 10.70 per share

- 2018-02: TWD 10.50 per share

- 2018-03: TWD 10.40 per share

- 2018-04: TWD 11.25 per share

- 2018-05: TWD 11.25 per share

- 2018-06: TWD 11.15 per share

- 2018-07: TWD 11.20 per share

- 2018-08: TWD 11.10 per share

- 2018-09: TWD 11.40 per share

- 2018-10: TWD 9.93 per share

- 2018-11: TWD 10.00 per share

- 2018-12: TWD 9.72 per share

- 2019-01: TWD 9.98 per share

- 2019-02: TWD 9.97 per share

- 2019-03: TWD 10.30 per share

- 2019-04: TWD 9.95 per share

- 2019-05: TWD 9.30 per share

- 2019-06: TWD 9.47 per share

- 2019-07: TWD 9.28 per share

- 2019-08: TWD 9.09 per share

- 2019-09: TWD 9.24 per share

- 2019-10: TWD 9.50 per share

- 2019-11: TWD 9.71 per share

- 2019-12: TWD 9.73 per share

- 2020-01: TWD 9.29 per share

- 2020-02: TWD 9.16 per share

- 2020-03: TWD 7.42 per share

- 2020-04: TWD 9.06 per share

- 2020-05: TWD 9.09 per share

- 2020-06: TWD 9.46 per share

- 2020-07: TWD 8.64 per share

- 2020-08: TWD 8.54 per share

- 2020-09: TWD 8.51 per share

- 2020-10: TWD 8.38 per share

- 2020-11: TWD 8.92 per share

- 2020-12: TWD 9.30 per share

- 2021-01: TWD 8.92 per share

- 2021-02: TWD 9.30 per share

- 2021-03: TWD 10.50 per share

- 2021-04: TWD 13.05 per share

- 2021-05: TWD 12.45 per share

- 2021-06: TWD 13.15 per share

- 2021-07: TWD 14.10 per share

- 2021-08: TWD 14.20 per share

- 2021-09: TWD 14.20 per share

- 2021-10: TWD 14.20 per share

- 2021-11: TWD 16.40 per share

- 2021-12: TWD 17.50 per share

- 2022-01: TWD 18.20 per share

- 2022-02: TWD 18.95 per share

- 2022-03: TWD 19.20 per share

- 2022-04: TWD 17.95 per share

- 2022-05: TWD 16.20 per share

- 2022-06: TWD 14.70 per share

- 2022-07: TWD 12.90 per share

- 2022-08: TWD 13.40 per share

- 2022-09: TWD 12.00 per share

- 2022-10: TWD 11.75 per share

- 2022-11: TWD 13.35 per share

- 2022-12: TWD 12.60 per share

- 2023-01: TWD 13.20 per share

- 2023-02: TWD 13.20 per share

- 2023-03: TWD 12.55 per share

- 2023-04: TWD 13.10 per share

- 2023-05: TWD 12.70 per share

- 2023-06: TWD 12.40 per share

- 2023-07: TWD 12.55 per share

- 2023-08: TWD 11.85 per share

- 2023-09: TWD 11.80 per share

- 2023-10: TWD 11.30 per share

- 2023-11: TWD 12.70 per share

- 2023-12: TWD 12.55 per share

- 2024-01: TWD 12.05 per share

- 2024-02: TWD 12.55 per share

- 2024-03: TWD 13.95 per share

- 2024-04: TWD 13.65 per share

- 2024-05: TWD 14.10 per share

- 2024-06: TWD 15.10 per share

- 2024-07: TWD 16.10 per share

- 2024-08: TWD 16.10 per share

- 2024-09: TWD 16.50 per share

- 2024-10: TWD 16.75 per share

- 2024-11: TWD 17.20 per share

- 2024-12: TWD 17.20 per share

- 2025-01: TWD 17.30 per share

- 2025-02: TWD 18.25 per share

- 2025-03: TWD 17.15 per share

- 2025-04: TWD 16.50 per share

- 2025-05: TWD 17.30 per share

- 2025-06: TWD 14.95 per share

- 2025-07: TWD 15.20 per share

- 2025-08: TWD 15.25 per share

- 2025-09: TWD 14.95 per share

- 2025-10: TWD 15.90 per share

- 2025-11: TWD 15.75 per share

- 2025-12: TWD 17.25 per share

- 2026-01: TWD 18.05 per share

- 2026-02: TWD 21.95 per share

- 2026-03: TWD 19.25 per share

- 2026-04: TWD 21.50 per share

- 2026-05: TWD 22.50 per share

- 2026-06: TWD 28.70 per share

- 2026-07: TWD 30.85 per share

- 2026-08: TWD 33.85 per share

- 2026-09: TWD 38.85 per share

- 2026-10: TWD 38.75 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 3.84 per share, central TWD 4.32 per share, high TWD 4.94 per share

- FY2017: low TWD 3.36 per share, central TWD 3.78 per share, high TWD 4.32 per share

- FY2018: low TWD 3.36 per share, central TWD 3.79 per share, high TWD 4.33 per share

- FY2019: low TWD 4.72 per share, central TWD 5.33 per share, high TWD 6.10 per share

- FY2020: low TWD 5.36 per share, central TWD 6.03 per share, high TWD 6.88 per share

- FY2021: low TWD 10.83 per share, central TWD 11.91 per share, high TWD 13.24 per share

- FY2022: low TWD 6.39 per share, central TWD 7.03 per share, high TWD 7.82 per share

- FY2023: low TWD 8.81 per share, central TWD 9.69 per share, high TWD 10.77 per share

- FY2024: low TWD 9.58 per share, central TWD 10.87 per share, high TWD 12.56 per share

- FY2025: low TWD 11.37 per share, central TWD 13.12 per share, high TWD 15.52 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 2026-10-15T06:40:30.046Z 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.

China Development Financial Holding

2883 · TW

FTSE TWSE Taiwan 50

Not a wonderful business

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

Share price: TWD 38.40
Buy up to: TWD 19.54
Expected / yr: 6.8% 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 15B
Worst year: TWD 5.9B
Latest · 2025: TWD 30B

Earned a median 7.1% on equity (minimum 10%).

Return on common equity

10y median: 7.1%
Worst year: 3.6%
Latest · 2025: 9.2%

Book value plus dividends grew 9.4% a year (minimum 7%).

Annual book + dividend return

10y median: 14.9%
Worst year: -37.5%
Latest · 2025: 20.8%

Ordinary share growth was 1.8% over the full period and 2.8% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 105
Worst year: 129
Latest · 2025: 119

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 1.54 TWD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price TWD 7.91 · Value 4.32 · Buy at or below 4.32; 2016-11 · Price TWD 7.94 · Value 4.32 · Buy at or below 4.32; 2016-12 · Price TWD 8.06 · Value 4.32 · Buy at or below 4.32; 2017-01 · Price TWD 7.98 · Value 4.32 · Buy at or below 4.32; 2017-02 · Price TWD 8.10 · Value 3.78 · Buy at or below 3.78; 2017-03 · Price TWD 8.33 · Value 3.78 · Buy at or below 3.78; 2017-04 · Price TWD 8.32 · Value 3.78 · Buy at or below 3.78; 2017-05 · Price TWD 8.22 · Value 3.78 · Buy at or below 3.78; 2017-06 · Price TWD 8.83 · Value 3.78 · Buy at or below 3.78; 2017-07 · Price TWD 9.11 · Value 3.78 · Buy at or below 3.78; 2017-08 · Price TWD 9.42 · Value 3.78 · Buy at or below 3.78; 2017-09 · Price TWD 9.10 · Value 3.78 · Buy at or below 3.78; 2017-10 · Price TWD 9.24 · Value 3.78 · Buy at or below 3.78; 2017-11 · Price TWD 9.40 · Value 3.78 · Buy at or below 3.78; 2017-12 · Price TWD 10.15 · Value 3.78 · Buy at or below 3.78; 2018-01 · Price TWD 10.70 · Value 3.78 · Buy at or below 3.78; 2018-02 · Price TWD 10.50 · Value 3.79 · Buy at or below 3.79; 2018-03 · Price TWD 10.40 · Value 3.79 · Buy at or below 3.79; 2018-04 · Price TWD 11.25 · Value 3.79 · Buy at or below 3.79; 2018-05 · Price TWD 11.25 · Value 3.79 · Buy at or below 3.79; 2018-06 · Price TWD 11.15 · Value 3.79 · Buy at or below 3.79; 2018-07 · Price TWD 11.20 · Value 3.79 · Buy at or below 3.79; 2018-08 · Price TWD 11.10 · Value 3.79 · Buy at or below 3.79; 2018-09 · Price TWD 11.40 · Value 3.79 · Buy at or below 3.79; 2018-10 · Price TWD 9.93 · Value 3.79 · Buy at or below 3.79; 2018-11 · Price TWD 10.00 · Value 3.79 · Buy at or below 3.79; 2018-12 · Price TWD 9.72 · Value 3.79 · Buy at or below 3.79; 2019-01 · Price TWD 9.98 · Value 3.79 · Buy at or below 3.79; 2019-02 · Price TWD 9.97 · Value 5.33 · Buy at or below 5.33; 2019-03 · Price TWD 10.30 · Value 5.33 · Buy at or below 5.33; 2019-04 · Price TWD 9.95 · Value 5.33 · Buy at or below 5.33; 2019-05 · Price TWD 9.30 · Value 5.33 · Buy at or below 5.33; 2019-06 · Price TWD 9.47 · Value 5.33 · Buy at or below 5.33; 2019-07 · Price TWD 9.28 · Value 5.33 · Buy at or below 5.33; 2019-08 · Price TWD 9.09 · Value 5.33 · Buy at or below 5.33; 2019-09 · Price TWD 9.24 · Value 5.33 · Buy at or below 5.33; 2019-10 · Price TWD 9.50 · Value 5.33 · Buy at or below 5.33; 2019-11 · Price TWD 9.71 · Value 5.33 · Buy at or below 5.33; 2019-12 · Price TWD 9.73 · Value 5.33 · Buy at or below 5.33; 2020-01 · Price TWD 9.29 · Value 5.33 · Buy at or below 5.33; 2020-02 · Price TWD 9.16 · Value 6.03 · Buy at or below 6.03; 2020-03 · Price TWD 7.42 · Value 6.03 · Buy at or below 6.03; 2020-04 · Price TWD 9.06 · Value 6.03 · Buy at or below 6.03; 2020-05 · Price TWD 9.09 · Value 6.03 · Buy at or below 6.03; 2020-06 · Price TWD 9.46 · Value 6.03 · Buy at or below 6.03; 2020-07 · Price TWD 8.64 · Value 6.03 · Buy at or below 6.03; 2020-08 · Price TWD 8.54 · Value 6.03 · Buy at or below 6.03; 2020-09 · Price TWD 8.51 · Value 6.03 · Buy at or below 6.03; 2020-10 · Price TWD 8.38 · Value 6.03 · Buy at or below 6.03; 2020-11 · Price TWD 8.92 · Value 6.03 · Buy at or below 6.03; 2020-12 · Price TWD 9.30 · Value 6.03 · Buy at or below 6.03; 2021-01 · Price TWD 8.92 · Value 6.03 · Buy at or below 6.03; 2021-02 · Price TWD 9.30 · Value 11.91 · Buy at or below 11.91; 2021-03 · Price TWD 10.50 · Value 11.91 · Buy at or below 11.91; 2021-04 · Price TWD 13.05 · Value 11.91 · Buy at or below 11.91; 2021-05 · Price TWD 12.45 · Value 11.91 · Buy at or below 11.91; 2021-06 · Price TWD 13.15 · Value 11.91 · Buy at or below 11.91; 2021-07 · Price TWD 14.10 · Value 11.91 · Buy at or below 11.91; 2021-08 · Price TWD 14.20 · Value 11.91 · Buy at or below 11.91; 2021-09 · Price TWD 14.20 · Value 11.91 · Buy at or below 11.91; 2021-10 · Price TWD 14.20 · Value 11.91 · Buy at or below 11.91; 2021-11 · Price TWD 16.40 · Value 11.91 · Buy at or below 11.91; 2021-12 · Price TWD 17.50 · Value 11.91 · Buy at or below 11.91; 2022-01 · Price TWD 18.20 · Value 11.91 · Buy at or below 11.91; 2022-02 · Price TWD 18.95 · Value 7.03 · Buy at or below 7.03; 2022-03 · Price TWD 19.20 · Value 7.03 · Buy at or below 7.03; 2022-04 · Price TWD 17.95 · Value 7.03 · Buy at or below 7.03; 2022-05 · Price TWD 16.20 · Value 7.03 · Buy at or below 7.03; 2022-06 · Price TWD 14.70 · Value 7.03 · Buy at or below 7.03; 2022-07 · Price TWD 12.90 · Value 7.03 · Buy at or below 7.03; 2022-08 · Price TWD 13.40 · Value 7.03 · Buy at or below 7.03; 2022-09 · Price TWD 12.00 · Value 7.03 · Buy at or below 7.03; 2022-10 · Price TWD 11.75 · Value 7.03 · Buy at or below 7.03; 2022-11 · Price TWD 13.35 · Value 7.03 · Buy at or below 7.03; 2022-12 · Price TWD 12.60 · Value 7.03 · Buy at or below 7.03; 2023-01 · Price TWD 13.20 · Value 7.03 · Buy at or below 7.03; 2023-02 · Price TWD 13.20 · Value 9.69 · Buy at or below 9.69; 2023-03 · Price TWD 12.55 · Value 9.69 · Buy at or below 9.69; 2023-04 · Price TWD 13.10 · Value 9.69 · Buy at or below 9.69; 2023-05 · Price TWD 12.70 · Value 9.69 · Buy at or below 9.69; 2023-06 · Price TWD 12.40 · Value 9.69 · Buy at or below 9.69; 2023-07 · Price TWD 12.55 · Value 9.69 · Buy at or below 9.69; 2023-08 · Price TWD 11.85 · Value 9.69 · Buy at or below 9.69; 2023-09 · Price TWD 11.80 · Value 9.69 · Buy at or below 9.69; 2023-10 · Price TWD 11.30 · Value 9.69 · Buy at or below 9.69; 2023-11 · Price TWD 12.70 · Value 9.69 · Buy at or below 9.69; 2023-12 · Price TWD 12.55 · Value 9.69 · Buy at or below 9.69; 2024-01 · Price TWD 12.05 · Value 9.69 · Buy at or below 9.69; 2024-02 · Price TWD 12.55 · Value 10.87 · Buy at or below 10.87; 2024-03 · Price TWD 13.95 · Value 10.87 · Buy at or below 10.87; 2024-04 · Price TWD 13.65 · Value 10.87 · Buy at or below 10.87; 2024-05 · Price TWD 14.10 · Value 10.87 · Buy at or below 10.87; 2024-06 · Price TWD 15.10 · Value 10.87 · Buy at or below 10.87; 2024-07 · Price TWD 16.10 · Value 10.87 · Buy at or below 10.87; 2024-08 · Price TWD 16.10 · Value 10.87 · Buy at or below 10.87; 2024-09 · Price TWD 16.50 · Value 10.87 · Buy at or below 10.87; 2024-10 · Price TWD 16.75 · Value 10.87 · Buy at or below 10.87; 2024-11 · Price TWD 17.20 · Value 10.87 · Buy at or below 10.87; 2024-12 · Price TWD 17.20 · Value 10.87 · Buy at or below 10.87; 2025-01 · Price TWD 17.30 · Value 10.87 · Buy at or below 10.87; 2025-02 · Price TWD 18.25 · Value 13.12 · Buy at or below 13.12; 2025-03 · Price TWD 17.15 · Value 13.12 · Buy at or below 13.12; 2025-04 · Price TWD 16.50 · Value 13.12 · Buy at or below 13.12; 2025-05 · Price TWD 17.30 · Value 13.12 · Buy at or below 13.12; 2025-06 · Price TWD 14.95 · Value 13.12 · Buy at or below 13.12; 2025-07 · Price TWD 15.20 · Value 13.12 · Buy at or below 13.12; 2025-08 · Price TWD 15.25 · Value 13.12 · Buy at or below 13.12; 2025-09 · Price TWD 14.95 · Value 13.12 · Buy at or below 13.12; 2025-10 · Price TWD 15.90 · Value 13.12 · Buy at or below 13.12; 2025-11 · Price TWD 15.75 · Value 13.12 · Buy at or below 13.12; 2025-12 · Price TWD 17.25 · Value 13.12 · Buy at or below 13.12; 2026-01 · Price TWD 18.05 · Value 13.12 · Buy at or below 13.12; 2026-02 · Price TWD 21.95 · Value 19.54 · Buy at or below 19.54; 2026-03 · Price TWD 19.25 · Value 19.54 · Buy at or below 19.54; 2026-04 · Price TWD 21.50 · Value 19.54 · Buy at or below 19.54; 2026-05 · Price TWD 22.50 · Value 19.54 · Buy at or below 19.54; 2026-06 · Price TWD 28.70 · Value 19.54 · Buy at or below 19.54; 2026-07 · Price TWD 30.85 · Value 19.54 · Buy at or below 19.54; 2026-08 · Price TWD 33.85 · Value 19.54 · Buy at or below 19.54; 2026-09 · Price TWD 38.85 · Value 19.54 · Buy at or below 19.54; 2026-10 · Price TWD 38.75 · Value 19.54 · Buy at or below 19.54; 2026-10 · Price TWD 38.40 · Value 19.54 · Buy at or below 19.54

TWD per share · annual estimates

Price & return math
Value range	TWD 16.92 – TWD 23.12
Buy at or below	Central value TWD 19.54
Discount to value	1 − 38.40 / 19.54 = -96.5%
Return / year	About 6.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Book TWD 27.29/share; ROE 8.2%; first payout TWD 1.26/share, growing 3.5% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeTWD 30B

Net income

Book / shareTWD 19.30

Book / share

Dividend / shareTWD 0.88

Dividend / share

Return on equity9.2%

Return on equity

Diluted shares17B

Diluted shares

Prices 15 Oct 2026 · FY2025