# Taishin Financial Holding (2887.TW)

Canonical: https://gigainvestors.com/s/2887.TW

Analysis as of: 2026-10-16T07:34:15.793Z. 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 41.60 per share; close as of 2026-10-15.

Estimated value: low TWD 0.87 per share, central TWD 1.01 per share, high TWD 1.20 per share. Buy at or below the central value TWD 1.01 per share. Valuation as of 2026-10-16T07:34:15.793Z; scenarios are not confidence intervals.

Expected annual return: 4.0% at the stated quote. About 4.0% 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: 9

- Return on common equity variation (informational): 0.12×

Chart: Net income; fiscal year observations.

- FY2016: TWD 11B

- FY2017: TWD 11B

- FY2018: TWD 11B

- FY2019: TWD 13B

- FY2020: TWD 13B

- FY2021: TWD 19B

- FY2022: TWD 13B

- FY2023: TWD 15B

- FY2024: TWD 20B

- FY2025: TWD 37B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- nonpositive common capital

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 7.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 6.5%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 7.9%

- FY2017: 7.9%

- FY2018: 6.6%

- FY2019: 7.2%

- FY2020: 7.0%

- FY2021: 9.5%

- FY2022: 6.5%

- FY2023: 6.9%

- FY2024: 8.9%

- FY2025: 0.0%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- nonpositive book value in the compounding window

- Book return interval: 10 years

- Starting book value per share: TWD 8.34

- Ending book value per share: TWD -7.95

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 5.7%

- Diluted shares, 5-year annual growth: 13.0%

- Share growth excluding flagged crisis recapitalisations: 5.7%

- Five-year share growth excluding flagged crisis recapitalisations: 13.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: -4.80×

- Book value created per share: TWD -16.29

- Earnings retained per share after dividends and buybacks: TWD 3.39

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

- FY2015: 100

- FY2016: 93

- FY2017: 93

- FY2018: 93

- FY2019: 94

- FY2020: 94

- FY2021: 94

- FY2022: 94

- FY2023: 94

- FY2024: 94

- FY2025: 174

### accounting: fail

- nonpositive common capital

- Financial accounting warning count: 1

- Known restatement years: 0

## Holders

## Price story

The price is 3.2 times annual sales · net income +86.2%

Story as of 2026-10-16T09:59:59.909Z; price observation 2026-10-15.

The price is 3.2 times annual sales

### Net income · FY2025

net income +86.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 11B 

- FY2017: TWD 11B 

- FY2018: TWD 11B 

- FY2019: TWD 13B 

- FY2020: TWD 13B 

- FY2021: TWD 19B 

- FY2022: TWD 13B 

- FY2023: TWD 15B 

- FY2024: TWD 20B 

- FY2025: TWD 37B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are TWD 316.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.793Z); FY2025: revenue 316210432000.

### 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 2026-10-16T07:34:15.793Z); 10-year return on tangible equity observations [[2016,0.07851768743605969],[2017,0.0792321186373526],[2018,0.06623658008674232],[2019,0.07180560083870187],[2020,0.06967508181155316],[2021,0.09525653680715092],[2022,0.06530820715859767],[2023,0.06856223376431239],[2024,0.08910052094932654],[2025,0]]; median 0.07074034132512752. 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 2026-10-16T07:34:15.793Z); Dividend observations: [[2016,5187607000],[2017,5596792000],[2018,6986384000],[2019,6837319000],[2020,7849089000],[2021,7816861000],[2022,8660177000],[2023,7952343000],[2024,9439988000],[2025,24359941000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 9.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2887.TW SharesStats.PercentInsiders = 9.147 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.793Z); Closing price 41.599998474121094 TWD; reporting-to-trading FX 1; FY2025 annual sales per share 13.14648391799858; price multiple 3.1643440735638366. FY2025 cash earnings/share 1.7018814650337515. Closing-price date 2026-10-15.

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

- 2016-10: TWD 11.67 per share

- 2016-11: TWD 11.82 per share

- 2016-12: TWD 11.92 per share

- 2017-01: TWD 11.92 per share

- 2017-02: TWD 12.27 per share

- 2017-03: TWD 12.78 per share

- 2017-04: TWD 12.57 per share

- 2017-05: TWD 13.58 per share

- 2017-06: TWD 13.99 per share

- 2017-07: TWD 14.34 per share

- 2017-08: TWD 13.53 per share

- 2017-09: TWD 13.18 per share

- 2017-10: TWD 13.33 per share

- 2017-11: TWD 13.63 per share

- 2017-12: TWD 13.99 per share

- 2018-01: TWD 14.85 per share

- 2018-02: TWD 14.34 per share

- 2018-03: TWD 14.39 per share

- 2018-04: TWD 14.59 per share

- 2018-05: TWD 14.90 per share

- 2018-06: TWD 14.54 per share

- 2018-07: TWD 15.15 per share

- 2018-08: TWD 14.59 per share

- 2018-09: TWD 14.90 per share

- 2018-10: TWD 13.89 per share

- 2018-11: TWD 13.69 per share

- 2018-12: TWD 13.18 per share

- 2019-01: TWD 13.74 per share

- 2019-02: TWD 14.09 per share

- 2019-03: TWD 14.19 per share

- 2019-04: TWD 14.14 per share

- 2019-05: TWD 14.24 per share

- 2019-06: TWD 14.44 per share

- 2019-07: TWD 14.75 per share

- 2019-08: TWD 13.53 per share

- 2019-09: TWD 13.99 per share

- 2019-10: TWD 14.29 per share

- 2019-11: TWD 14.39 per share

- 2019-12: TWD 14.65 per share

- 2020-01: TWD 14.29 per share

- 2020-02: TWD 14.34 per share

- 2020-03: TWD 11.82 per share

- 2020-04: TWD 12.88 per share

- 2020-05: TWD 13.13 per share

- 2020-06: TWD 13.48 per share

- 2020-07: TWD 13.48 per share

- 2020-08: TWD 13.38 per share

- 2020-09: TWD 12.93 per share

- 2020-10: TWD 12.73 per share

- 2020-11: TWD 13.48 per share

- 2020-12: TWD 13.38 per share

- 2021-01: TWD 12.63 per share

- 2021-02: TWD 13.08 per share

- 2021-03: TWD 13.53 per share

- 2021-04: TWD 14.24 per share

- 2021-05: TWD 14.95 per share

- 2021-06: TWD 15.40 per share

- 2021-07: TWD 17.12 per share

- 2021-08: TWD 19.54 per share

- 2021-09: TWD 18.28 per share

- 2021-10: TWD 18.43 per share

- 2021-11: TWD 18.79 per share

- 2021-12: TWD 19.14 per share

- 2022-01: TWD 19.85 per share

- 2022-02: TWD 19.70 per share

- 2022-03: TWD 20.71 per share

- 2022-04: TWD 19.59 per share

- 2022-05: TWD 18.13 per share

- 2022-06: TWD 16.46 per share

- 2022-07: TWD 15.86 per share

- 2022-08: TWD 15.35 per share

- 2022-09: TWD 13.84 per share

- 2022-10: TWD 13.38 per share

- 2022-11: TWD 15.30 per share

- 2022-12: TWD 15.25 per share

- 2023-01: TWD 16.41 per share

- 2023-02: TWD 16.61 per share

- 2023-03: TWD 16.77 per share

- 2023-04: TWD 17.47 per share

- 2023-05: TWD 18.53 per share

- 2023-06: TWD 19.09 per share

- 2023-07: TWD 18.43 per share

- 2023-08: TWD 17.98 per share

- 2023-09: TWD 18.08 per share

- 2023-10: TWD 17.42 per share

- 2023-11: TWD 18.48 per share

- 2023-12: TWD 18.28 per share

- 2024-01: TWD 17.32 per share

- 2024-02: TWD 17.57 per share

- 2024-03: TWD 18.18 per share

- 2024-04: TWD 18.13 per share

- 2024-05: TWD 18.58 per share

- 2024-06: TWD 19.04 per share

- 2024-07: TWD 20.50 per share

- 2024-08: TWD 18.69 per share

- 2024-09: TWD 18.58 per share

- 2024-10: TWD 17.27 per share

- 2024-11: TWD 17.27 per share

- 2024-12: TWD 17.57 per share

- 2025-01: TWD 17.62 per share

- 2025-02: TWD 17.57 per share

- 2025-03: TWD 17.37 per share

- 2025-04: TWD 16.87 per share

- 2025-05: TWD 17.32 per share

- 2025-06: TWD 15.91 per share

- 2025-07: TWD 16.51 per share

- 2025-08: TWD 16.41 per share

- 2025-09: TWD 18.18 per share

- 2025-10: TWD 18.89 per share

- 2025-11: TWD 18.23 per share

- 2025-12: TWD 20.60 per share

- 2026-01: TWD 22.93 per share

- 2026-02: TWD 25.86 per share

- 2026-03: TWD 23.38 per share

- 2026-04: TWD 24.04 per share

- 2026-05: TWD 23.58 per share

- 2026-06: TWD 33.58 per share

- 2026-07: TWD 35.95 per share

- 2026-08: TWD 38.55 per share

- 2026-09: TWD 41.95 per share

- 2026-10: TWD 43.00 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 10.75 per share, central TWD 11.83 per share, high TWD 13.14 per share

- FY2017: low TWD 11.16 per share, central TWD 12.27 per share, high TWD 13.63 per share

- FY2018: low TWD 11.70 per share, central TWD 14.54 per share, high TWD 19.21 per share

- FY2019: low TWD 9.57 per share, central TWD 11.57 per share, high TWD 14.61 per share

- FY2020: low TWD 8.23 per share, central TWD 9.76 per share, high TWD 12.00 per share

- FY2021: low TWD 8.78 per share, central TWD 10.43 per share, high TWD 12.85 per share

- FY2022: low TWD 8.61 per share, central TWD 10.13 per share, high TWD 12.30 per share

- FY2023: low TWD 9.16 per share, central TWD 10.66 per share, high TWD 12.74 per share

- FY2024: low TWD 9.80 per share, central TWD 11.51 per share, high TWD 13.95 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 2026-10-15T06:39:59.700Z 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.

Taishin Financial Holding

2887 · TW

FTSE TWSE Taiwan 50

Not a wonderful business

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

Share price: TWD 41.60
Buy up to: TWD 1.01
Expected / yr: 4.0% 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 9 needed).

Net income

10y median: TWD 13B
Worst year: TWD 11B
Latest · 2025: TWD 37B

Common shareholder capital was negative (must be positive), and earned a median 7.1% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 7.1%
Worst year: 0.0%
Latest · 2025: 0.0%

Book value was zero or negative (must stay positive).

Filing signals · estimated likelihood

owner cash / profit
Passing bar: ≥ 0.80×

Ordinary share growth was 5.7% over the full period and 13% over five years (either must be at most 2% a year), and book value gained -16.29 per share against 3.39 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 94
Worst year: 174
Latest · 2025: 174

1 accounting warnings were found (none allowed).

accounting warnings: 1
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 1.41 TWD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price TWD 11.67 · Value 11.83 · Buy at or below 11.83; 2016-11 · Price TWD 11.82 · Value 11.83 · Buy at or below 11.83; 2016-12 · Price TWD 11.92 · Value 11.83 · Buy at or below 11.83; 2017-01 · Price TWD 11.92 · Value 11.83 · Buy at or below 11.83; 2017-02 · Price TWD 12.27 · Value 12.27 · Buy at or below 12.27; 2017-03 · Price TWD 12.78 · Value 12.27 · Buy at or below 12.27; 2017-04 · Price TWD 12.57 · Value 12.27 · Buy at or below 12.27; 2017-05 · Price TWD 13.58 · Value 12.27 · Buy at or below 12.27; 2017-06 · Price TWD 13.99 · Value 12.27 · Buy at or below 12.27; 2017-07 · Price TWD 14.34 · Value 12.27 · Buy at or below 12.27; 2017-08 · Price TWD 13.53 · Value 12.27 · Buy at or below 12.27; 2017-09 · Price TWD 13.18 · Value 12.27 · Buy at or below 12.27; 2017-10 · Price TWD 13.33 · Value 12.27 · Buy at or below 12.27; 2017-11 · Price TWD 13.63 · Value 12.27 · Buy at or below 12.27; 2017-12 · Price TWD 13.99 · Value 12.27 · Buy at or below 12.27; 2018-01 · Price TWD 14.85 · Value 12.27 · Buy at or below 12.27; 2018-02 · Price TWD 14.34 · Value 14.54 · Buy at or below 14.54; 2018-03 · Price TWD 14.39 · Value 14.54 · Buy at or below 14.54; 2018-04 · Price TWD 14.59 · Value 14.54 · Buy at or below 14.54; 2018-05 · Price TWD 14.90 · Value 14.54 · Buy at or below 14.54; 2018-06 · Price TWD 14.54 · Value 14.54 · Buy at or below 14.54; 2018-07 · Price TWD 15.15 · Value 14.54 · Buy at or below 14.54; 2018-08 · Price TWD 14.59 · Value 14.54 · Buy at or below 14.54; 2018-09 · Price TWD 14.90 · Value 14.54 · Buy at or below 14.54; 2018-10 · Price TWD 13.89 · Value 14.54 · Buy at or below 14.54; 2018-11 · Price TWD 13.69 · Value 14.54 · Buy at or below 14.54; 2018-12 · Price TWD 13.18 · Value 14.54 · Buy at or below 14.54; 2019-01 · Price TWD 13.74 · Value 14.54 · Buy at or below 14.54; 2019-02 · Price TWD 14.09 · Value 11.57 · Buy at or below 11.57; 2019-03 · Price TWD 14.19 · Value 11.57 · Buy at or below 11.57; 2019-04 · Price TWD 14.14 · Value 11.57 · Buy at or below 11.57; 2019-05 · Price TWD 14.24 · Value 11.57 · Buy at or below 11.57; 2019-06 · Price TWD 14.44 · Value 11.57 · Buy at or below 11.57; 2019-07 · Price TWD 14.75 · Value 11.57 · Buy at or below 11.57; 2019-08 · Price TWD 13.53 · Value 11.57 · Buy at or below 11.57; 2019-09 · Price TWD 13.99 · Value 11.57 · Buy at or below 11.57; 2019-10 · Price TWD 14.29 · Value 11.57 · Buy at or below 11.57; 2019-11 · Price TWD 14.39 · Value 11.57 · Buy at or below 11.57; 2019-12 · Price TWD 14.65 · Value 11.57 · Buy at or below 11.57; 2020-01 · Price TWD 14.29 · Value 11.57 · Buy at or below 11.57; 2020-02 · Price TWD 14.34 · Value 9.76 · Buy at or below 9.76; 2020-03 · Price TWD 11.82 · Value 9.76 · Buy at or below 9.76; 2020-04 · Price TWD 12.88 · Value 9.76 · Buy at or below 9.76; 2020-05 · Price TWD 13.13 · Value 9.76 · Buy at or below 9.76; 2020-06 · Price TWD 13.48 · Value 9.76 · Buy at or below 9.76; 2020-07 · Price TWD 13.48 · Value 9.76 · Buy at or below 9.76; 2020-08 · Price TWD 13.38 · Value 9.76 · Buy at or below 9.76; 2020-09 · Price TWD 12.93 · Value 9.76 · Buy at or below 9.76; 2020-10 · Price TWD 12.73 · Value 9.76 · Buy at or below 9.76; 2020-11 · Price TWD 13.48 · Value 9.76 · Buy at or below 9.76; 2020-12 · Price TWD 13.38 · Value 9.76 · Buy at or below 9.76; 2021-01 · Price TWD 12.63 · Value 9.76 · Buy at or below 9.76; 2021-02 · Price TWD 13.08 · Value 10.43 · Buy at or below 10.43; 2021-03 · Price TWD 13.53 · Value 10.43 · Buy at or below 10.43; 2021-04 · Price TWD 14.24 · Value 10.43 · Buy at or below 10.43; 2021-05 · Price TWD 14.95 · Value 10.43 · Buy at or below 10.43; 2021-06 · Price TWD 15.40 · Value 10.43 · Buy at or below 10.43; 2021-07 · Price TWD 17.12 · Value 10.43 · Buy at or below 10.43; 2021-08 · Price TWD 19.54 · Value 10.43 · Buy at or below 10.43; 2021-09 · Price TWD 18.28 · Value 10.43 · Buy at or below 10.43; 2021-10 · Price TWD 18.43 · Value 10.43 · Buy at or below 10.43; 2021-11 · Price TWD 18.79 · Value 10.43 · Buy at or below 10.43; 2021-12 · Price TWD 19.14 · Value 10.43 · Buy at or below 10.43; 2022-01 · Price TWD 19.85 · Value 10.43 · Buy at or below 10.43; 2022-02 · Price TWD 19.70 · Value 10.13 · Buy at or below 10.13; 2022-03 · Price TWD 20.70 · Value 10.13 · Buy at or below 10.13; 2022-04 · Price TWD 19.59 · Value 10.13 · Buy at or below 10.13; 2022-05 · Price TWD 18.13 · Value 10.13 · Buy at or below 10.13; 2022-06 · Price TWD 16.46 · Value 10.13 · Buy at or below 10.13; 2022-07 · Price TWD 15.86 · Value 10.13 · Buy at or below 10.13; 2022-08 · Price TWD 15.35 · Value 10.13 · Buy at or below 10.13; 2022-09 · Price TWD 13.84 · Value 10.13 · Buy at or below 10.13; 2022-10 · Price TWD 13.38 · Value 10.13 · Buy at or below 10.13; 2022-11 · Price TWD 15.30 · Value 10.13 · Buy at or below 10.13; 2022-12 · Price TWD 15.25 · Value 10.13 · Buy at or below 10.13; 2023-01 · Price TWD 16.41 · Value 10.13 · Buy at or below 10.13; 2023-02 · Price TWD 16.61 · Value 10.66 · Buy at or below 10.66; 2023-03 · Price TWD 16.77 · Value 10.66 · Buy at or below 10.66; 2023-04 · Price TWD 17.47 · Value 10.66 · Buy at or below 10.66; 2023-05 · Price TWD 18.53 · Value 10.66 · Buy at or below 10.66; 2023-06 · Price TWD 19.09 · Value 10.66 · Buy at or below 10.66; 2023-07 · Price TWD 18.43 · Value 10.66 · Buy at or below 10.66; 2023-08 · Price TWD 17.98 · Value 10.66 · Buy at or below 10.66; 2023-09 · Price TWD 18.08 · Value 10.66 · Buy at or below 10.66; 2023-10 · Price TWD 17.42 · Value 10.66 · Buy at or below 10.66; 2023-11 · Price TWD 18.48 · Value 10.66 · Buy at or below 10.66; 2023-12 · Price TWD 18.28 · Value 10.66 · Buy at or below 10.66; 2024-01 · Price TWD 17.32 · Value 10.66 · Buy at or below 10.66; 2024-02 · Price TWD 17.57 · Value 11.51 · Buy at or below 11.51; 2024-03 · Price TWD 18.18 · Value 11.51 · Buy at or below 11.51; 2024-04 · Price TWD 18.13 · Value 11.51 · Buy at or below 11.51; 2024-05 · Price TWD 18.58 · Value 11.51 · Buy at or below 11.51; 2024-06 · Price TWD 19.04 · Value 11.51 · Buy at or below 11.51; 2024-07 · Price TWD 20.50 · Value 11.51 · Buy at or below 11.51; 2024-08 · Price TWD 18.68 · Value 11.51 · Buy at or below 11.51; 2024-09 · Price TWD 18.58 · Value 11.51 · Buy at or below 11.51; 2024-10 · Price TWD 17.27 · Value 11.51 · Buy at or below 11.51; 2024-11 · Price TWD 17.27 · Value 11.51 · Buy at or below 11.51; 2024-12 · Price TWD 17.57 · Value 11.51 · Buy at or below 11.51; 2025-01 · Price TWD 17.62 · Value 11.51 · Buy at or below 11.51; 2025-02 · Price TWD 17.57 · Value 1.01 · Buy at or below 1.01; 2025-03 · Price TWD 17.37 · Value 1.01 · Buy at or below 1.01; 2025-04 · Price TWD 16.87 · Value 1.01 · Buy at or below 1.01; 2025-05 · Price TWD 17.32 · Value 1.01 · Buy at or below 1.01; 2025-06 · Price TWD 15.91 · Value 1.01 · Buy at or below 1.01; 2025-07 · Price TWD 16.51 · Value 1.01 · Buy at or below 1.01; 2025-08 · Price TWD 16.41 · Value 1.01 · Buy at or below 1.01; 2025-09 · Price TWD 18.18 · Value 1.01 · Buy at or below 1.01; 2025-10 · Price TWD 18.89 · Value 1.01 · Buy at or below 1.01; 2025-11 · Price TWD 18.23 · Value 1.01 · Buy at or below 1.01; 2025-12 · Price TWD 20.60 · Value 1.01 · Buy at or below 1.01; 2026-01 · Price TWD 22.93 · Value 1.01 · Buy at or below 1.01; 2026-02 · Price TWD 25.86 · Value 1.01 · Buy at or below 1.01; 2026-03 · Price TWD 23.38 · Value 1.01 · Buy at or below 1.01; 2026-04 · Price TWD 24.04 · Value 1.01 · Buy at or below 1.01; 2026-05 · Price TWD 23.58 · Value 1.01 · Buy at or below 1.01; 2026-06 · Price TWD 33.58 · Value 1.01 · Buy at or below 1.01; 2026-07 · Price TWD 35.95 · Value 1.01 · Buy at or below 1.01; 2026-08 · Price TWD 38.55 · Value 1.01 · Buy at or below 1.01; 2026-09 · Price TWD 41.95 · Value 1.01 · Buy at or below 1.01; 2026-10 · Price TWD 43.00 · Value 1.01 · Buy at or below 1.01; 2026-10 · Price TWD 41.60 · Value 1.01 · Buy at or below 1.01

TWD per share · annual estimates

Price & return math
Value range	TWD 0.87 – TWD 1.20
Buy at or below	Central value TWD 1.01
Discount to value	1 − 41.60 / 1.01 = -4026.8%
Return / year	About 4.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Book TWD 1.55/share; ROE 7.9%; first payout TWD 0.06/share, growing 3.9% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeTWD 37B

Net income

Book / shareTWD -7.95

Book / share

Dividend / shareTWD 1.01

Dividend / share

Return on tangible equity0.0%

Return on tangible equity

Diluted shares24B

Diluted shares

Prices 15 Oct 2026 · FY2025