# CTBC Financial Holding (2891.TW)

Canonical: https://gigainvestors.com/s/2891.TW

Analysis as of: 2026-10-16T07:34:00.268Z. 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 72.90 per share; close as of 2026-10-15.

Estimated value: low TWD 43.07 per share, central TWD 53.83 per share, high TWD 71.78 per share. Buy at or below the central value TWD 53.83 per share. Valuation as of 2026-10-16T07:34:00.268Z; scenarios are not confidence intervals.

Expected annual return: 9.0% at the stated quote. About 9.0% 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): 0.18×

Chart: Net income; fiscal year observations.

- FY2016: TWD 28B

- FY2017: TWD 37B

- FY2018: TWD 36B

- FY2019: TWD 42B

- FY2020: TWD 42B

- FY2021: TWD 53B

- FY2022: TWD 30B

- FY2023: TWD 56B

- FY2024: TWD 72B

- FY2025: TWD 81B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 12.5%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 10.8%

- Years with reported combined ratio: 0

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

- FY2016: 10.8%

- FY2017: 12.7%

- FY2018: 12.4%

- FY2019: 11.8%

- FY2020: 11.0%

- FY2021: 13.6%

- FY2022: 9.1%

- FY2023: 13.9%

- FY2024: 16.2%

- FY2025: 16.9%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 13.4%

- Book return interval: 10 years

- Starting book value per share: TWD 13.22

- Ending book value per share: TWD 24.28

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

- FY2016: 6.0%

- FY2017: 21.4%

- FY2018: 5.8%

- FY2019: 29.7%

- FY2020: 12.4%

- FY2021: 8.6%

- FY2022: -9.2%

- FY2023: 28.2%

- FY2024: 18.6%

- FY2025: 17.8%

### management: fail

- Tangible 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: 0.2%

- Diluted shares, 5-year annual growth: 0.2%

- Share growth excluding flagged crisis recapitalisations: 0.2%

- Five-year share growth excluding flagged crisis recapitalisations: 0.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.96×

- Book value created per share: TWD 11.06

- Earnings retained per share after dividends and buybacks: TWD 11.49

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

- FY2015: 100

- FY2016: 101

- FY2017: 101

- FY2018: 101

- FY2019: 101

- FY2020: 101

- FY2021: 101

- FY2022: 101

- FY2023: 101

- FY2024: 102

- FY2025: 102

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 7% a year forever · net income +11.9%

Story as of 2026-10-16T09:59:58.735Z; price observation 2026-10-15.

The price assumes profits grow 7% a year forever

### Net income · FY2025

net income +11.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 28B 

- FY2017: TWD 37B 

- FY2018: TWD 36B 

- FY2019: TWD 42B 

- FY2020: TWD 42B 

- FY2021: TWD 53B 

- FY2022: TWD 30B 

- FY2023: TWD 56B 

- FY2024: TWD 72B 

- FY2025: TWD 81B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are TWD 500.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.268Z); FY2025: revenue 500611850000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2891.TW: CTBC Financial Holding Co., Ltd., together with its subsidiaries, engages in corporate and personal finance, life insurance, and other businesses in Taiwan, Asia, and North America. The company offers commercial banking and capital market services; customized financing and wealth management and credit services; life insurance services; and designs, provides, and trades in various financial products. It is also involved in deposit and loan; securities and futures; venture capital; asset management; issuance and sale of various types of lottery tickets; prize redemption operations and management, and promotion activities; personal insurance; investment trust; operation of an installment payment sales business; services, leasing business and accounts receivable; cash purchase and sale; guarantee; debt and fund management; securities investment advisory; and wholesale business. In addition, the company provides educational supplies, musical instruments, and recreational products; investment management consulting; financial leasing; product insurance; real estate leasing; elderly housing; home-based businesses and information software services; and hotel business. The company was formerly known as ChinaTrust Financial Holding Co., Ltd. and changed its name to CTBC Financial Holding Co., Ltd. in June 2013. CTBC Financial Holding Co., Ltd. was founded in 2002 and is headquartered in Taipei, Taiwan.

### Why customers stay

It earns 12.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.268Z); 10-year return on tangible equity observations [[2016,0.10794913394277651],[2017,0.126536847548396],[2018,0.12395022228473526],[2019,0.11810542453517278],[2020,0.10998713546565969],[2021,0.1355867203185255],[2022,0.09147832766437315],[2023,0.13931971149248523],[2024,0.16228031238012897],[2025,0.16871136730333386]]; median 0.12524353491656565. 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 2026-10-16T07:34:00.268Z); Dividend observations: [[2016,14602366000],[2017,19469821000],[2018,21071132000],[2019,20246982000],[2020,20486315000],[2021,21541819000],[2022,25538754000],[2023,20754630000],[2024,36720513000],[2025,46725811000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 6.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2891.TW SharesStats.PercentInsiders = 6.644 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.268Z); Price 72.9; FX 1; original perpetual distributable cash 2.1533738136485643; discount 0.1; growth 0.07046126455900462. 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 17.00 per share

- 2016-11: TWD 17.50 per share

- 2016-12: TWD 17.65 per share

- 2017-01: TWD 17.80 per share

- 2017-02: TWD 18.35 per share

- 2017-03: TWD 18.75 per share

- 2017-04: TWD 18.85 per share

- 2017-05: TWD 19.15 per share

- 2017-06: TWD 19.95 per share

- 2017-07: TWD 19.40 per share

- 2017-08: TWD 19.55 per share

- 2017-09: TWD 19.00 per share

- 2017-10: TWD 19.30 per share

- 2017-11: TWD 20.00 per share

- 2017-12: TWD 20.50 per share

- 2018-01: TWD 21.30 per share

- 2018-02: TWD 21.35 per share

- 2018-03: TWD 21.20 per share

- 2018-04: TWD 21.25 per share

- 2018-05: TWD 21.60 per share

- 2018-06: TWD 21.95 per share

- 2018-07: TWD 20.75 per share

- 2018-08: TWD 21.60 per share

- 2018-09: TWD 23.00 per share

- 2018-10: TWD 20.65 per share

- 2018-11: TWD 20.45 per share

- 2018-12: TWD 20.20 per share

- 2019-01: TWD 20.70 per share

- 2019-02: TWD 20.85 per share

- 2019-03: TWD 20.45 per share

- 2019-04: TWD 21.15 per share

- 2019-05: TWD 20.95 per share

- 2019-06: TWD 21.35 per share

- 2019-07: TWD 20.30 per share

- 2019-08: TWD 20.35 per share

- 2019-09: TWD 20.60 per share

- 2019-10: TWD 21.20 per share

- 2019-11: TWD 21.85 per share

- 2019-12: TWD 22.40 per share

- 2020-01: TWD 22.05 per share

- 2020-02: TWD 22.70 per share

- 2020-03: TWD 17.90 per share

- 2020-04: TWD 20.00 per share

- 2020-05: TWD 19.95 per share

- 2020-06: TWD 20.35 per share

- 2020-07: TWD 19.40 per share

- 2020-08: TWD 18.95 per share

- 2020-09: TWD 18.40 per share

- 2020-10: TWD 18.05 per share

- 2020-11: TWD 19.15 per share

- 2020-12: TWD 19.70 per share

- 2021-01: TWD 19.00 per share

- 2021-02: TWD 20.00 per share

- 2021-03: TWD 22.10 per share

- 2021-04: TWD 22.80 per share

- 2021-05: TWD 23.05 per share

- 2021-06: TWD 22.70 per share

- 2021-07: TWD 22.85 per share

- 2021-08: TWD 23.00 per share

- 2021-09: TWD 22.90 per share

- 2021-10: TWD 23.20 per share

- 2021-11: TWD 24.40 per share

- 2021-12: TWD 25.95 per share

- 2022-01: TWD 27.60 per share

- 2022-02: TWD 27.15 per share

- 2022-03: TWD 29.40 per share

- 2022-04: TWD 29.25 per share

- 2022-05: TWD 27.15 per share

- 2022-06: TWD 25.10 per share

- 2022-07: TWD 22.95 per share

- 2022-08: TWD 23.50 per share

- 2022-09: TWD 19.85 per share

- 2022-10: TWD 20.40 per share

- 2022-11: TWD 23.00 per share

- 2022-12: TWD 22.10 per share

- 2023-01: TWD 22.85 per share

- 2023-02: TWD 22.75 per share

- 2023-03: TWD 21.85 per share

- 2023-04: TWD 22.60 per share

- 2023-05: TWD 24.30 per share

- 2023-06: TWD 24.85 per share

- 2023-07: TWD 26.25 per share

- 2023-08: TWD 23.85 per share

- 2023-09: TWD 24.50 per share

- 2023-10: TWD 24.35 per share

- 2023-11: TWD 27.35 per share

- 2023-12: TWD 28.35 per share

- 2024-01: TWD 28.45 per share

- 2024-02: TWD 29.40 per share

- 2024-03: TWD 32.60 per share

- 2024-04: TWD 34.10 per share

- 2024-05: TWD 35.40 per share

- 2024-06: TWD 37.85 per share

- 2024-07: TWD 35.50 per share

- 2024-08: TWD 32.65 per share

- 2024-09: TWD 34.40 per share

- 2024-10: TWD 35.90 per share

- 2024-11: TWD 37.40 per share

- 2024-12: TWD 39.10 per share

- 2025-01: TWD 39.10 per share

- 2025-02: TWD 40.75 per share

- 2025-03: TWD 39.45 per share

- 2025-04: TWD 39.30 per share

- 2025-05: TWD 40.85 per share

- 2025-06: TWD 43.70 per share

- 2025-07: TWD 41.25 per share

- 2025-08: TWD 41.15 per share

- 2025-09: TWD 42.90 per share

- 2025-10: TWD 41.85 per share

- 2025-11: TWD 43.45 per share

- 2025-12: TWD 50.20 per share

- 2026-01: TWD 50.90 per share

- 2026-02: TWD 55.90 per share

- 2026-03: TWD 51.30 per share

- 2026-04: TWD 52.30 per share

- 2026-05: TWD 60.50 per share

- 2026-06: TWD 71.00 per share

- 2026-07: TWD 64.90 per share

- 2026-08: TWD 64.70 per share

- 2026-09: TWD 68.40 per share

- 2026-10: TWD 71.60 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 14.70 per share, central TWD 18.37 per share, high TWD 24.49 per share

- FY2017: low TWD 17.77 per share, central TWD 22.21 per share, high TWD 29.62 per share

- FY2018: low TWD 18.52 per share, central TWD 23.15 per share, high TWD 30.86 per share

- FY2019: low TWD 20.31 per share, central TWD 22.34 per share, high TWD 24.83 per share

- FY2020: low TWD 21.67 per share, central TWD 23.84 per share, high TWD 26.49 per share

- FY2021: low TWD 22.76 per share, central TWD 25.04 per share, high TWD 27.82 per share

- FY2022: low TWD 18.80 per share, central TWD 20.68 per share, high TWD 22.98 per share

- FY2023: low TWD 26.66 per share, central TWD 33.32 per share, high TWD 44.43 per share

- FY2024: low TWD 29.21 per share, central TWD 36.51 per share, high TWD 48.68 per share

- FY2025: low TWD 31.35 per share, central TWD 39.19 per share, high TWD 52.26 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 2026-10-15T06:39:46.769Z 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.

CTBC Financial Holding

2891 · TW

FTSE TWSE Taiwan 50

Not a wonderful business

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

Share price: TWD 72.90
Buy up to: TWD 53.83
Expected / yr: 9.0% 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 42B
Worst year: TWD 28B
Latest · 2025: TWD 81B

Earned a median 12.5% on tangible equity (minimum 12%), and the second-worst year 10.8% (minimum 5%).

Return on tangible common equity

10y median: 12.5%
Worst year: 9.1%
Latest · 2025: 16.9%

Book value plus dividends grew 13.4% a year (minimum 7%).

Annual book + dividend return

10y median: 15.1%
Worst year: -9.2%
Latest · 2025: 17.8%

Book value gained 11.06 per share against 11.49 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 101
Worst year: 102
Latest · 2025: 102

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 3.55 TWD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price TWD 17.00 · Value 18.37 · Buy at or below 18.37; 2016-11 · Price TWD 17.50 · Value 18.37 · Buy at or below 18.37; 2016-12 · Price TWD 17.65 · Value 18.37 · Buy at or below 18.37; 2017-01 · Price TWD 17.80 · Value 18.37 · Buy at or below 18.37; 2017-02 · Price TWD 18.35 · Value 22.21 · Buy at or below 22.21; 2017-03 · Price TWD 18.75 · Value 22.21 · Buy at or below 22.21; 2017-04 · Price TWD 18.85 · Value 22.21 · Buy at or below 22.21; 2017-05 · Price TWD 19.15 · Value 22.21 · Buy at or below 22.21; 2017-06 · Price TWD 19.95 · Value 22.21 · Buy at or below 22.21; 2017-07 · Price TWD 19.40 · Value 22.21 · Buy at or below 22.21; 2017-08 · Price TWD 19.55 · Value 22.21 · Buy at or below 22.21; 2017-09 · Price TWD 19.00 · Value 22.21 · Buy at or below 22.21; 2017-10 · Price TWD 19.30 · Value 22.21 · Buy at or below 22.21; 2017-11 · Price TWD 20.00 · Value 22.21 · Buy at or below 22.21; 2017-12 · Price TWD 20.50 · Value 22.21 · Buy at or below 22.21; 2018-01 · Price TWD 21.30 · Value 22.21 · Buy at or below 22.21; 2018-02 · Price TWD 21.35 · Value 23.15 · Buy at or below 23.15; 2018-03 · Price TWD 21.20 · Value 23.15 · Buy at or below 23.15; 2018-04 · Price TWD 21.25 · Value 23.15 · Buy at or below 23.15; 2018-05 · Price TWD 21.60 · Value 23.15 · Buy at or below 23.15; 2018-06 · Price TWD 21.95 · Value 23.15 · Buy at or below 23.15; 2018-07 · Price TWD 20.75 · Value 23.15 · Buy at or below 23.15; 2018-08 · Price TWD 21.60 · Value 23.15 · Buy at or below 23.15; 2018-09 · Price TWD 23.00 · Value 23.15 · Buy at or below 23.15; 2018-10 · Price TWD 20.65 · Value 23.15 · Buy at or below 23.15; 2018-11 · Price TWD 20.45 · Value 23.15 · Buy at or below 23.15; 2018-12 · Price TWD 20.20 · Value 23.15 · Buy at or below 23.15; 2019-01 · Price TWD 20.70 · Value 23.15 · Buy at or below 23.15; 2019-02 · Price TWD 20.85 · Value 22.34 · Buy at or below 22.34; 2019-03 · Price TWD 20.45 · Value 22.34 · Buy at or below 22.34; 2019-04 · Price TWD 21.15 · Value 22.34 · Buy at or below 22.34; 2019-05 · Price TWD 20.95 · Value 22.34 · Buy at or below 22.34; 2019-06 · Price TWD 21.35 · Value 22.34 · Buy at or below 22.34; 2019-07 · Price TWD 20.30 · Value 22.34 · Buy at or below 22.34; 2019-08 · Price TWD 20.35 · Value 22.34 · Buy at or below 22.34; 2019-09 · Price TWD 20.60 · Value 22.34 · Buy at or below 22.34; 2019-10 · Price TWD 21.20 · Value 22.34 · Buy at or below 22.34; 2019-11 · Price TWD 21.85 · Value 22.34 · Buy at or below 22.34; 2019-12 · Price TWD 22.40 · Value 22.34 · Buy at or below 22.34; 2020-01 · Price TWD 22.05 · Value 22.34 · Buy at or below 22.34; 2020-02 · Price TWD 22.70 · Value 23.84 · Buy at or below 23.84; 2020-03 · Price TWD 17.90 · Value 23.84 · Buy at or below 23.84; 2020-04 · Price TWD 20.00 · Value 23.84 · Buy at or below 23.84; 2020-05 · Price TWD 19.95 · Value 23.84 · Buy at or below 23.84; 2020-06 · Price TWD 20.35 · Value 23.84 · Buy at or below 23.84; 2020-07 · Price TWD 19.40 · Value 23.84 · Buy at or below 23.84; 2020-08 · Price TWD 18.95 · Value 23.84 · Buy at or below 23.84; 2020-09 · Price TWD 18.40 · Value 23.84 · Buy at or below 23.84; 2020-10 · Price TWD 18.05 · Value 23.84 · Buy at or below 23.84; 2020-11 · Price TWD 19.15 · Value 23.84 · Buy at or below 23.84; 2020-12 · Price TWD 19.70 · Value 23.84 · Buy at or below 23.84; 2021-01 · Price TWD 19.00 · Value 23.84 · Buy at or below 23.84; 2021-02 · Price TWD 20.00 · Value 25.04 · Buy at or below 25.04; 2021-03 · Price TWD 22.10 · Value 25.04 · Buy at or below 25.04; 2021-04 · Price TWD 22.80 · Value 25.04 · Buy at or below 25.04; 2021-05 · Price TWD 23.05 · Value 25.04 · Buy at or below 25.04; 2021-06 · Price TWD 22.70 · Value 25.04 · Buy at or below 25.04; 2021-07 · Price TWD 22.85 · Value 25.04 · Buy at or below 25.04; 2021-08 · Price TWD 23.00 · Value 25.04 · Buy at or below 25.04; 2021-09 · Price TWD 22.90 · Value 25.04 · Buy at or below 25.04; 2021-10 · Price TWD 23.20 · Value 25.04 · Buy at or below 25.04; 2021-11 · Price TWD 24.40 · Value 25.04 · Buy at or below 25.04; 2021-12 · Price TWD 25.95 · Value 25.04 · Buy at or below 25.04; 2022-01 · Price TWD 27.60 · Value 25.04 · Buy at or below 25.04; 2022-02 · Price TWD 27.15 · Value 20.68 · Buy at or below 20.68; 2022-03 · Price TWD 29.40 · Value 20.68 · Buy at or below 20.68; 2022-04 · Price TWD 29.25 · Value 20.68 · Buy at or below 20.68; 2022-05 · Price TWD 27.15 · Value 20.68 · Buy at or below 20.68; 2022-06 · Price TWD 25.10 · Value 20.68 · Buy at or below 20.68; 2022-07 · Price TWD 22.95 · Value 20.68 · Buy at or below 20.68; 2022-08 · Price TWD 23.50 · Value 20.68 · Buy at or below 20.68; 2022-09 · Price TWD 19.85 · Value 20.68 · Buy at or below 20.68; 2022-10 · Price TWD 20.40 · Value 20.68 · Buy at or below 20.68; 2022-11 · Price TWD 23.00 · Value 20.68 · Buy at or below 20.68; 2022-12 · Price TWD 22.10 · Value 20.68 · Buy at or below 20.68; 2023-01 · Price TWD 22.85 · Value 20.68 · Buy at or below 20.68; 2023-02 · Price TWD 22.75 · Value 33.32 · Buy at or below 33.32; 2023-03 · Price TWD 21.85 · Value 33.32 · Buy at or below 33.32; 2023-04 · Price TWD 22.60 · Value 33.32 · Buy at or below 33.32; 2023-05 · Price TWD 24.30 · Value 33.32 · Buy at or below 33.32; 2023-06 · Price TWD 24.85 · Value 33.32 · Buy at or below 33.32; 2023-07 · Price TWD 26.25 · Value 33.32 · Buy at or below 33.32; 2023-08 · Price TWD 23.85 · Value 33.32 · Buy at or below 33.32; 2023-09 · Price TWD 24.50 · Value 33.32 · Buy at or below 33.32; 2023-10 · Price TWD 24.35 · Value 33.32 · Buy at or below 33.32; 2023-11 · Price TWD 27.35 · Value 33.32 · Buy at or below 33.32; 2023-12 · Price TWD 28.35 · Value 33.32 · Buy at or below 33.32; 2024-01 · Price TWD 28.45 · Value 33.32 · Buy at or below 33.32; 2024-02 · Price TWD 29.40 · Value 36.51 · Buy at or below 36.51; 2024-03 · Price TWD 32.60 · Value 36.51 · Buy at or below 36.51; 2024-04 · Price TWD 34.10 · Value 36.51 · Buy at or below 36.51; 2024-05 · Price TWD 35.40 · Value 36.51 · Buy at or below 36.51; 2024-06 · Price TWD 37.85 · Value 36.51 · Buy at or below 36.51; 2024-07 · Price TWD 35.50 · Value 36.51 · Buy at or below 36.51; 2024-08 · Price TWD 32.65 · Value 36.51 · Buy at or below 36.51; 2024-09 · Price TWD 34.40 · Value 36.51 · Buy at or below 36.51; 2024-10 · Price TWD 35.90 · Value 36.51 · Buy at or below 36.51; 2024-11 · Price TWD 37.40 · Value 36.51 · Buy at or below 36.51; 2024-12 · Price TWD 39.10 · Value 36.51 · Buy at or below 36.51; 2025-01 · Price TWD 39.10 · Value 36.51 · Buy at or below 36.51; 2025-02 · Price TWD 40.75 · Value 39.19 · Buy at or below 39.19; 2025-03 · Price TWD 39.45 · Value 39.19 · Buy at or below 39.19; 2025-04 · Price TWD 39.30 · Value 39.19 · Buy at or below 39.19; 2025-05 · Price TWD 40.85 · Value 39.19 · Buy at or below 39.19; 2025-06 · Price TWD 43.70 · Value 39.19 · Buy at or below 39.19; 2025-07 · Price TWD 41.25 · Value 39.19 · Buy at or below 39.19; 2025-08 · Price TWD 41.15 · Value 39.19 · Buy at or below 39.19; 2025-09 · Price TWD 42.90 · Value 39.19 · Buy at or below 39.19; 2025-10 · Price TWD 41.85 · Value 39.19 · Buy at or below 39.19; 2025-11 · Price TWD 43.45 · Value 39.19 · Buy at or below 39.19; 2025-12 · Price TWD 50.20 · Value 39.19 · Buy at or below 39.19; 2026-01 · Price TWD 50.90 · Value 39.19 · Buy at or below 39.19; 2026-02 · Price TWD 55.90 · Value 53.83 · Buy at or below 53.83; 2026-03 · Price TWD 51.30 · Value 53.83 · Buy at or below 53.83; 2026-04 · Price TWD 52.30 · Value 53.83 · Buy at or below 53.83; 2026-05 · Price TWD 60.50 · Value 53.83 · Buy at or below 53.83; 2026-06 · Price TWD 71.00 · Value 53.83 · Buy at or below 53.83; 2026-07 · Price TWD 64.90 · Value 53.83 · Buy at or below 53.83; 2026-08 · Price TWD 64.70 · Value 53.83 · Buy at or below 53.83; 2026-09 · Price TWD 68.40 · Value 53.83 · Buy at or below 53.83; 2026-10 · Price TWD 71.60 · Value 53.83 · Buy at or below 53.83; 2026-10 · Price TWD 72.90 · Value 53.83 · Buy at or below 53.83

TWD per share · annual estimates

Price & return math
Value range	TWD 43.07 – TWD 71.78
Buy at or below	Central value TWD 53.83
Discount to value	1 − 72.90 / 53.83 = -35.4%
Return / year	About 9.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Book TWD 33.35/share; ROE 12.5%; first payout TWD 2.15/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeTWD 81B

Net income

Book / shareTWD 24.28

Book / share

Dividend / shareTWD 2.37

Dividend / share

Return on tangible equity16.9%

Return on tangible equity

Diluted shares20B

Diluted shares

Prices 15 Oct 2026 · FY2025