# First Financial Holding (2892.TW)

Canonical: https://gigainvestors.com/s/2892.TW

Analysis as of: 2026-10-16T07:34:51.390Z. 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 14.85 per share, central TWD 17.07 per share, high TWD 20.08 per share. Buy at or below the central value TWD 17.07 per share. Valuation as of 2026-10-16T07:34:51.390Z; scenarios are not confidence intervals.

Expected annual return: 6.1% at the stated quote. About 6.1% 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): 0.06×

Chart: Net income; fiscal year observations.

- FY2016: TWD 17B

- FY2017: TWD 15B

- FY2018: TWD 17B

- FY2019: TWD 19B

- FY2020: TWD 17B

- FY2021: TWD 20B

- FY2022: TWD 21B

- FY2023: TWD 22B

- FY2024: TWD 25B

- FY2025: TWD 27B

### moat: fail

- Tangible 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: 9.0%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 8.1%

- Years with reported combined ratio: 0

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

- FY2016: 9.1%

- FY2017: 8.1%

- FY2018: 8.5%

- FY2019: 8.8%

- FY2020: 7.6%

- FY2021: 8.8%

- FY2022: 9.2%

- FY2023: 9.1%

- FY2024: 9.5%

- FY2025: 9.3%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 9.9%

- Book return interval: 10 years

- Starting book value per share: TWD 13.33

- Ending book value per share: TWD 20.24

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

- FY2016: 8.1%

- FY2017: 7.5%

- FY2018: 12.8%

- FY2019: 13.0%

- FY2020: 6.5%

- FY2021: 6.7%

- FY2022: 5.6%

- FY2023: 15.6%

- FY2024: 13.0%

- FY2025: 10.8%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: 0.5%

- Share growth excluding flagged crisis recapitalisations: 0.2%

- Five-year share growth excluding flagged crisis recapitalisations: 0.5%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.22×

- Book value created per share: TWD 6.91

- Earnings retained per share after dividends and buybacks: TWD 5.66

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

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 100

- FY2024: 100

- FY2025: 102

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 7.3% a year forever · net income +6.2%

Story as of 2026-10-16T10:00:02.796Z; price observation 2026-10-15.

The price assumes profits grow 7.3% a year forever

### Net income · FY2025

net income +6.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 17B 

- FY2017: TWD 15B 

- FY2018: TWD 17B 

- FY2019: TWD 19B 

- FY2020: TWD 17B 

- FY2021: TWD 20B 

- FY2022: TWD 21B 

- FY2023: TWD 22B 

- FY2024: TWD 25B 

- FY2025: TWD 27B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are TWD 175.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.390Z); FY2025: revenue 175150637000.

### Why customers stay

It earns 9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.390Z); 10-year return on tangible equity observations [[2016,0.09069917575781951],[2017,0.08091962383213724],[2018,0.0846349556137677],[2019,0.08842201963483459],[2020,0.07629819259226547],[2021,0.08830302084844824],[2022,0.09234909445402105],[2023,0.09082074331290103],[2024,0.09466511427941597],[2025,0.09254891373256525]]; median 0.08956059769632704. 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 2026-10-16T07:34:51.390Z); Dividend observations: [[2016,10888051000],[2017,14372227000],[2018,10994754000],[2019,12338557000],[2020,13085040000],[2021,11552221000],[2022,12964159000],[2023,10578754000],[2024,11577123000],[2025,13327312000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 13% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2892.TW SharesStats.PercentInsiders = 13.045000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 7.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.390Z); Price 41.6; FX 1; original perpetual distributable cash 1.138991026910539; discount 0.1; growth 0.07262040800695821. 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 16.55 per share

- 2016-11: TWD 16.80 per share

- 2016-12: TWD 17.20 per share

- 2017-01: TWD 17.45 per share

- 2017-02: TWD 18.15 per share

- 2017-03: TWD 18.50 per share

- 2017-04: TWD 18.40 per share

- 2017-05: TWD 19.25 per share

- 2017-06: TWD 20.35 per share

- 2017-07: TWD 20.40 per share

- 2017-08: TWD 19.60 per share

- 2017-09: TWD 19.55 per share

- 2017-10: TWD 19.45 per share

- 2017-11: TWD 19.25 per share

- 2017-12: TWD 19.55 per share

- 2018-01: TWD 20.15 per share

- 2018-02: TWD 20.00 per share

- 2018-03: TWD 20.30 per share

- 2018-04: TWD 20.40 per share

- 2018-05: TWD 20.35 per share

- 2018-06: TWD 20.60 per share

- 2018-07: TWD 21.05 per share

- 2018-08: TWD 20.55 per share

- 2018-09: TWD 20.80 per share

- 2018-10: TWD 19.55 per share

- 2018-11: TWD 19.95 per share

- 2018-12: TWD 20.00 per share

- 2019-01: TWD 20.40 per share

- 2019-02: TWD 20.80 per share

- 2019-03: TWD 21.10 per share

- 2019-04: TWD 22.05 per share

- 2019-05: TWD 22.60 per share

- 2019-06: TWD 22.80 per share

- 2019-07: TWD 23.40 per share

- 2019-08: TWD 21.50 per share

- 2019-09: TWD 21.80 per share

- 2019-10: TWD 22.35 per share

- 2019-11: TWD 22.95 per share

- 2019-12: TWD 23.70 per share

- 2020-01: TWD 23.60 per share

- 2020-02: TWD 23.70 per share

- 2020-03: TWD 19.65 per share

- 2020-04: TWD 22.05 per share

- 2020-05: TWD 22.85 per share

- 2020-06: TWD 22.65 per share

- 2020-07: TWD 23.60 per share

- 2020-08: TWD 21.25 per share

- 2020-09: TWD 20.55 per share

- 2020-10: TWD 20.05 per share

- 2020-11: TWD 21.30 per share

- 2020-12: TWD 21.35 per share

- 2021-01: TWD 20.20 per share

- 2021-02: TWD 20.85 per share

- 2021-03: TWD 22.20 per share

- 2021-04: TWD 22.90 per share

- 2021-05: TWD 22.00 per share

- 2021-06: TWD 22.70 per share

- 2021-07: TWD 22.75 per share

- 2021-08: TWD 22.90 per share

- 2021-09: TWD 22.55 per share

- 2021-10: TWD 22.90 per share

- 2021-11: TWD 23.10 per share

- 2021-12: TWD 24.50 per share

- 2022-01: TWD 25.15 per share

- 2022-02: TWD 25.70 per share

- 2022-03: TWD 28.45 per share

- 2022-04: TWD 27.80 per share

- 2022-05: TWD 27.35 per share

- 2022-06: TWD 26.20 per share

- 2022-07: TWD 27.00 per share

- 2022-08: TWD 26.55 per share

- 2022-09: TWD 26.00 per share

- 2022-10: TWD 24.75 per share

- 2022-11: TWD 26.20 per share

- 2022-12: TWD 26.50 per share

- 2023-01: TWD 26.10 per share

- 2023-02: TWD 26.80 per share

- 2023-03: TWD 26.45 per share

- 2023-04: TWD 27.10 per share

- 2023-05: TWD 28.10 per share

- 2023-06: TWD 27.65 per share

- 2023-07: TWD 29.05 per share

- 2023-08: TWD 26.30 per share

- 2023-09: TWD 26.55 per share

- 2023-10: TWD 25.90 per share

- 2023-11: TWD 27.70 per share

- 2023-12: TWD 27.40 per share

- 2024-01: TWD 26.60 per share

- 2024-02: TWD 27.10 per share

- 2024-03: TWD 27.70 per share

- 2024-04: TWD 27.35 per share

- 2024-05: TWD 27.50 per share

- 2024-06: TWD 28.10 per share

- 2024-07: TWD 29.35 per share

- 2024-08: TWD 27.25 per share

- 2024-09: TWD 27.40 per share

- 2024-10: TWD 27.15 per share

- 2024-11: TWD 27.20 per share

- 2024-12: TWD 27.10 per share

- 2025-01: TWD 27.75 per share

- 2025-02: TWD 27.65 per share

- 2025-03: TWD 27.05 per share

- 2025-04: TWD 25.40 per share

- 2025-05: TWD 27.05 per share

- 2025-06: TWD 29.05 per share

- 2025-07: TWD 29.60 per share

- 2025-08: TWD 28.35 per share

- 2025-09: TWD 29.85 per share

- 2025-10: TWD 28.55 per share

- 2025-11: TWD 27.60 per share

- 2025-12: TWD 29.40 per share

- 2026-01: TWD 28.80 per share

- 2026-02: TWD 29.90 per share

- 2026-03: TWD 28.20 per share

- 2026-04: TWD 28.85 per share

- 2026-05: TWD 27.45 per share

- 2026-06: TWD 32.75 per share

- 2026-07: TWD 36.75 per share

- 2026-08: TWD 35.30 per share

- 2026-09: TWD 38.65 per share

- 2026-10: TWD 40.50 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 6.89 per share, central TWD 8.13 per share, high TWD 9.91 per share

- FY2017: low TWD 6.89 per share, central TWD 8.13 per share, high TWD 9.91 per share

- FY2018: low TWD 7.65 per share, central TWD 9.05 per share, high TWD 11.08 per share

- FY2019: low TWD 8.82 per share, central TWD 10.50 per share, high TWD 12.97 per share

- FY2020: low TWD 9.59 per share, central TWD 11.19 per share, high TWD 13.43 per share

- FY2021: low TWD 12.32 per share, central TWD 13.55 per share, high TWD 15.06 per share

- FY2022: low TWD 11.17 per share, central TWD 12.82 per share, high TWD 15.04 per share

- FY2023: low TWD 12.69 per share, central TWD 14.57 per share, high TWD 17.12 per share

- FY2024: low TWD 13.74 per share, central TWD 15.79 per share, high TWD 18.55 per share

- FY2025: low TWD 14.85 per share, central TWD 17.07 per share, high TWD 20.08 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.

First Financial Holding

2892 · TW

FTSE TWSE Taiwan 50

Not a wonderful business

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

Share price: TWD 41.60
Buy up to: TWD 17.07
Expected / yr: 6.1% 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 20B
Worst year: TWD 15B
Latest · 2025: TWD 27B

Earned a median 9% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 9.0%
Worst year: 7.6%
Latest · 2025: 9.3%

Book value plus dividends grew 9.9% a year (minimum 7%).

Annual book + dividend return

10y median: 9.5%
Worst year: 5.6%
Latest · 2025: 10.8%

Ordinary share growth was 0.2% over the full period and 0.5% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 100
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 1.76 TWD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price TWD 16.55 · Value 8.13 · Buy at or below 8.13; 2016-11 · Price TWD 16.80 · Value 8.13 · Buy at or below 8.13; 2016-12 · Price TWD 17.20 · Value 8.13 · Buy at or below 8.13; 2017-01 · Price TWD 17.45 · Value 8.13 · Buy at or below 8.13; 2017-02 · Price TWD 18.15 · Value 8.13 · Buy at or below 8.13; 2017-03 · Price TWD 18.50 · Value 8.13 · Buy at or below 8.13; 2017-04 · Price TWD 18.40 · Value 8.13 · Buy at or below 8.13; 2017-05 · Price TWD 19.25 · Value 8.13 · Buy at or below 8.13; 2017-06 · Price TWD 20.35 · Value 8.13 · Buy at or below 8.13; 2017-07 · Price TWD 20.40 · Value 8.13 · Buy at or below 8.13; 2017-08 · Price TWD 19.60 · Value 8.13 · Buy at or below 8.13; 2017-09 · Price TWD 19.55 · Value 8.13 · Buy at or below 8.13; 2017-10 · Price TWD 19.45 · Value 8.13 · Buy at or below 8.13; 2017-11 · Price TWD 19.25 · Value 8.13 · Buy at or below 8.13; 2017-12 · Price TWD 19.55 · Value 8.13 · Buy at or below 8.13; 2018-01 · Price TWD 20.15 · Value 8.13 · Buy at or below 8.13; 2018-02 · Price TWD 20.00 · Value 9.05 · Buy at or below 9.05; 2018-03 · Price TWD 20.30 · Value 9.05 · Buy at or below 9.05; 2018-04 · Price TWD 20.40 · Value 9.05 · Buy at or below 9.05; 2018-05 · Price TWD 20.35 · Value 9.05 · Buy at or below 9.05; 2018-06 · Price TWD 20.60 · Value 9.05 · Buy at or below 9.05; 2018-07 · Price TWD 21.05 · Value 9.05 · Buy at or below 9.05; 2018-08 · Price TWD 20.55 · Value 9.05 · Buy at or below 9.05; 2018-09 · Price TWD 20.80 · Value 9.05 · Buy at or below 9.05; 2018-10 · Price TWD 19.55 · Value 9.05 · Buy at or below 9.05; 2018-11 · Price TWD 19.95 · Value 9.05 · Buy at or below 9.05; 2018-12 · Price TWD 20.00 · Value 9.05 · Buy at or below 9.05; 2019-01 · Price TWD 20.40 · Value 9.05 · Buy at or below 9.05; 2019-02 · Price TWD 20.80 · Value 10.50 · Buy at or below 10.50; 2019-03 · Price TWD 21.10 · Value 10.50 · Buy at or below 10.50; 2019-04 · Price TWD 22.05 · Value 10.50 · Buy at or below 10.50; 2019-05 · Price TWD 22.60 · Value 10.50 · Buy at or below 10.50; 2019-06 · Price TWD 22.80 · Value 10.50 · Buy at or below 10.50; 2019-07 · Price TWD 23.40 · Value 10.50 · Buy at or below 10.50; 2019-08 · Price TWD 21.50 · Value 10.50 · Buy at or below 10.50; 2019-09 · Price TWD 21.80 · Value 10.50 · Buy at or below 10.50; 2019-10 · Price TWD 22.35 · Value 10.50 · Buy at or below 10.50; 2019-11 · Price TWD 22.95 · Value 10.50 · Buy at or below 10.50; 2019-12 · Price TWD 23.70 · Value 10.50 · Buy at or below 10.50; 2020-01 · Price TWD 23.60 · Value 10.50 · Buy at or below 10.50; 2020-02 · Price TWD 23.70 · Value 11.19 · Buy at or below 11.19; 2020-03 · Price TWD 19.65 · Value 11.19 · Buy at or below 11.19; 2020-04 · Price TWD 22.05 · Value 11.19 · Buy at or below 11.19; 2020-05 · Price TWD 22.85 · Value 11.19 · Buy at or below 11.19; 2020-06 · Price TWD 22.65 · Value 11.19 · Buy at or below 11.19; 2020-07 · Price TWD 23.60 · Value 11.19 · Buy at or below 11.19; 2020-08 · Price TWD 21.25 · Value 11.19 · Buy at or below 11.19; 2020-09 · Price TWD 20.55 · Value 11.19 · Buy at or below 11.19; 2020-10 · Price TWD 20.05 · Value 11.19 · Buy at or below 11.19; 2020-11 · Price TWD 21.30 · Value 11.19 · Buy at or below 11.19; 2020-12 · Price TWD 21.35 · Value 11.19 · Buy at or below 11.19; 2021-01 · Price TWD 20.20 · Value 11.19 · Buy at or below 11.19; 2021-02 · Price TWD 20.85 · Value 13.55 · Buy at or below 13.55; 2021-03 · Price TWD 22.20 · Value 13.55 · Buy at or below 13.55; 2021-04 · Price TWD 22.90 · Value 13.55 · Buy at or below 13.55; 2021-05 · Price TWD 22.00 · Value 13.55 · Buy at or below 13.55; 2021-06 · Price TWD 22.70 · Value 13.55 · Buy at or below 13.55; 2021-07 · Price TWD 22.75 · Value 13.55 · Buy at or below 13.55; 2021-08 · Price TWD 22.90 · Value 13.55 · Buy at or below 13.55; 2021-09 · Price TWD 22.55 · Value 13.55 · Buy at or below 13.55; 2021-10 · Price TWD 22.90 · Value 13.55 · Buy at or below 13.55; 2021-11 · Price TWD 23.10 · Value 13.55 · Buy at or below 13.55; 2021-12 · Price TWD 24.50 · Value 13.55 · Buy at or below 13.55; 2022-01 · Price TWD 25.15 · Value 13.55 · Buy at or below 13.55; 2022-02 · Price TWD 25.70 · Value 12.82 · Buy at or below 12.82; 2022-03 · Price TWD 28.45 · Value 12.82 · Buy at or below 12.82; 2022-04 · Price TWD 27.80 · Value 12.82 · Buy at or below 12.82; 2022-05 · Price TWD 27.35 · Value 12.82 · Buy at or below 12.82; 2022-06 · Price TWD 26.20 · Value 12.82 · Buy at or below 12.82; 2022-07 · Price TWD 27.00 · Value 12.82 · Buy at or below 12.82; 2022-08 · Price TWD 26.55 · Value 12.82 · Buy at or below 12.82; 2022-09 · Price TWD 26.00 · Value 12.82 · Buy at or below 12.82; 2022-10 · Price TWD 24.75 · Value 12.82 · Buy at or below 12.82; 2022-11 · Price TWD 26.20 · Value 12.82 · Buy at or below 12.82; 2022-12 · Price TWD 26.50 · Value 12.82 · Buy at or below 12.82; 2023-01 · Price TWD 26.10 · Value 12.82 · Buy at or below 12.82; 2023-02 · Price TWD 26.80 · Value 14.57 · Buy at or below 14.57; 2023-03 · Price TWD 26.45 · Value 14.57 · Buy at or below 14.57; 2023-04 · Price TWD 27.10 · Value 14.57 · Buy at or below 14.57; 2023-05 · Price TWD 28.10 · Value 14.57 · Buy at or below 14.57; 2023-06 · Price TWD 27.65 · Value 14.57 · Buy at or below 14.57; 2023-07 · Price TWD 29.05 · Value 14.57 · Buy at or below 14.57; 2023-08 · Price TWD 26.30 · Value 14.57 · Buy at or below 14.57; 2023-09 · Price TWD 26.55 · Value 14.57 · Buy at or below 14.57; 2023-10 · Price TWD 25.90 · Value 14.57 · Buy at or below 14.57; 2023-11 · Price TWD 27.70 · Value 14.57 · Buy at or below 14.57; 2023-12 · Price TWD 27.40 · Value 14.57 · Buy at or below 14.57; 2024-01 · Price TWD 26.60 · Value 14.57 · Buy at or below 14.57; 2024-02 · Price TWD 27.10 · Value 15.79 · Buy at or below 15.79; 2024-03 · Price TWD 27.70 · Value 15.79 · Buy at or below 15.79; 2024-04 · Price TWD 27.35 · Value 15.79 · Buy at or below 15.79; 2024-05 · Price TWD 27.50 · Value 15.79 · Buy at or below 15.79; 2024-06 · Price TWD 28.10 · Value 15.79 · Buy at or below 15.79; 2024-07 · Price TWD 29.35 · Value 15.79 · Buy at or below 15.79; 2024-08 · Price TWD 27.25 · Value 15.79 · Buy at or below 15.79; 2024-09 · Price TWD 27.40 · Value 15.79 · Buy at or below 15.79; 2024-10 · Price TWD 27.15 · Value 15.79 · Buy at or below 15.79; 2024-11 · Price TWD 27.20 · Value 15.79 · Buy at or below 15.79; 2024-12 · Price TWD 27.10 · Value 15.79 · Buy at or below 15.79; 2025-01 · Price TWD 27.75 · Value 15.79 · Buy at or below 15.79; 2025-02 · Price TWD 27.65 · Value 17.07 · Buy at or below 17.07; 2025-03 · Price TWD 27.05 · Value 17.07 · Buy at or below 17.07; 2025-04 · Price TWD 25.40 · Value 17.07 · Buy at or below 17.07; 2025-05 · Price TWD 27.05 · Value 17.07 · Buy at or below 17.07; 2025-06 · Price TWD 29.05 · Value 17.07 · Buy at or below 17.07; 2025-07 · Price TWD 29.60 · Value 17.07 · Buy at or below 17.07; 2025-08 · Price TWD 28.35 · Value 17.07 · Buy at or below 17.07; 2025-09 · Price TWD 29.85 · Value 17.07 · Buy at or below 17.07; 2025-10 · Price TWD 28.55 · Value 17.07 · Buy at or below 17.07; 2025-11 · Price TWD 27.60 · Value 17.07 · Buy at or below 17.07; 2025-12 · Price TWD 29.40 · Value 17.07 · Buy at or below 17.07; 2026-01 · Price TWD 28.80 · Value 17.07 · Buy at or below 17.07; 2026-02 · Price TWD 29.90 · Value 17.07 · Buy at or below 17.07; 2026-03 · Price TWD 28.20 · Value 17.07 · Buy at or below 17.07; 2026-04 · Price TWD 28.85 · Value 17.07 · Buy at or below 17.07; 2026-05 · Price TWD 27.45 · Value 17.07 · Buy at or below 17.07; 2026-06 · Price TWD 32.75 · Value 17.07 · Buy at or below 17.07; 2026-07 · Price TWD 36.75 · Value 17.07 · Buy at or below 17.07; 2026-08 · Price TWD 35.30 · Value 17.07 · Buy at or below 17.07; 2026-09 · Price TWD 38.65 · Value 17.07 · Buy at or below 17.07; 2026-10 · Price TWD 40.50 · Value 17.07 · Buy at or below 17.07; 2026-10 · Price TWD 41.60 · Value 17.07 · Buy at or below 17.07

TWD per share · annual estimates

Price & return math
Value range	TWD 14.85 – TWD 20.08
Buy at or below	Central value TWD 17.07
Discount to value	1 − 41.60 / 17.07 = -143.7%
Return / year	About 6.1% a year at today's price (required return 10.0%)
Cash-flow inputs	Book TWD 20.24/share; ROE 9.0%; first payout TWD 1.14/share, growing 3.3% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeTWD 27B

Net income

Book / shareTWD 20.24

Book / share

Dividend / shareTWD 0.93

Dividend / share

Return on tangible equity9.3%

Return on tangible equity

Diluted shares14B

Diluted shares

Prices 15 Oct 2026 · FY2025