# 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.

## Reported holder observations