# President Chain Store (2912.TW)

Canonical: https://gigainvestors.com/s/2912.TW

Analysis as of: 2026-10-16T07:36:37.402Z. Financial observations: FY2000–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 224.00 per share; close as of 2026-10-15.

Estimated value: low TWD 79.43 per share, central TWD 85.17 per share, high TWD 92.82 per share. Buy at or below the central value TWD 85.17 per share. Valuation as of 2026-10-16T07:36:37.402Z; scenarios are not confidence intervals.

Expected annual return: 4.7% at the stated quote. About 4.7% 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

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.06×

- FY2020: 0.06×

- FY2021: 0.05×

- FY2022: 0.05×

- FY2023: 0.04×

- FY2024: 0.04×

- FY2025: 0.04×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 15.9%

- ROIC, second-lowest year: 10.3%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 34.1%

- Recent gross margin (lower of latest and 3-year median): 34.2%

- Years with nonpositive capital: 1

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: 6.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: 52.7%

- FY2018: 21.7%

- FY2019: 20.6%

- FY2020: 17.0%

- FY2021: 14.8%

- FY2022: 13.9%

- FY2023: 11.7%

- FY2024: 10.3%

- FY2025: 8.4%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.26×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 13B

- Net income, five-year total: TWD 52B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -2.7 pp

- Working capital / revenue, final three-year average: 0.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.52×

- FY2022: 0.34×

- FY2023: 0.38×

- FY2024: 0.32×

- FY2025: -0.18×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 52.7% vs 10.3%

- Per-share earnings: 9.46 to 10.21 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.3%

- Ordinary dilution, 5-year annual growth: 4.5%

- Market cap gain: TWD 48B

- Cumulative retained earnings: TWD 3.9B

- Diluted shares, 10-year annual growth: 2.3%

- Diluted shares, 5-year annual growth: 4.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 1.0%

- Per-share value change: TWD 0.75

- Per-share value, starting three-year median: TWD 9.46

- Per-share value, ending three-year median: TWD 10.21

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: TWD 9.6B

- Cumulative net income, 10 years: TWD 123B

- ROIC, first three-year median: 52.7%

- ROIC, last three-year median: 10.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 9.46

- FY2017: TWD 29.85

- FY2018: TWD 9.82

- FY2019: TWD 10.15

- FY2020: TWD 9.83

- FY2021: TWD 8.51

- FY2022: TWD 8.90

- FY2023: TWD 10.21

- FY2024: TWD 11.09

- FY2025: TWD 8.62

### accounting: pass

- Sloan accruals: -8.5%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.22×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.22×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -14.5%

- FY2017: 7.4%

- FY2018: -6.0%

- FY2019: -9.4%

- FY2020: -9.6%

- FY2021: -12.6%

- FY2022: -10.7%

- FY2023: -12.3%

- FY2024: -9.3%

- FY2025: -8.5%

## Holders

## Price story

Down 24% since Sep 2024 · sales +3.8%

Story as of 2026-10-16T10:00:07.795Z; price observation 2026-10-15.

Price needs cash profits to grow 18.3% a year for ten years

### Sales · FY2024–2025

sales +3.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 215B 

- FY2017: TWD 221B 

- FY2018: TWD 245B 

- FY2019: TWD 256B 

- FY2020: TWD 258B 

- FY2021: TWD 263B 

- FY2022: TWD 290B 

- FY2023: TWD 317B 

- FY2024: TWD 338B 

- FY2025: TWD 351B 

### Gross margin · FY2025

gross margin 34.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 32.8% 

- FY2017: 33.2% 

- FY2018: 34.3% 

- FY2019: 34.3% 

- FY2020: 34.1% 

- FY2021: 33.5% 

- FY2022: 33.7% 

- FY2023: 34.1% 

- FY2024: 34.2% 

- FY2025: 34.4% 

## Owner memo

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

### How it makes money

Operates in grocery stores; annual sales are TWD 350.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.402Z); FY2025: revenue 350734591000; grossProfit 120541316000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2912.TW: President Chain Store Corporation operates and manages convenience stores, restaurants, drugstores, department stores, supermarkets, and online shopping stores in Taiwan and internationally. It operates through Convenience Stores, Retail Business Group, Logistics Business Group, and Other Operating segments. The company engages in the logistics and storage of publication and e-commerce; trade, enterprise information management and consultancy, and art and cultural exhibition activities; operation of chain restaurants; sports and entertainment business; retail of bread and pastry products; electronic ticketing and electronic payment activities; manufacture of food products; information software business; operation of gas stations; and installment and maintenance of elevators. It is also involved in sale of ice cream, health care products, cosmetics, pharmaceuticals, and daily items; investment and delivery services; logistics, warehousing, and retail businesses; leasing and selling of cleaning instruments; various software and internet- related services; wholesale of merchandises; and trucking services. In addition, the company provides insurance brokerage services; and acts as a collection agent. President Chain Store Corporation was incorporated in 1978 and is based in Taipei, Taiwan.

### Why customers stay

Margins ranged from 34.1% to 34.4% during 2023–25; it earns 15.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.402Z); FY2023: grossProfit / revenue = 34.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.402Z); FY2024: grossProfit / revenue = 34.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.402Z); FY2025: grossProfit / revenue = 34.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.402Z); 10-year return on capital observations [[2016,21.823412436519664],[2017,0.5266353166798564],[2018,0.21678786782148152],[2019,0.20633189483784004],[2020,0.16965750166066373],[2021,0.14826098338074714],[2022,0.13909027771483817],[2023,0.1165639081898629],[2024,0.1032804815796326],[2025,0.08438931176356046]]; median 0.15895924252070542. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 34% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.402Z); Gross margin observations: [[2021,0.3354082416525239],[2022,0.3369250082334502],[2023,0.34119225785249163]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.402Z); FY2016: growth capex 372389000; upkeep 5502659000; owner earnings 9836690000. Growth capex / owner earnings = 0.03785714503557599.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.402Z); FY2017: growth capex 626980429.7905741; upkeep 6413976570.209426; owner earnings 30094852429.790573. Growth capex / owner earnings = 0.020833477461080115.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.402Z); FY2018: growth capex 399956000; upkeep 6468528000; owner earnings 10206388000. Growth capex / owner earnings = 0.03918683083574718.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.402Z); FY2019: growth capex 0; upkeep 7458817000; owner earnings 8070546400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.402Z); FY2020: growth capex 0; upkeep 9259958000; owner earnings 5423082800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.402Z); FY2021: growth capex 0; upkeep 8956113000; owner earnings 4573930000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.402Z); FY2022: growth capex 0; upkeep 11902099000; owner earnings 3137214994.00583. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.402Z); FY2023: growth capex 0; upkeep 13012379000; owner earnings 4084516776.9234514. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.402Z); FY2024: growth capex 0; upkeep 14997734000; owner earnings 3724198451.2378798. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.402Z); Dividend observations: [[2016,7872910000],[2017,9158482000],[2018,27497025000],[2019,9148676000],[2020,9356600000],[2021,9356600000],[2022,9356600000],[2023,9356902000],[2024,12066225000],[2025,9356718000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 49.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2912.TW SharesStats.PercentInsiders = 49.582 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 18.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.402Z); Ten-year compound average after fade. Initial solved rate 0.2527639638372232. Price 224; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 6.903122727224689 → FY2025 -1.5541361486498444. Closing-price date 2026-10-15.

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

- 2016-10: TWD 236.00 per share

- 2016-11: TWD 239.50 per share

- 2016-12: TWD 231.00 per share

- 2017-01: TWD 233.50 per share

- 2017-02: TWD 225.50 per share

- 2017-03: TWD 250.00 per share

- 2017-04: TWD 262.50 per share

- 2017-05: TWD 269.00 per share

- 2017-06: TWD 273.50 per share

- 2017-07: TWD 256.00 per share

- 2017-08: TWD 252.50 per share

- 2017-09: TWD 254.50 per share

- 2017-10: TWD 271.00 per share

- 2017-11: TWD 284.00 per share

- 2017-12: TWD 284.00 per share

- 2018-01: TWD 288.50 per share

- 2018-02: TWD 294.50 per share

- 2018-03: TWD 294.00 per share

- 2018-04: TWD 292.50 per share

- 2018-05: TWD 307.00 per share

- 2018-06: TWD 345.50 per share

- 2018-07: TWD 336.50 per share

- 2018-08: TWD 335.00 per share

- 2018-09: TWD 358.50 per share

- 2018-10: TWD 349.00 per share

- 2018-11: TWD 318.00 per share

- 2018-12: TWD 311.00 per share

- 2019-01: TWD 322.50 per share

- 2019-02: TWD 318.50 per share

- 2019-03: TWD 303.50 per share

- 2019-04: TWD 288.00 per share

- 2019-05: TWD 301.00 per share

- 2019-06: TWD 300.50 per share

- 2019-07: TWD 300.00 per share

- 2019-08: TWD 292.00 per share

- 2019-09: TWD 290.00 per share

- 2019-10: TWD 304.00 per share

- 2019-11: TWD 305.50 per share

- 2019-12: TWD 304.00 per share

- 2020-01: TWD 298.50 per share

- 2020-02: TWD 296.50 per share

- 2020-03: TWD 283.00 per share

- 2020-04: TWD 308.00 per share

- 2020-05: TWD 295.50 per share

- 2020-06: TWD 296.50 per share

- 2020-07: TWD 280.00 per share

- 2020-08: TWD 270.00 per share

- 2020-09: TWD 263.00 per share

- 2020-10: TWD 258.00 per share

- 2020-11: TWD 259.00 per share

- 2020-12: TWD 266.50 per share

- 2021-01: TWD 267.00 per share

- 2021-02: TWD 262.00 per share

- 2021-03: TWD 272.00 per share

- 2021-04: TWD 271.00 per share

- 2021-05: TWD 264.50 per share

- 2021-06: TWD 263.00 per share

- 2021-07: TWD 280.50 per share

- 2021-08: TWD 285.50 per share

- 2021-09: TWD 280.00 per share

- 2021-10: TWD 281.00 per share

- 2021-11: TWD 269.00 per share

- 2021-12: TWD 273.50 per share

- 2022-01: TWD 265.00 per share

- 2022-02: TWD 261.50 per share

- 2022-03: TWD 263.00 per share

- 2022-04: TWD 273.50 per share

- 2022-05: TWD 275.50 per share

- 2022-06: TWD 272.50 per share

- 2022-07: TWD 283.00 per share

- 2022-08: TWD 268.00 per share

- 2022-09: TWD 282.50 per share

- 2022-10: TWD 268.00 per share

- 2022-11: TWD 272.50 per share

- 2022-12: TWD 272.00 per share

- 2023-01: TWD 270.00 per share

- 2023-02: TWD 267.00 per share

- 2023-03: TWD 269.50 per share

- 2023-04: TWD 270.50 per share

- 2023-05: TWD 279.50 per share

- 2023-06: TWD 282.50 per share

- 2023-07: TWD 279.00 per share

- 2023-08: TWD 267.50 per share

- 2023-09: TWD 262.50 per share

- 2023-10: TWD 257.50 per share

- 2023-11: TWD 269.50 per share

- 2023-12: TWD 269.50 per share

- 2024-01: TWD 264.00 per share

- 2024-02: TWD 269.50 per share

- 2024-03: TWD 266.50 per share

- 2024-04: TWD 274.00 per share

- 2024-05: TWD 270.00 per share

- 2024-06: TWD 273.50 per share

- 2024-07: TWD 277.50 per share

- 2024-08: TWD 281.50 per share

- 2024-09: TWD 295.00 per share

- 2024-10: TWD 295.00 per share

- 2024-11: TWD 270.50 per share

- 2024-12: TWD 263.00 per share

- 2025-01: TWD 260.00 per share

- 2025-02: TWD 262.50 per share

- 2025-03: TWD 251.00 per share

- 2025-04: TWD 261.00 per share

- 2025-05: TWD 255.50 per share

- 2025-06: TWD 256.50 per share

- 2025-07: TWD 256.00 per share

- 2025-08: TWD 254.50 per share

- 2025-09: TWD 248.00 per share

- 2025-10: TWD 238.50 per share

- 2025-11: TWD 239.50 per share

- 2025-12: TWD 221.50 per share

- 2026-01: TWD 213.50 per share

- 2026-02: TWD 223.00 per share

- 2026-03: TWD 224.50 per share

- 2026-04: TWD 224.00 per share

- 2026-05: TWD 214.00 per share

- 2026-06: TWD 223.00 per share

- 2026-07: TWD 224.00 per share

- 2026-08: TWD 216.50 per share

- 2026-09: TWD 212.50 per share

- 2026-10: TWD 216.00 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 126.17 per share, central TWD 158.85 per share, high TWD 181.35 per share

- FY2017: low TWD 136.22 per share, central TWD 164.92 per share, high TWD 187.34 per share

- FY2018: low TWD 185.45 per share, central TWD 250.89 per share, high TWD 287.39 per share

- FY2019: low TWD 176.18 per share, central TWD 220.38 per share, high TWD 251.14 per share

- FY2020: low TWD 159.76 per share, central TWD 176.26 per share, high TWD 198.23 per share

- FY2021: low TWD 130.10 per share, central TWD 142.78 per share, high TWD 159.66 per share

- FY2022: low TWD 98.63 per share, central TWD 107.43 per share, high TWD 119.15 per share

- FY2023: low TWD 98.76 per share, central TWD 106.76 per share, high TWD 117.41 per share

- FY2024: low TWD 83.09 per share, central TWD 89.40 per share, high TWD 97.79 per share

- FY2025: low TWD 61.49 per share, central TWD 65.97 per share, high TWD 71.93 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.

President Chain Store

2912 · TW

FTSE TWSE Taiwan 50

Not a wonderful business

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

Share price: TWD 224.00
Buy up to: TWD 85.17
Expected / yr: 4.7% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 14.5% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 5.0%
Worst year: 4.0%
Latest · 2025: 4.0%

Capital return excluding acquisitions: median 15.9% (minimum 15%), and the second-worst year 10.3% (minimum 10%).

ROIC excluding acquisitions

10y median: 15.9%
Worst year: 8.4%
Latest · 2025: 8.4%

Each $1 of profit left $0.26 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.26×
Annual median: 0.34×
Latest · 2025: -0.18×

Share growth was 2.3% over ten years and 4.5% over five (either must be at most 1% a year).

Earnings per share

10y median: TWD 9.83
Worst year: TWD 8.51
Latest · 2025: TWD 8.62

Profits were backed by cash: accruals were -8.5% of assets (limit 10%).

Sloan accruals

10y median: -9.5%
Worst year: 7.4%
Latest · 2025: -8.5%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 5.0%, three-year average owner earnings per share 1.99 TWD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price TWD 236.00 · Value 158.85 · Buy at or below 158.85; 2016-11 · Price TWD 239.50 · Value 158.85 · Buy at or below 158.85; 2016-12 · Price TWD 231.00 · Value 158.85 · Buy at or below 158.85; 2017-01 · Price TWD 233.50 · Value 158.85 · Buy at or below 158.85; 2017-02 · Price TWD 225.50 · Value 164.92 · Buy at or below 164.92; 2017-03 · Price TWD 250.00 · Value 164.92 · Buy at or below 164.92; 2017-04 · Price TWD 262.50 · Value 164.92 · Buy at or below 164.92; 2017-05 · Price TWD 269.00 · Value 164.92 · Buy at or below 164.92; 2017-06 · Price TWD 273.50 · Value 164.92 · Buy at or below 164.92; 2017-07 · Price TWD 256.00 · Value 164.92 · Buy at or below 164.92; 2017-08 · Price TWD 252.50 · Value 164.92 · Buy at or below 164.92; 2017-09 · Price TWD 254.50 · Value 164.92 · Buy at or below 164.92; 2017-10 · Price TWD 271.00 · Value 164.92 · Buy at or below 164.92; 2017-11 · Price TWD 284.00 · Value 164.92 · Buy at or below 164.92; 2017-12 · Price TWD 284.00 · Value 164.92 · Buy at or below 164.92; 2018-01 · Price TWD 288.50 · Value 164.92 · Buy at or below 164.92; 2018-02 · Price TWD 294.50 · Value 250.89 · Buy at or below 250.89; 2018-03 · Price TWD 294.00 · Value 250.89 · Buy at or below 250.89; 2018-04 · Price TWD 292.50 · Value 250.89 · Buy at or below 250.89; 2018-05 · Price TWD 307.00 · Value 250.89 · Buy at or below 250.89; 2018-06 · Price TWD 345.50 · Value 250.89 · Buy at or below 250.89; 2018-07 · Price TWD 336.50 · Value 250.89 · Buy at or below 250.89; 2018-08 · Price TWD 335.00 · Value 250.89 · Buy at or below 250.89; 2018-09 · Price TWD 358.50 · Value 250.89 · Buy at or below 250.89; 2018-10 · Price TWD 349.00 · Value 250.89 · Buy at or below 250.89; 2018-11 · Price TWD 318.00 · Value 250.89 · Buy at or below 250.89; 2018-12 · Price TWD 311.00 · Value 250.89 · Buy at or below 250.89; 2019-01 · Price TWD 322.50 · Value 250.89 · Buy at or below 250.89; 2019-02 · Price TWD 318.50 · Value 220.38 · Buy at or below 220.38; 2019-03 · Price TWD 303.50 · Value 220.38 · Buy at or below 220.38; 2019-04 · Price TWD 288.00 · Value 220.38 · Buy at or below 220.38; 2019-05 · Price TWD 301.00 · Value 220.38 · Buy at or below 220.38; 2019-06 · Price TWD 300.50 · Value 220.38 · Buy at or below 220.38; 2019-07 · Price TWD 300.00 · Value 220.38 · Buy at or below 220.38; 2019-08 · Price TWD 292.00 · Value 220.38 · Buy at or below 220.38; 2019-09 · Price TWD 290.00 · Value 220.38 · Buy at or below 220.38; 2019-10 · Price TWD 304.00 · Value 220.38 · Buy at or below 220.38; 2019-11 · Price TWD 305.50 · Value 220.38 · Buy at or below 220.38; 2019-12 · Price TWD 304.00 · Value 220.38 · Buy at or below 220.38; 2020-01 · Price TWD 298.50 · Value 220.38 · Buy at or below 220.38; 2020-02 · Price TWD 296.50 · Value 176.26 · Buy at or below 176.26; 2020-03 · Price TWD 283.00 · Value 176.26 · Buy at or below 176.26; 2020-04 · Price TWD 308.00 · Value 176.26 · Buy at or below 176.26; 2020-05 · Price TWD 295.50 · Value 176.26 · Buy at or below 176.26; 2020-06 · Price TWD 296.50 · Value 176.26 · Buy at or below 176.26; 2020-07 · Price TWD 280.00 · Value 176.26 · Buy at or below 176.26; 2020-08 · Price TWD 270.00 · Value 176.26 · Buy at or below 176.26; 2020-09 · Price TWD 263.00 · Value 176.26 · Buy at or below 176.26; 2020-10 · Price TWD 258.00 · Value 176.26 · Buy at or below 176.26; 2020-11 · Price TWD 259.00 · Value 176.26 · Buy at or below 176.26; 2020-12 · Price TWD 266.50 · Value 176.26 · Buy at or below 176.26; 2021-01 · Price TWD 267.00 · Value 176.26 · Buy at or below 176.26; 2021-02 · Price TWD 262.00 · Value 142.78 · Buy at or below 142.78; 2021-03 · Price TWD 272.00 · Value 142.78 · Buy at or below 142.78; 2021-04 · Price TWD 271.00 · Value 142.78 · Buy at or below 142.78; 2021-05 · Price TWD 264.50 · Value 142.78 · Buy at or below 142.78; 2021-06 · Price TWD 263.00 · Value 142.78 · Buy at or below 142.78; 2021-07 · Price TWD 280.50 · Value 142.78 · Buy at or below 142.78; 2021-08 · Price TWD 285.50 · Value 142.78 · Buy at or below 142.78; 2021-09 · Price TWD 280.00 · Value 142.78 · Buy at or below 142.78; 2021-10 · Price TWD 281.00 · Value 142.78 · Buy at or below 142.78; 2021-11 · Price TWD 269.00 · Value 142.78 · Buy at or below 142.78; 2021-12 · Price TWD 273.50 · Value 142.78 · Buy at or below 142.78; 2022-01 · Price TWD 265.00 · Value 142.78 · Buy at or below 142.78; 2022-02 · Price TWD 261.50 · Value 107.43 · Buy at or below 107.43; 2022-03 · Price TWD 263.00 · Value 107.43 · Buy at or below 107.43; 2022-04 · Price TWD 273.50 · Value 107.43 · Buy at or below 107.43; 2022-05 · Price TWD 275.50 · Value 107.43 · Buy at or below 107.43; 2022-06 · Price TWD 272.50 · Value 107.43 · Buy at or below 107.43; 2022-07 · Price TWD 283.00 · Value 107.43 · Buy at or below 107.43; 2022-08 · Price TWD 268.00 · Value 107.43 · Buy at or below 107.43; 2022-09 · Price TWD 282.50 · Value 107.43 · Buy at or below 107.43; 2022-10 · Price TWD 268.00 · Value 107.43 · Buy at or below 107.43; 2022-11 · Price TWD 272.50 · Value 107.43 · Buy at or below 107.43; 2022-12 · Price TWD 272.00 · Value 107.43 · Buy at or below 107.43; 2023-01 · Price TWD 270.00 · Value 107.43 · Buy at or below 107.43; 2023-02 · Price TWD 267.00 · Value 106.76 · Buy at or below 106.76; 2023-03 · Price TWD 269.50 · Value 106.76 · Buy at or below 106.76; 2023-04 · Price TWD 270.50 · Value 106.76 · Buy at or below 106.76; 2023-05 · Price TWD 279.50 · Value 106.76 · Buy at or below 106.76; 2023-06 · Price TWD 282.50 · Value 106.76 · Buy at or below 106.76; 2023-07 · Price TWD 279.00 · Value 106.76 · Buy at or below 106.76; 2023-08 · Price TWD 267.50 · Value 106.76 · Buy at or below 106.76; 2023-09 · Price TWD 262.50 · Value 106.76 · Buy at or below 106.76; 2023-10 · Price TWD 257.50 · Value 106.76 · Buy at or below 106.76; 2023-11 · Price TWD 269.50 · Value 106.76 · Buy at or below 106.76; 2023-12 · Price TWD 269.50 · Value 106.76 · Buy at or below 106.76; 2024-01 · Price TWD 264.00 · Value 106.76 · Buy at or below 106.76; 2024-02 · Price TWD 269.50 · Value 89.40 · Buy at or below 89.40; 2024-03 · Price TWD 266.50 · Value 89.40 · Buy at or below 89.40; 2024-04 · Price TWD 274.00 · Value 89.40 · Buy at or below 89.40; 2024-05 · Price TWD 270.00 · Value 89.40 · Buy at or below 89.40; 2024-06 · Price TWD 273.50 · Value 89.40 · Buy at or below 89.40; 2024-07 · Price TWD 277.50 · Value 89.40 · Buy at or below 89.40; 2024-08 · Price TWD 281.50 · Value 89.40 · Buy at or below 89.40; 2024-09 · Price TWD 295.00 · Value 89.40 · Buy at or below 89.40; 2024-10 · Price TWD 295.00 · Value 89.40 · Buy at or below 89.40; 2024-11 · Price TWD 270.50 · Value 89.40 · Buy at or below 89.40; 2024-12 · Price TWD 263.00 · Value 89.40 · Buy at or below 89.40; 2025-01 · Price TWD 260.00 · Value 89.40 · Buy at or below 89.40; 2025-02 · Price TWD 262.50 · Value 65.97 · Buy at or below 65.97; 2025-03 · Price TWD 251.00 · Value 65.97 · Buy at or below 65.97; 2025-04 · Price TWD 261.00 · Value 65.97 · Buy at or below 65.97; 2025-05 · Price TWD 255.50 · Value 65.97 · Buy at or below 65.97; 2025-06 · Price TWD 256.50 · Value 65.97 · Buy at or below 65.97; 2025-07 · Price TWD 256.00 · Value 65.97 · Buy at or below 65.97; 2025-08 · Price TWD 254.50 · Value 65.97 · Buy at or below 65.97; 2025-09 · Price TWD 248.00 · Value 65.97 · Buy at or below 65.97; 2025-10 · Price TWD 238.50 · Value 65.97 · Buy at or below 65.97; 2025-11 · Price TWD 239.50 · Value 65.97 · Buy at or below 65.97; 2025-12 · Price TWD 221.50 · Value 65.97 · Buy at or below 65.97; 2026-01 · Price TWD 213.50 · Value 65.97 · Buy at or below 65.97; 2026-02 · Price TWD 223.00 · Value 85.17 · Buy at or below 85.17; 2026-03 · Price TWD 224.50 · Value 85.17 · Buy at or below 85.17; 2026-04 · Price TWD 224.00 · Value 85.17 · Buy at or below 85.17; 2026-05 · Price TWD 214.00 · Value 85.17 · Buy at or below 85.17; 2026-06 · Price TWD 223.00 · Value 85.17 · Buy at or below 85.17; 2026-07 · Price TWD 224.00 · Value 85.17 · Buy at or below 85.17; 2026-08 · Price TWD 216.50 · Value 85.17 · Buy at or below 85.17; 2026-09 · Price TWD 212.50 · Value 85.17 · Buy at or below 85.17; 2026-10 · Price TWD 216.00 · Value 85.17 · Buy at or below 85.17; 2026-10 · Price TWD 224.00 · Value 85.17 · Buy at or below 85.17

TWD per share · annual estimates

Price & return math
Value range	TWD 79.43 – TWD 92.82
Buy at or below	Central value TWD 85.17
Discount to value	1 − 224.00 / 85.17 = -163.0%
Return / year	About 4.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash TWD 3.81/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash TWD 37.79/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueTWD 351B

Revenue

Owner earningsTWD -2.0B

Owner earnings

Operating margin4.0%

Operating margin

Net cash / debtTWD -90B

Net cash / debt

Diluted shares1.3B

Diluted shares

Prices 15 Oct 2026 · FY2025