# LARGAN Precision (3008.TW)

Canonical: https://gigainvestors.com/s/3008.TW

Analysis as of: 2026-10-16T07:34:27.832Z. Financial observations: FY2001–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 6,605.00 per share; close as of 2026-10-15.

Estimated value: low TWD 3,009.07 per share, central TWD 3,283.13 per share, high TWD 3,647.97 per share. Buy at or below the central value TWD 3,283.13 per share. Valuation as of 2026-10-16T07:34:27.832Z; scenarios are not confidence intervals.

Expected annual return: 5.8% at the stated quote. About 5.8% 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

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.58×

- FY2017: 0.60×

- FY2018: 0.59×

- FY2019: 0.60×

- FY2020: 0.57×

- FY2021: 0.49×

- FY2022: 0.58×

- FY2023: 0.36×

- FY2024: 0.40×

- FY2025: 0.39×

### moat: fail

- Recent gross margin fell 13.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 60.1%

- ROIC, second-lowest year: 34.1%

- Typical minus recent gross margin: 13.0 pp

- Typical gross margin (annual median): 63.5%

- Recent gross margin (lower of latest and 3-year median): 50.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 14.1%

- ROIC including acquisitions, ten-year median: 54.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: 99.2%

- FY2019: 81.4%

- FY2020: 64.0%

- FY2021: 55.3%

- FY2022: 56.3%

- FY2023: 30.6%

- FY2024: 35.2%

- FY2025: 34.1%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.91×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 97B

- Net income, five-year total: TWD 107B

- Return on incremental invested capital: -8.6%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -3.8 pp

- Working capital / revenue, final three-year average: 26.3%

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

- FY2021: 0.93×

- FY2022: 0.87×

- FY2023: 0.88×

- FY2024: 1.00×

- FY2025: 0.85×

### management: fail

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 108.8% vs 34.1%

- Per-share earnings: 180.08 to 159.60 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: TWD -171B

- Cumulative retained earnings: TWD 89B

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -1.5%

- Per-share value change: TWD -20.47

- Per-share value, starting three-year median: TWD 180.08

- Per-share value, ending three-year median: TWD 159.60

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.5%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: TWD 523M

- Cumulative net income, 10 years: TWD 233B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 34.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 169.47

- FY2017: TWD 193.67

- FY2018: TWD 181.68

- FY2019: TWD 210.69

- FY2020: TWD 182.88

- FY2021: TWD 139.20

- FY2022: TWD 167.98

- FY2023: TWD 132.40

- FY2024: TWD 190.26

- FY2025: TWD 159.60

### accounting: pass

- Sloan accruals: -3.0%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.30×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.3%

- FY2017: -4.8%

- FY2018: -5.4%

- FY2019: 1.7%

- FY2020: -2.6%

- FY2021: -1.3%

- FY2022: -11.7%

- FY2023: -0.2%

- FY2024: -2.6%

- FY2025: -3.0%

## Holders

## Price story

Price needs cash profits to grow 12.3% a year for ten years · sales +2.8%

Story as of 2026-10-16T10:00:00.706Z; price observation 2026-10-15.

Price needs cash profits to grow 12.3% a year for ten years

### Sales · FY2024–2025

sales +2.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 48B 

- FY2017: TWD 53B 

- FY2018: TWD 50B 

- FY2019: TWD 61B 

- FY2020: TWD 56B 

- FY2021: TWD 47B 

- FY2022: TWD 48B 

- FY2023: TWD 49B 

- FY2024: TWD 59B 

- FY2025: TWD 61B 

### Gross margin · FY2025

gross margin 50.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 67.1% 

- FY2017: 69.4% 

- FY2018: 68.8% 

- FY2019: 69.0% 

- FY2020: 67.0% 

- FY2021: 59.9% 

- FY2022: 54.7% 

- FY2023: 48.7% 

- FY2024: 52.5% 

- FY2025: 50.4% 

## Owner memo

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

### How it makes money

Operates in electronic components; annual sales are TWD 61.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.832Z); FY2025: revenue 61147888000; grossProfit 30837054000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 3008.TW: Largan Precision Co., Ltd., together with its subsidiaries, designs, manufactures, and sells precision optical plastic lenses in China, South Korea, Vietnam, Japan, Taiwan, and internationally. The company offers mobile phone lens, voice coil motors, image lens modules, sleep health monitoring products, automotive and contact lenses, silicon carbide crystals, titanium niobate anode materials, and fiber optic lasers and space communications products, as well as video cameras, cameras, monocular and binocular telescopes, fax machines, microscopes, scanners, and lenses for multi-magnification signal readers. It also engages in the manufacturing and processing of image capture devices, image readers, and camcorders; manufacturing of general and optical instruments, as well as battery, wired communication equipment, machinery and equipment, and other communication and transmission equipment; wholesale and retail of medical and photographic equipment; sale of optical components; investment activities; and software development. In addition, the company is involved in health and beauty products; patent licensing and marking services; and import business. It exports its products. The company was incorporated in 1987 and is headquartered in Taichung, Taiwan.

### Why customers stay

Margins ranged from 48.7% to 52.5% during 2023–25; it earns 60.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.832Z); FY2023: grossProfit / revenue = 48.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.832Z); FY2024: grossProfit / revenue = 52.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.832Z); FY2025: grossProfit / revenue = 50.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.832Z); 10-year return on capital observations [[2016,1.0877873626231918],[2017,1.1396127961909883],[2018,0.9920274678625809],[2019,0.8141744156637232],[2020,0.6398066001464583],[2021,0.5527734196836689],[2022,0.5628278180729025],[2023,0.30630926648457424],[2024,0.3516933614248515],[2025,0.3408146565103765]]; median 0.6013172091096803. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 7.4% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.832Z); FY2016: growth capex 0; upkeep 4084155000; owner earnings 20747370000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.832Z); FY2017: growth capex 1818128129.143962; upkeep 5703922870.856038; owner earnings 22572268129.143963. Growth capex / owner earnings = 0.08054698441210273.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.832Z); FY2018: growth capex 0; upkeep 6460032000; owner earnings 20804970000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.832Z); FY2019: growth capex 4747042000; upkeep 3810921000; owner earnings 28222210000. Growth capex / owner earnings = 0.1682023484340879.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.832Z); FY2020: growth capex 0; upkeep 5862538000; owner earnings 22982479000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.832Z); FY2021: growth capex 0; upkeep 5956630000; owner earnings 17425661000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.832Z); FY2022: growth capex 463116573.513052; upkeep 7959000426.486948; owner earnings 19757754573.513054. Growth capex / owner earnings = 0.02343973713156145.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.832Z); FY2023: growth capex 825084895.6120262; upkeep 7624054104.387974; owner earnings 15683890495.612026. Growth capex / owner earnings = 0.05260715737864052.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.832Z); FY2024: growth capex 5216987000; upkeep 6229945000; owner earnings 25898319400. Growth capex / owner earnings = 0.20144114061702398.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.832Z); FY2025: growth capex 1360013319.829218; upkeep 10979954680.170782; owner earnings 18288555519.829216. Growth capex / owner earnings = 0.07436417372354173.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.832Z); Dividend observations: [[2016,8517903000],[2017,8517903000],[2018,9725164000],[2019,9121533000],[2020,10597076000],[2021,12273828000],[2022,14635600000],[2023,9676444000],[2024,10810924000],[2025,11411531000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.832Z); FY2025: cash repurchases 1623219000 TWD.

### Are managers owners

Insiders own 29% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 3008.TW SharesStats.PercentInsiders = 28.965000000000003 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.3% yearly over ten years; actual decline was 2.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.832Z); Ten-year compound average after fade. Initial solved rate 0.16429105425773882. Price 6605; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 180.07545470742104 → FY2025 135.38253227399338. Closing-price date 2026-10-15.

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

- 2016-10: TWD 3,735.00 per share

- 2016-11: TWD 3,690.00 per share

- 2016-12: TWD 3,790.00 per share

- 2017-01: TWD 4,450.00 per share

- 2017-02: TWD 4,560.00 per share

- 2017-03: TWD 4,780.00 per share

- 2017-04: TWD 5,015.00 per share

- 2017-05: TWD 4,750.00 per share

- 2017-06: TWD 4,850.00 per share

- 2017-07: TWD 5,510.00 per share

- 2017-08: TWD 5,830.00 per share

- 2017-09: TWD 5,330.00 per share

- 2017-10: TWD 5,715.00 per share

- 2017-11: TWD 5,140.00 per share

- 2017-12: TWD 4,020.00 per share

- 2018-01: TWD 4,005.00 per share

- 2018-02: TWD 3,695.00 per share

- 2018-03: TWD 3,330.00 per share

- 2018-04: TWD 3,480.00 per share

- 2018-05: TWD 4,100.00 per share

- 2018-06: TWD 4,490.00 per share

- 2018-07: TWD 5,150.00 per share

- 2018-08: TWD 4,705.00 per share

- 2018-09: TWD 3,635.00 per share

- 2018-10: TWD 3,350.00 per share

- 2018-11: TWD 3,370.00 per share

- 2018-12: TWD 3,215.00 per share

- 2019-01: TWD 3,780.00 per share

- 2019-02: TWD 4,360.00 per share

- 2019-03: TWD 4,600.00 per share

- 2019-04: TWD 4,650.00 per share

- 2019-05: TWD 3,770.00 per share

- 2019-06: TWD 3,855.00 per share

- 2019-07: TWD 4,250.00 per share

- 2019-08: TWD 3,890.00 per share

- 2019-09: TWD 4,450.00 per share

- 2019-10: TWD 4,470.00 per share

- 2019-11: TWD 4,435.00 per share

- 2019-12: TWD 5,000.00 per share

- 2020-01: TWD 4,805.00 per share

- 2020-02: TWD 4,430.00 per share

- 2020-03: TWD 3,830.00 per share

- 2020-04: TWD 4,110.00 per share

- 2020-05: TWD 3,835.00 per share

- 2020-06: TWD 4,085.00 per share

- 2020-07: TWD 3,825.00 per share

- 2020-08: TWD 3,385.00 per share

- 2020-09: TWD 3,360.00 per share

- 2020-10: TWD 3,025.00 per share

- 2020-11: TWD 3,225.00 per share

- 2020-12: TWD 3,195.00 per share

- 2021-01: TWD 2,940.00 per share

- 2021-02: TWD 3,295.00 per share

- 2021-03: TWD 3,210.00 per share

- 2021-04: TWD 3,110.00 per share

- 2021-05: TWD 3,030.00 per share

- 2021-06: TWD 3,100.00 per share

- 2021-07: TWD 2,930.00 per share

- 2021-08: TWD 2,680.00 per share

- 2021-09: TWD 2,190.00 per share

- 2021-10: TWD 2,070.00 per share

- 2021-11: TWD 1,990.00 per share

- 2021-12: TWD 2,465.00 per share

- 2022-01: TWD 2,030.00 per share

- 2022-02: TWD 2,020.00 per share

- 2022-03: TWD 1,885.00 per share

- 2022-04: TWD 1,690.00 per share

- 2022-05: TWD 1,670.00 per share

- 2022-06: TWD 1,725.00 per share

- 2022-07: TWD 2,090.00 per share

- 2022-08: TWD 1,955.00 per share

- 2022-09: TWD 1,675.00 per share

- 2022-10: TWD 1,850.00 per share

- 2022-11: TWD 2,295.00 per share

- 2022-12: TWD 2,040.00 per share

- 2023-01: TWD 2,125.00 per share

- 2023-02: TWD 2,205.00 per share

- 2023-03: TWD 2,175.00 per share

- 2023-04: TWD 2,010.00 per share

- 2023-05: TWD 2,265.00 per share

- 2023-06: TWD 2,130.00 per share

- 2023-07: TWD 2,175.00 per share

- 2023-08: TWD 2,050.00 per share

- 2023-09: TWD 2,135.00 per share

- 2023-10: TWD 2,070.00 per share

- 2023-11: TWD 2,390.00 per share

- 2023-12: TWD 2,870.00 per share

- 2024-01: TWD 2,490.00 per share

- 2024-02: TWD 2,590.00 per share

- 2024-03: TWD 2,445.00 per share

- 2024-04: TWD 2,185.00 per share

- 2024-05: TWD 2,275.00 per share

- 2024-06: TWD 2,745.00 per share

- 2024-07: TWD 2,815.00 per share

- 2024-08: TWD 3,120.00 per share

- 2024-09: TWD 2,540.00 per share

- 2024-10: TWD 2,285.00 per share

- 2024-11: TWD 2,435.00 per share

- 2024-12: TWD 2,675.00 per share

- 2025-01: TWD 2,750.00 per share

- 2025-02: TWD 2,700.00 per share

- 2025-03: TWD 2,355.00 per share

- 2025-04: TWD 2,260.00 per share

- 2025-05: TWD 2,315.00 per share

- 2025-06: TWD 2,380.00 per share

- 2025-07: TWD 2,365.00 per share

- 2025-08: TWD 2,405.00 per share

- 2025-09: TWD 2,350.00 per share

- 2025-10: TWD 2,215.00 per share

- 2025-11: TWD 2,205.00 per share

- 2025-12: TWD 2,495.00 per share

- 2026-01: TWD 2,410.00 per share

- 2026-02: TWD 2,520.00 per share

- 2026-03: TWD 2,155.00 per share

- 2026-04: TWD 2,515.00 per share

- 2026-05: TWD 3,515.00 per share

- 2026-06: TWD 4,290.00 per share

- 2026-07: TWD 4,035.00 per share

- 2026-08: TWD 7,650.00 per share

- 2026-09: TWD 5,945.00 per share

- 2026-10: TWD 7,275.00 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 2,632.87 per share, central TWD 3,651.76 per share, high TWD 4,220.03 per share

- FY2017: low TWD 2,957.00 per share, central TWD 4,078.12 per share, high TWD 4,703.41 per share

- FY2018: low TWD 2,429.12 per share, central TWD 2,681.37 per share, high TWD 3,017.41 per share

- FY2019: low TWD 3,498.89 per share, central TWD 4,793.27 per share, high TWD 5,515.19 per share

- FY2020: low TWD 3,331.24 per share, central TWD 4,511.57 per share, high TWD 5,169.87 per share

- FY2021: low TWD 2,461.95 per share, central TWD 2,694.45 per share, high TWD 3,004.15 per share

- FY2022: low TWD 2,450.52 per share, central TWD 2,671.59 per share, high TWD 2,965.87 per share

- FY2023: low TWD 2,491.25 per share, central TWD 2,714.89 per share, high TWD 3,012.61 per share

- FY2024: low TWD 2,933.59 per share, central TWD 3,261.75 per share, high TWD 3,641.07 per share

- FY2025: low TWD 2,798.83 per share, central TWD 3,051.95 per share, high TWD 3,388.91 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 2026-10-15T06:40:09.867Z 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.

LARGAN Precision

3008 · TW

FTSE TWSE Taiwan 50

Not a wonderful business

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

Share price: TWD 6,605.00
Buy up to: TWD 3,283.13
Expected / yr: 5.8% 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

Margins varied 17.8% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 57.2%
Worst year: 36.5%
Latest · 2025: 38.5%

Gross margin fell 13 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 60.1%
Worst year: 30.6%
Latest · 2025: 34.1%

New investment earned -8.6% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.91×
Annual median: 0.88×
Latest · 2025: 0.85×

Per-share value fell from 180.08 to 159.6, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: TWD 175.58
Worst year: TWD 132.40
Latest · 2025: TWD 159.60

Profits were backed by cash: accruals were -3% of assets (limit 10%).

Sloan accruals

10y median: -2.6%
Worst year: 1.7%
Latest · 2025: -3.0%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 51.7%, three-year average owner earnings per share 147.17 TWD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price TWD 3735.00 · Value 3651.76 · Buy at or below 3651.76; 2016-11 · Price TWD 3690.00 · Value 3651.76 · Buy at or below 3651.76; 2016-12 · Price TWD 3790.00 · Value 3651.76 · Buy at or below 3651.76; 2017-01 · Price TWD 4450.00 · Value 3651.76 · Buy at or below 3651.76; 2017-02 · Price TWD 4560.00 · Value 4078.12 · Buy at or below 4078.12; 2017-03 · Price TWD 4780.00 · Value 4078.12 · Buy at or below 4078.12; 2017-04 · Price TWD 5015.00 · Value 4078.12 · Buy at or below 4078.12; 2017-05 · Price TWD 4750.00 · Value 4078.12 · Buy at or below 4078.12; 2017-06 · Price TWD 4850.00 · Value 4078.12 · Buy at or below 4078.12; 2017-07 · Price TWD 5510.00 · Value 4078.12 · Buy at or below 4078.12; 2017-08 · Price TWD 5830.00 · Value 4078.12 · Buy at or below 4078.12; 2017-09 · Price TWD 5330.00 · Value 4078.12 · Buy at or below 4078.12; 2017-10 · Price TWD 5715.00 · Value 4078.12 · Buy at or below 4078.12; 2017-11 · Price TWD 5140.00 · Value 4078.12 · Buy at or below 4078.12; 2017-12 · Price TWD 4020.00 · Value 4078.12 · Buy at or below 4078.12; 2018-01 · Price TWD 4005.00 · Value 4078.12 · Buy at or below 4078.12; 2018-02 · Price TWD 3695.00 · Value 2681.37 · Buy at or below 2681.37; 2018-03 · Price TWD 3330.00 · Value 2681.37 · Buy at or below 2681.37; 2018-04 · Price TWD 3480.00 · Value 2681.37 · Buy at or below 2681.37; 2018-05 · Price TWD 4100.00 · Value 2681.37 · Buy at or below 2681.37; 2018-06 · Price TWD 4490.00 · Value 2681.37 · Buy at or below 2681.37; 2018-07 · Price TWD 5150.00 · Value 2681.37 · Buy at or below 2681.37; 2018-08 · Price TWD 4705.00 · Value 2681.37 · Buy at or below 2681.37; 2018-09 · Price TWD 3635.00 · Value 2681.37 · Buy at or below 2681.37; 2018-10 · Price TWD 3350.00 · Value 2681.37 · Buy at or below 2681.37; 2018-11 · Price TWD 3370.00 · Value 2681.37 · Buy at or below 2681.37; 2018-12 · Price TWD 3215.00 · Value 2681.37 · Buy at or below 2681.37; 2019-01 · Price TWD 3780.00 · Value 2681.37 · Buy at or below 2681.37; 2019-02 · Price TWD 4360.00 · Value 4793.27 · Buy at or below 4793.27; 2019-03 · Price TWD 4600.00 · Value 4793.27 · Buy at or below 4793.27; 2019-04 · Price TWD 4650.00 · Value 4793.27 · Buy at or below 4793.27; 2019-05 · Price TWD 3770.00 · Value 4793.27 · Buy at or below 4793.27; 2019-06 · Price TWD 3855.00 · Value 4793.27 · Buy at or below 4793.27; 2019-07 · Price TWD 4250.00 · Value 4793.27 · Buy at or below 4793.27; 2019-08 · Price TWD 3890.00 · Value 4793.27 · Buy at or below 4793.27; 2019-09 · Price TWD 4450.00 · Value 4793.27 · Buy at or below 4793.27; 2019-10 · Price TWD 4470.00 · Value 4793.27 · Buy at or below 4793.27; 2019-11 · Price TWD 4435.00 · Value 4793.27 · Buy at or below 4793.27; 2019-12 · Price TWD 5000.00 · Value 4793.27 · Buy at or below 4793.27; 2020-01 · Price TWD 4805.00 · Value 4793.27 · Buy at or below 4793.27; 2020-02 · Price TWD 4430.00 · Value 4511.57 · Buy at or below 4511.57; 2020-03 · Price TWD 3830.00 · Value 4511.57 · Buy at or below 4511.57; 2020-04 · Price TWD 4110.00 · Value 4511.57 · Buy at or below 4511.57; 2020-05 · Price TWD 3835.00 · Value 4511.57 · Buy at or below 4511.57; 2020-06 · Price TWD 4085.00 · Value 4511.57 · Buy at or below 4511.57; 2020-07 · Price TWD 3825.00 · Value 4511.57 · Buy at or below 4511.57; 2020-08 · Price TWD 3385.00 · Value 4511.57 · Buy at or below 4511.57; 2020-09 · Price TWD 3360.00 · Value 4511.57 · Buy at or below 4511.57; 2020-10 · Price TWD 3025.00 · Value 4511.57 · Buy at or below 4511.57; 2020-11 · Price TWD 3225.00 · Value 4511.57 · Buy at or below 4511.57; 2020-12 · Price TWD 3195.00 · Value 4511.57 · Buy at or below 4511.57; 2021-01 · Price TWD 2940.00 · Value 4511.57 · Buy at or below 4511.57; 2021-02 · Price TWD 3295.00 · Value 2694.45 · Buy at or below 2694.45; 2021-03 · Price TWD 3210.00 · Value 2694.45 · Buy at or below 2694.45; 2021-04 · Price TWD 3110.00 · Value 2694.45 · Buy at or below 2694.45; 2021-05 · Price TWD 3030.00 · Value 2694.45 · Buy at or below 2694.45; 2021-06 · Price TWD 3100.00 · Value 2694.45 · Buy at or below 2694.45; 2021-07 · Price TWD 2930.00 · Value 2694.45 · Buy at or below 2694.45; 2021-08 · Price TWD 2680.00 · Value 2694.45 · Buy at or below 2694.45; 2021-09 · Price TWD 2190.00 · Value 2694.45 · Buy at or below 2694.45; 2021-10 · Price TWD 2070.00 · Value 2694.45 · Buy at or below 2694.45; 2021-11 · Price TWD 1990.00 · Value 2694.45 · Buy at or below 2694.45; 2021-12 · Price TWD 2465.00 · Value 2694.45 · Buy at or below 2694.45; 2022-01 · Price TWD 2030.00 · Value 2694.45 · Buy at or below 2694.45; 2022-02 · Price TWD 2020.00 · Value 2671.59 · Buy at or below 2671.59; 2022-03 · Price TWD 1885.00 · Value 2671.59 · Buy at or below 2671.59; 2022-04 · Price TWD 1690.00 · Value 2671.59 · Buy at or below 2671.59; 2022-05 · Price TWD 1670.00 · Value 2671.59 · Buy at or below 2671.59; 2022-06 · Price TWD 1725.00 · Value 2671.59 · Buy at or below 2671.59; 2022-07 · Price TWD 2090.00 · Value 2671.59 · Buy at or below 2671.59; 2022-08 · Price TWD 1955.00 · Value 2671.59 · Buy at or below 2671.59; 2022-09 · Price TWD 1675.00 · Value 2671.59 · Buy at or below 2671.59; 2022-10 · Price TWD 1850.00 · Value 2671.59 · Buy at or below 2671.59; 2022-11 · Price TWD 2295.00 · Value 2671.59 · Buy at or below 2671.59; 2022-12 · Price TWD 2040.00 · Value 2671.59 · Buy at or below 2671.59; 2023-01 · Price TWD 2125.00 · Value 2671.59 · Buy at or below 2671.59; 2023-02 · Price TWD 2205.00 · Value 2714.89 · Buy at or below 2714.89; 2023-03 · Price TWD 2175.00 · Value 2714.89 · Buy at or below 2714.89; 2023-04 · Price TWD 2010.00 · Value 2714.89 · Buy at or below 2714.89; 2023-05 · Price TWD 2265.00 · Value 2714.89 · Buy at or below 2714.89; 2023-06 · Price TWD 2130.00 · Value 2714.89 · Buy at or below 2714.89; 2023-07 · Price TWD 2175.00 · Value 2714.89 · Buy at or below 2714.89; 2023-08 · Price TWD 2050.00 · Value 2714.89 · Buy at or below 2714.89; 2023-09 · Price TWD 2135.00 · Value 2714.89 · Buy at or below 2714.89; 2023-10 · Price TWD 2070.00 · Value 2714.89 · Buy at or below 2714.89; 2023-11 · Price TWD 2390.00 · Value 2714.89 · Buy at or below 2714.89; 2023-12 · Price TWD 2870.00 · Value 2714.89 · Buy at or below 2714.89; 2024-01 · Price TWD 2490.00 · Value 2714.89 · Buy at or below 2714.89; 2024-02 · Price TWD 2590.00 · Value 3261.75 · Buy at or below 3261.75; 2024-03 · Price TWD 2445.00 · Value 3261.75 · Buy at or below 3261.75; 2024-04 · Price TWD 2185.00 · Value 3261.75 · Buy at or below 3261.75; 2024-05 · Price TWD 2275.00 · Value 3261.75 · Buy at or below 3261.75; 2024-06 · Price TWD 2745.00 · Value 3261.75 · Buy at or below 3261.75; 2024-07 · Price TWD 2815.00 · Value 3261.75 · Buy at or below 3261.75; 2024-08 · Price TWD 3120.00 · Value 3261.75 · Buy at or below 3261.75; 2024-09 · Price TWD 2540.00 · Value 3261.75 · Buy at or below 3261.75; 2024-10 · Price TWD 2285.00 · Value 3261.75 · Buy at or below 3261.75; 2024-11 · Price TWD 2435.00 · Value 3261.75 · Buy at or below 3261.75; 2024-12 · Price TWD 2675.00 · Value 3261.75 · Buy at or below 3261.75; 2025-01 · Price TWD 2750.00 · Value 3261.75 · Buy at or below 3261.75; 2025-02 · Price TWD 2700.00 · Value 3051.95 · Buy at or below 3051.95; 2025-03 · Price TWD 2355.00 · Value 3051.95 · Buy at or below 3051.95; 2025-04 · Price TWD 2260.00 · Value 3051.95 · Buy at or below 3051.95; 2025-05 · Price TWD 2315.00 · Value 3051.95 · Buy at or below 3051.95; 2025-06 · Price TWD 2380.00 · Value 3051.95 · Buy at or below 3051.95; 2025-07 · Price TWD 2365.00 · Value 3051.95 · Buy at or below 3051.95; 2025-08 · Price TWD 2405.00 · Value 3051.95 · Buy at or below 3051.95; 2025-09 · Price TWD 2350.00 · Value 3051.95 · Buy at or below 3051.95; 2025-10 · Price TWD 2215.00 · Value 3051.95 · Buy at or below 3051.95; 2025-11 · Price TWD 2205.00 · Value 3051.95 · Buy at or below 3051.95; 2025-12 · Price TWD 2495.00 · Value 3051.95 · Buy at or below 3051.95; 2026-01 · Price TWD 2410.00 · Value 3051.95 · Buy at or below 3051.95; 2026-02 · Price TWD 2520.00 · Value 3283.13 · Buy at or below 3283.13; 2026-03 · Price TWD 2155.00 · Value 3283.13 · Buy at or below 3283.13; 2026-04 · Price TWD 2515.00 · Value 3283.13 · Buy at or below 3283.13; 2026-05 · Price TWD 3515.00 · Value 3283.13 · Buy at or below 3283.13; 2026-06 · Price TWD 4290.00 · Value 3283.13 · Buy at or below 3283.13; 2026-07 · Price TWD 4035.00 · Value 3283.13 · Buy at or below 3283.13; 2026-08 · Price TWD 7650.00 · Value 3283.13 · Buy at or below 3283.13; 2026-09 · Price TWD 5945.00 · Value 3283.13 · Buy at or below 3283.13; 2026-10 · Price TWD 7275.00 · Value 3283.13 · Buy at or below 3283.13; 2026-10 · Price TWD 6605.00 · Value 3283.13 · Buy at or below 3283.13

TWD per share · annual estimates

Price & return math
Value range	TWD 3,009.07 – TWD 3,647.97
Buy at or below	Central value TWD 3,283.13
Discount to value	1 − 6605.00 / 3283.13 = -101.2%
Return / year	About 5.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash TWD 181.86/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash TWD 1021.33/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueTWD 61B

Revenue

Owner earningsTWD 18B

Owner earnings

Operating margin38.5%

Operating margin

Net cash / debtTWD 131B

Net cash / debt

Diluted shares135M

Diluted shares

Prices 15 Oct 2026 · FY2025