# Taiwan Mobile (3045.TW)

Canonical: https://gigainvestors.com/s/3045.TW

Analysis as of: 2026-10-16T07:35:32.980Z. Financial observations: FY2002–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 131.00 per share; close as of 2026-10-15.

Estimated value: low TWD 82.78 per share, central TWD 93.81 per share, high TWD 108.49 per share. Buy at or below the central value TWD 93.81 per share. Valuation as of 2026-10-16T07:35:32.980Z; scenarios are not confidence intervals.

Expected annual return: 7.9% at the stated quote. About 7.9% 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

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.23×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.17×

- FY2017: 0.16×

- FY2018: 0.16×

- FY2019: 0.14×

- FY2020: 0.12×

- FY2021: 0.11×

- FY2022: 0.10×

- FY2023: 0.09×

- FY2024: 0.10×

- FY2025: 0.10×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 12.0%

- ROIC, second-lowest year: 11.4%

- Typical minus recent gross margin: 2.8 pp

- Typical gross margin (annual median): 21.9%

- Recent gross margin (lower of latest and 3-year median): 19.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.6%

- ROIC including acquisitions, ten-year median: 12.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 18.9%

- FY2017: 17.6%

- FY2018: 17.0%

- FY2019: 14.6%

- FY2020: 11.4%

- FY2021: 11.9%

- FY2022: 12.1%

- FY2023: 9.5%

- FY2024: 11.8%

- FY2025: 11.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.61×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 100B

- Net income, five-year total: TWD 63B

- Return on incremental invested capital: 0.0%

- 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: 7.1%

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

- FY2021: 1.49×

- FY2022: 1.49×

- FY2023: 1.64×

- FY2024: 1.70×

- FY2025: 1.66×

### 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: 17.6% vs 11.6%

- Per-share earnings: 5.61 to 4.25 (three-year endpoint medians)

- per-share value declined or ends nonpositive

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

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.5%

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

- Market cap gain: TWD 93B

- Cumulative retained earnings: TWD 17B

- Diluted shares, 10-year annual growth: 2.5%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -3.4%

- Per-share value change: TWD -1.36

- Per-share value, starting three-year median: TWD 5.61

- Per-share value, ending three-year median: TWD 4.25

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: TWD 67B

- Cumulative net income, 10 years: TWD 129B

- ROIC, first three-year median: 17.6%

- ROIC, last three-year median: 11.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 5.61

- FY2017: TWD 5.23

- FY2018: TWD 5.04

- FY2019: TWD 4.49

- FY2020: TWD 4.04

- FY2021: TWD 3.87

- FY2022: TWD 3.90

- FY2023: TWD 4.25

- FY2024: TWD 4.55

- FY2025: TWD 4.16

### accounting: pass

- Sloan accruals: -9.8%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.60×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.16×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -10.9%

- FY2017: -10.4%

- FY2018: -10.9%

- FY2019: -11.5%

- FY2020: -11.1%

- FY2021: -10.1%

- FY2022: -9.6%

- FY2023: -6.9%

- FY2024: -9.2%

- FY2025: -9.8%

## Holders

## Price story

Price needs cash profits to grow 5.2% a year for ten years · sales -0.3%

Story as of 2026-10-16T10:00:05.516Z; price observation 2026-10-15.

Price needs cash profits to grow 5.2% a year for ten years

### Sales · FY2024–2025

sales -0.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 117B 

- FY2017: TWD 117B 

- FY2018: TWD 119B 

- FY2019: TWD 124B 

- FY2020: TWD 133B 

- FY2021: TWD 156B 

- FY2022: TWD 172B 

- FY2023: TWD 183B 

- FY2024: TWD 199B 

- FY2025: TWD 199B 

### Gross margin · FY2025

gross margin 19.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 32.5% 

- FY2017: 30.5% 

- FY2018: 29.0% 

- FY2019: 26.4% 

- FY2020: 23.7% 

- FY2021: 20.1% 

- FY2022: 19.3% 

- FY2023: 19.0% 

- FY2024: 19.9% 

- FY2025: 19.1% 

## Owner memo

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

### How it makes money

Operates in specialty retail; annual sales are TWD 198.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.980Z); FY2025: revenue 198764583000; grossProfit 38011631000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 3045.TW: Taiwan Mobile Co., Ltd. provides telecommunications, broadband, retail, digital, and financial services in Taiwan and internationally. It operates through Telecommunications, Retail, Cable Television and Broadband, and Others segments. The company provides 5g, postpaid, prepaid, e-sim, international call, international roaming, and gaming services. Taiwan Mobile Co., Ltd. was incorporated in 1997 and is based in Taipei, Taiwan.

### Why customers stay

Margins ranged from 19% to 19.9% during 2023–25; it earns 12% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.980Z); FY2023: grossProfit / revenue = 19%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.980Z); FY2024: grossProfit / revenue = 19.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.980Z); FY2025: grossProfit / revenue = 19.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.980Z); 10-year return on capital observations [[2016,0.18851898562833203],[2017,0.1759668203222287],[2018,0.16998464598752175],[2019,0.14634636578288254],[2020,0.11378036493502593],[2021,0.11877593666884055],[2022,0.12093842099181819],[2023,0.0948196457071152],[2024,0.11813002505309622],[2025,0.11617979819763348]]; median 0.11985717883032937. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 19% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.980Z); Gross margin observations: [[2021,0.20097809785902057],[2022,0.1929386919785983],[2023,0.1895973022859693]]; 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 2026-10-16T07:35:32.980Z); FY2016: growth capex 0; upkeep 10488264000; owner earnings 18671588000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.980Z); FY2017: growth capex 202870805.5093956; upkeep 18193526194.490604; owner earnings 9663802805.509396. Growth capex / owner earnings = 0.020992854427217583.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.980Z); FY2018: growth capex 0; upkeep 8493458000; owner earnings 22083870000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.980Z); FY2019: growth capex 0; upkeep 7152074000; owner earnings 22058302200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.980Z); FY2021: growth capex 0; upkeep 11201071000; owner earnings 16426466600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.980Z); FY2022: growth capex 0; upkeep 10487820000; owner earnings 16424711597.459984. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.980Z); FY2023: growth capex 0; upkeep 9083251000; owner earnings 20097480400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.980Z); FY2024: growth capex 0; upkeep 12173142000; owner earnings 23529579800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.980Z); FY2025: growth capex 0; upkeep 11311270000; owner earnings 23992317200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.980Z); Dividend observations: [[2016,15783271000],[2017,15860290000],[2018,15860099000],[2019,16059547000],[2020,14005485000],[2021,12869217000],[2022,13429860000],[2023,13966853000],[2024,15021812000],[2025,15457808000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 30.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 3045.TW SharesStats.PercentInsiders = 30.605 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.2% yearly over ten years; actual growth was 2.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.980Z); Ten-year compound average after fade. Initial solved rate 0.061352986701404766. Price 131; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 5.3894175499472325 → FY2025 6.905209807156319. Closing-price date 2026-10-15.

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

- 2016-10: TWD 110.50 per share

- 2016-11: TWD 107.50 per share

- 2016-12: TWD 104.00 per share

- 2017-01: TWD 104.50 per share

- 2017-02: TWD 108.00 per share

- 2017-03: TWD 111.50 per share

- 2017-04: TWD 111.50 per share

- 2017-05: TWD 112.00 per share

- 2017-06: TWD 114.50 per share

- 2017-07: TWD 108.00 per share

- 2017-08: TWD 108.00 per share

- 2017-09: TWD 108.00 per share

- 2017-10: TWD 107.50 per share

- 2017-11: TWD 107.50 per share

- 2017-12: TWD 107.50 per share

- 2018-01: TWD 111.50 per share

- 2018-02: TWD 107.50 per share

- 2018-03: TWD 109.50 per share

- 2018-04: TWD 109.50 per share

- 2018-05: TWD 110.00 per share

- 2018-06: TWD 110.50 per share

- 2018-07: TWD 105.50 per share

- 2018-08: TWD 107.00 per share

- 2018-09: TWD 109.50 per share

- 2018-10: TWD 110.50 per share

- 2018-11: TWD 109.00 per share

- 2018-12: TWD 106.50 per share

- 2019-01: TWD 109.50 per share

- 2019-02: TWD 110.00 per share

- 2019-03: TWD 111.50 per share

- 2019-04: TWD 113.00 per share

- 2019-05: TWD 118.00 per share

- 2019-06: TWD 122.50 per share

- 2019-07: TWD 109.50 per share

- 2019-08: TWD 112.00 per share

- 2019-09: TWD 112.00 per share

- 2019-10: TWD 113.50 per share

- 2019-11: TWD 114.50 per share

- 2019-12: TWD 112.00 per share

- 2020-01: TWD 107.00 per share

- 2020-02: TWD 105.00 per share

- 2020-03: TWD 99.90 per share

- 2020-04: TWD 107.50 per share

- 2020-05: TWD 107.50 per share

- 2020-06: TWD 110.50 per share

- 2020-07: TWD 105.00 per share

- 2020-08: TWD 101.50 per share

- 2020-09: TWD 96.60 per share

- 2020-10: TWD 97.70 per share

- 2020-11: TWD 97.10 per share

- 2020-12: TWD 98.90 per share

- 2021-01: TWD 96.20 per share

- 2021-02: TWD 97.10 per share

- 2021-03: TWD 98.20 per share

- 2021-04: TWD 100.00 per share

- 2021-05: TWD 100.50 per share

- 2021-06: TWD 102.00 per share

- 2021-07: TWD 104.00 per share

- 2021-08: TWD 101.00 per share

- 2021-09: TWD 98.90 per share

- 2021-10: TWD 98.10 per share

- 2021-11: TWD 97.00 per share

- 2021-12: TWD 100.00 per share

- 2022-01: TWD 99.70 per share

- 2022-02: TWD 103.50 per share

- 2022-03: TWD 105.00 per share

- 2022-04: TWD 108.50 per share

- 2022-05: TWD 108.00 per share

- 2022-06: TWD 108.00 per share

- 2022-07: TWD 101.50 per share

- 2022-08: TWD 99.60 per share

- 2022-09: TWD 95.60 per share

- 2022-10: TWD 95.10 per share

- 2022-11: TWD 95.50 per share

- 2022-12: TWD 94.70 per share

- 2023-01: TWD 94.60 per share

- 2023-02: TWD 96.60 per share

- 2023-03: TWD 101.00 per share

- 2023-04: TWD 103.50 per share

- 2023-05: TWD 103.50 per share

- 2023-06: TWD 95.60 per share

- 2023-07: TWD 94.40 per share

- 2023-08: TWD 93.20 per share

- 2023-09: TWD 94.60 per share

- 2023-10: TWD 95.80 per share

- 2023-11: TWD 98.40 per share

- 2023-12: TWD 98.60 per share

- 2024-01: TWD 98.00 per share

- 2024-02: TWD 99.00 per share

- 2024-03: TWD 102.50 per share

- 2024-04: TWD 104.00 per share

- 2024-05: TWD 105.50 per share

- 2024-06: TWD 107.00 per share

- 2024-07: TWD 105.50 per share

- 2024-08: TWD 112.00 per share

- 2024-09: TWD 115.00 per share

- 2024-10: TWD 113.50 per share

- 2024-11: TWD 113.00 per share

- 2024-12: TWD 113.50 per share

- 2025-01: TWD 110.00 per share

- 2025-02: TWD 114.50 per share

- 2025-03: TWD 116.50 per share

- 2025-04: TWD 113.50 per share

- 2025-05: TWD 114.00 per share

- 2025-06: TWD 115.00 per share

- 2025-07: TWD 105.50 per share

- 2025-08: TWD 106.50 per share

- 2025-09: TWD 109.00 per share

- 2025-10: TWD 109.50 per share

- 2025-11: TWD 108.00 per share

- 2025-12: TWD 108.50 per share

- 2026-01: TWD 105.50 per share

- 2026-02: TWD 107.50 per share

- 2026-03: TWD 109.00 per share

- 2026-04: TWD 111.50 per share

- 2026-05: TWD 111.50 per share

- 2026-06: TWD 116.50 per share

- 2026-07: TWD 112.50 per share

- 2026-08: TWD 116.00 per share

- 2026-09: TWD 119.50 per share

- 2026-10: TWD 125.00 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 62.80 per share, central TWD 70.97 per share, high TWD 81.79 per share

- FY2017: low TWD 59.96 per share, central TWD 67.86 per share, high TWD 78.29 per share

- FY2018: low TWD 62.75 per share, central TWD 71.09 per share, high TWD 82.20 per share

- FY2019: low TWD 80.81 per share, central TWD 91.60 per share, high TWD 105.97 per share

- FY2020: low TWD 86.53 per share, central TWD 98.01 per share, high TWD 113.30 per share

- FY2021: low TWD 67.94 per share, central TWD 76.67 per share, high TWD 88.28 per share

- FY2022: low TWD 73.78 per share, central TWD 83.44 per share, high TWD 96.30 per share

- FY2023: low TWD 76.71 per share, central TWD 86.78 per share, high TWD 100.19 per share

- FY2024: low TWD 78.90 per share, central TWD 89.31 per share, high TWD 103.15 per share

- FY2025: low TWD 69.98 per share, central TWD 79.43 per share, high TWD 92.01 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.

Taiwan Mobile

3045 · TW

FTSE TWSE Taiwan 50

Not a wonderful business

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

Share price: TWD 131.00
Buy up to: TWD 93.81
Expected / yr: 7.9% 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 22.6% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 11.4%
Worst year: 9.1%
Latest · 2025: 10.1%

Capital return excluding acquisitions: median 12% (minimum 15%).

ROIC excluding acquisitions

10y median: 12.0%
Worst year: 9.5%
Latest · 2025: 11.6%

New investment earned 0% (minimum 12%).

Annual owner cash / profit

Five-year totals: 1.61×
Annual median: 1.64×
Latest · 2025: 1.66×

Per-share value fell from 5.61 to 4.25, comparing three-year medians at each end (must rise and stay positive), and share growth was 2.5% over ten years and 4.5% over five (either must be at most 1% a year), and acquisitions used 51.7% of profits (limit 50%) while returns fell to 11.6% (minimum 15% and two-thirds of their starting level).

Earnings per share

10y median: TWD 4.37
Worst year: TWD 3.87
Latest · 2025: TWD 4.16

Profits were backed by cash: accruals were -9.8% of assets (limit 10%).

Sloan accruals

10y median: -10.2%
Worst year: -6.9%
Latest · 2025: -9.8%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 12.5%, three-year average owner earnings per share 7.2 TWD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price TWD 110.50 · Value 70.97 · Buy at or below 70.97; 2016-11 · Price TWD 107.50 · Value 70.97 · Buy at or below 70.97; 2016-12 · Price TWD 104.00 · Value 70.97 · Buy at or below 70.97; 2017-01 · Price TWD 104.50 · Value 70.97 · Buy at or below 70.97; 2017-02 · Price TWD 108.00 · Value 67.86 · Buy at or below 67.86; 2017-03 · Price TWD 111.50 · Value 67.86 · Buy at or below 67.86; 2017-04 · Price TWD 111.50 · Value 67.86 · Buy at or below 67.86; 2017-05 · Price TWD 112.00 · Value 67.86 · Buy at or below 67.86; 2017-06 · Price TWD 114.50 · Value 67.86 · Buy at or below 67.86; 2017-07 · Price TWD 108.00 · Value 67.86 · Buy at or below 67.86; 2017-08 · Price TWD 108.00 · Value 67.86 · Buy at or below 67.86; 2017-09 · Price TWD 108.00 · Value 67.86 · Buy at or below 67.86; 2017-10 · Price TWD 107.50 · Value 67.86 · Buy at or below 67.86; 2017-11 · Price TWD 107.50 · Value 67.86 · Buy at or below 67.86; 2017-12 · Price TWD 107.50 · Value 67.86 · Buy at or below 67.86; 2018-01 · Price TWD 111.50 · Value 67.86 · Buy at or below 67.86; 2018-02 · Price TWD 107.50 · Value 71.09 · Buy at or below 71.09; 2018-03 · Price TWD 109.50 · Value 71.09 · Buy at or below 71.09; 2018-04 · Price TWD 109.50 · Value 71.09 · Buy at or below 71.09; 2018-05 · Price TWD 110.00 · Value 71.09 · Buy at or below 71.09; 2018-06 · Price TWD 110.50 · Value 71.09 · Buy at or below 71.09; 2018-07 · Price TWD 105.50 · Value 71.09 · Buy at or below 71.09; 2018-08 · Price TWD 107.00 · Value 71.09 · Buy at or below 71.09; 2018-09 · Price TWD 109.50 · Value 71.09 · Buy at or below 71.09; 2018-10 · Price TWD 110.50 · Value 71.09 · Buy at or below 71.09; 2018-11 · Price TWD 109.00 · Value 71.09 · Buy at or below 71.09; 2018-12 · Price TWD 106.50 · Value 71.09 · Buy at or below 71.09; 2019-01 · Price TWD 109.50 · Value 71.09 · Buy at or below 71.09; 2019-02 · Price TWD 110.00 · Value 91.60 · Buy at or below 91.60; 2019-03 · Price TWD 111.50 · Value 91.60 · Buy at or below 91.60; 2019-04 · Price TWD 113.00 · Value 91.60 · Buy at or below 91.60; 2019-05 · Price TWD 118.00 · Value 91.60 · Buy at or below 91.60; 2019-06 · Price TWD 122.50 · Value 91.60 · Buy at or below 91.60; 2019-07 · Price TWD 109.50 · Value 91.60 · Buy at or below 91.60; 2019-08 · Price TWD 112.00 · Value 91.60 · Buy at or below 91.60; 2019-09 · Price TWD 112.00 · Value 91.60 · Buy at or below 91.60; 2019-10 · Price TWD 113.50 · Value 91.60 · Buy at or below 91.60; 2019-11 · Price TWD 114.50 · Value 91.60 · Buy at or below 91.60; 2019-12 · Price TWD 112.00 · Value 91.60 · Buy at or below 91.60; 2020-01 · Price TWD 107.00 · Value 91.60 · Buy at or below 91.60; 2020-02 · Price TWD 105.00 · Value 98.01 · Buy at or below 98.01; 2020-03 · Price TWD 99.90 · Value 98.01 · Buy at or below 98.01; 2020-04 · Price TWD 107.50 · Value 98.01 · Buy at or below 98.01; 2020-05 · Price TWD 107.50 · Value 98.01 · Buy at or below 98.01; 2020-06 · Price TWD 110.50 · Value 98.01 · Buy at or below 98.01; 2020-07 · Price TWD 105.00 · Value 98.01 · Buy at or below 98.01; 2020-08 · Price TWD 101.50 · Value 98.01 · Buy at or below 98.01; 2020-09 · Price TWD 96.60 · Value 98.01 · Buy at or below 98.01; 2020-10 · Price TWD 97.70 · Value 98.01 · Buy at or below 98.01; 2020-11 · Price TWD 97.10 · Value 98.01 · Buy at or below 98.01; 2020-12 · Price TWD 98.90 · Value 98.01 · Buy at or below 98.01; 2021-01 · Price TWD 96.20 · Value 98.01 · Buy at or below 98.01; 2021-02 · Price TWD 97.10 · Value 76.67 · Buy at or below 76.67; 2021-03 · Price TWD 98.20 · Value 76.67 · Buy at or below 76.67; 2021-04 · Price TWD 100.00 · Value 76.67 · Buy at or below 76.67; 2021-05 · Price TWD 100.50 · Value 76.67 · Buy at or below 76.67; 2021-06 · Price TWD 102.00 · Value 76.67 · Buy at or below 76.67; 2021-07 · Price TWD 104.00 · Value 76.67 · Buy at or below 76.67; 2021-08 · Price TWD 101.00 · Value 76.67 · Buy at or below 76.67; 2021-09 · Price TWD 98.90 · Value 76.67 · Buy at or below 76.67; 2021-10 · Price TWD 98.10 · Value 76.67 · Buy at or below 76.67; 2021-11 · Price TWD 97.00 · Value 76.67 · Buy at or below 76.67; 2021-12 · Price TWD 100.00 · Value 76.67 · Buy at or below 76.67; 2022-01 · Price TWD 99.70 · Value 76.67 · Buy at or below 76.67; 2022-02 · Price TWD 103.50 · Value 83.44 · Buy at or below 83.44; 2022-03 · Price TWD 105.00 · Value 83.44 · Buy at or below 83.44; 2022-04 · Price TWD 108.50 · Value 83.44 · Buy at or below 83.44; 2022-05 · Price TWD 108.00 · Value 83.44 · Buy at or below 83.44; 2022-06 · Price TWD 108.00 · Value 83.44 · Buy at or below 83.44; 2022-07 · Price TWD 101.50 · Value 83.44 · Buy at or below 83.44; 2022-08 · Price TWD 99.60 · Value 83.44 · Buy at or below 83.44; 2022-09 · Price TWD 95.60 · Value 83.44 · Buy at or below 83.44; 2022-10 · Price TWD 95.10 · Value 83.44 · Buy at or below 83.44; 2022-11 · Price TWD 95.50 · Value 83.44 · Buy at or below 83.44; 2022-12 · Price TWD 94.70 · Value 83.44 · Buy at or below 83.44; 2023-01 · Price TWD 94.60 · Value 83.44 · Buy at or below 83.44; 2023-02 · Price TWD 96.60 · Value 86.78 · Buy at or below 86.78; 2023-03 · Price TWD 101.00 · Value 86.78 · Buy at or below 86.78; 2023-04 · Price TWD 103.50 · Value 86.78 · Buy at or below 86.78; 2023-05 · Price TWD 103.50 · Value 86.78 · Buy at or below 86.78; 2023-06 · Price TWD 95.60 · Value 86.78 · Buy at or below 86.78; 2023-07 · Price TWD 94.40 · Value 86.78 · Buy at or below 86.78; 2023-08 · Price TWD 93.20 · Value 86.78 · Buy at or below 86.78; 2023-09 · Price TWD 94.60 · Value 86.78 · Buy at or below 86.78; 2023-10 · Price TWD 95.80 · Value 86.78 · Buy at or below 86.78; 2023-11 · Price TWD 98.40 · Value 86.78 · Buy at or below 86.78; 2023-12 · Price TWD 98.60 · Value 86.78 · Buy at or below 86.78; 2024-01 · Price TWD 98.00 · Value 86.78 · Buy at or below 86.78; 2024-02 · Price TWD 99.00 · Value 89.31 · Buy at or below 89.31; 2024-03 · Price TWD 102.50 · Value 89.31 · Buy at or below 89.31; 2024-04 · Price TWD 104.00 · Value 89.31 · Buy at or below 89.31; 2024-05 · Price TWD 105.50 · Value 89.31 · Buy at or below 89.31; 2024-06 · Price TWD 107.00 · Value 89.31 · Buy at or below 89.31; 2024-07 · Price TWD 105.50 · Value 89.31 · Buy at or below 89.31; 2024-08 · Price TWD 112.00 · Value 89.31 · Buy at or below 89.31; 2024-09 · Price TWD 115.00 · Value 89.31 · Buy at or below 89.31; 2024-10 · Price TWD 113.50 · Value 89.31 · Buy at or below 89.31; 2024-11 · Price TWD 113.00 · Value 89.31 · Buy at or below 89.31; 2024-12 · Price TWD 113.50 · Value 89.31 · Buy at or below 89.31; 2025-01 · Price TWD 110.00 · Value 89.31 · Buy at or below 89.31; 2025-02 · Price TWD 114.50 · Value 79.43 · Buy at or below 79.43; 2025-03 · Price TWD 116.50 · Value 79.43 · Buy at or below 79.43; 2025-04 · Price TWD 113.50 · Value 79.43 · Buy at or below 79.43; 2025-05 · Price TWD 114.00 · Value 79.43 · Buy at or below 79.43; 2025-06 · Price TWD 115.00 · Value 79.43 · Buy at or below 79.43; 2025-07 · Price TWD 105.50 · Value 79.43 · Buy at or below 79.43; 2025-08 · Price TWD 106.50 · Value 79.43 · Buy at or below 79.43; 2025-09 · Price TWD 109.00 · Value 79.43 · Buy at or below 79.43; 2025-10 · Price TWD 109.50 · Value 79.43 · Buy at or below 79.43; 2025-11 · Price TWD 108.00 · Value 79.43 · Buy at or below 79.43; 2025-12 · Price TWD 108.50 · Value 79.43 · Buy at or below 79.43; 2026-01 · Price TWD 105.50 · Value 79.43 · Buy at or below 79.43; 2026-02 · Price TWD 107.50 · Value 93.81 · Buy at or below 93.81; 2026-03 · Price TWD 109.00 · Value 93.81 · Buy at or below 93.81; 2026-04 · Price TWD 111.50 · Value 93.81 · Buy at or below 93.81; 2026-05 · Price TWD 111.50 · Value 93.81 · Buy at or below 93.81; 2026-06 · Price TWD 116.50 · Value 93.81 · Buy at or below 93.81; 2026-07 · Price TWD 112.50 · Value 93.81 · Buy at or below 93.81; 2026-08 · Price TWD 116.00 · Value 93.81 · Buy at or below 93.81; 2026-09 · Price TWD 119.50 · Value 93.81 · Buy at or below 93.81; 2026-10 · Price TWD 125.00 · Value 93.81 · Buy at or below 93.81; 2026-10 · Price TWD 131.00 · Value 93.81 · Buy at or below 93.81

TWD per share · annual estimates

Price & return math
Value range	TWD 82.78 – TWD 108.49
Buy at or below	Central value TWD 93.81
Discount to value	1 − 131.00 / 93.81 = -39.6%
Return / year	About 7.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash TWD 7.32/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash TWD 2.80/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueTWD 199B

Revenue

Owner earningsTWD 24B

Owner earnings

Operating margin10.1%

Operating margin

Net cash / debtTWD -87B

Net cash / debt

Diluted shares3.5B

Diluted shares

Prices 15 Oct 2026 · FY2025