# Far EasTone Telecommunications (4904.TW)

Canonical: https://gigainvestors.com/s/4904.TW

Analysis as of: 2026-10-16T07:35:29.188Z. Financial observations: FY2002–FY2026.

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 113.00 per share; close as of 2026-10-15.

Estimated value: low TWD 73.42 per share, central TWD 83.23 per share, high TWD 96.28 per share. Buy at or below the central value TWD 83.23 per share. Valuation as of 2026-10-16T07:35:29.188Z; scenarios are not confidence intervals.

Expected annual return: 8.1% at the stated quote. About 8.1% 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

- 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: 0.03×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.15×

- FY2018: 0.15×

- FY2019: 0.14×

- FY2020: 0.14×

- FY2021: 0.14×

- FY2022: 0.14×

- FY2023: 0.15×

- FY2024: 0.15×

- FY2025: 0.15×

- LTM to Jun 2026: 0.15×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 10.5%

- ROIC, second-lowest year: 8.5%

- Typical minus recent gross margin: 3.0 pp

- Typical gross margin (annual median): 31.4%

- Recent gross margin (lower of latest and 3-year median): 28.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 10.1%

- ROIC including acquisitions, ten-year median: 12.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.8%

- FY2017: 13.8%

- FY2018: 11.8%

- FY2019: 10.3%

- FY2020: 7.1%

- FY2021: 8.5%

- FY2022: 9.4%

- FY2023: 8.5%

- FY2024: 10.6%

- FY2025: 11.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.76×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 99B

- Net income, five-year total: TWD 56B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 4.6 pp

- Working capital / revenue, final three-year average: 13.3%

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

- FY2021: 1.45×

- FY2022: 1.66×

- FY2023: 1.70×

- FY2024: 1.94×

- FY2025: 1.90×

### 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: 13.8% vs 10.6%

- Per-share earnings: 3.48 to 3.56 (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: 1.2%

- Ordinary dilution, 5-year annual growth: 2.3%

- Market cap gain: TWD 86B

- Cumulative retained earnings: TWD 2.4B

- Diluted shares, 10-year annual growth: 1.2%

- Diluted shares, 5-year annual growth: 2.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.3%

- Per-share value change: TWD 0.08

- Per-share value, starting three-year median: TWD 3.48

- Per-share value, ending three-year median: TWD 3.56

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: TWD 61B

- Cumulative net income, 10 years: TWD 105B

- ROIC, first three-year median: 13.8%

- ROIC, last three-year median: 10.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 3.48

- FY2017: TWD 3.35

- FY2018: TWD 2.87

- FY2019: TWD 2.67

- FY2020: TWD 2.56

- FY2021: TWD 2.79

- FY2022: TWD 2.94

- FY2023: TWD 3.36

- FY2024: TWD 3.56

- FY2025: TWD 3.75

### accounting: pass

- Sloan accruals: -10.3%

- 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: 2.37×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.84×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.8%

- FY2017: -10.5%

- FY2018: -10.8%

- FY2019: -9.5%

- FY2020: -10.2%

- FY2021: -14.9%

- FY2022: -10.2%

- FY2023: -7.7%

- FY2024: -10.4%

- FY2025: -10.3%

## Holders

## Price story

Price needs cash profits to grow 4.8% a year for ten years · sales +4.7%

Story as of 2026-10-16T10:00:05.103Z; price observation 2026-10-15.

Price needs cash profits to grow 4.8% a year for ten years

### Sales · FY2025–2026

sales +4.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: TWD 92B 

- FY2018: TWD 87B 

- FY2019: TWD 84B 

- FY2020: TWD 80B 

- FY2021: TWD 85B 

- FY2022: TWD 89B 

- FY2023: TWD 94B 

- FY2024: TWD 105B 

- FY2025: TWD 110B 

- FY2026: TWD 116B 

### Gross margin · FY2025

gross margin 28.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 40.4% 

- FY2017: 38.8% 

- FY2018: 32.3% 

- FY2019: 31.9% 

- FY2020: 32.6% 

- FY2021: 29.8% 

- FY2022: 30.3% 

- FY2023: 30.6% 

- FY2024: 30.9% 

- FY2025: 28.4% 

## Owner memo

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

### How it makes money

Operates in telecom services; annual sales are TWD 110.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.188Z); FY2025: revenue 110346077000; grossProfit 31311106000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 4904.TW: Far EasTone Telecommunications Co., Ltd. provides mobile telecommunications services in Taiwan and internationally. The company offers postpaid products, such as wireless postpaid and broadband, and data booster; prepaid products; and SMS and eSIM products. It also provides mobile communication and lifestyle services, including mobile communication voice, internet access, and related services, as well as mobile phones and accessories; and cable network, enterprise customer services, communications integration services, and related services. The company was incorporated in 1997 and is based in Taipei, Taiwan.

### Why customers stay

Margins ranged from 28.4% to 30.9% during 2023–25; it earns 10.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.188Z); FY2023: grossProfit / revenue = 30.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.188Z); FY2024: grossProfit / revenue = 30.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.188Z); FY2025: grossProfit / revenue = 28.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.188Z); 10-year return on capital observations [[2016,0.14844762301176767],[2017,0.13844434330241873],[2018,0.11784510502239355],[2019,0.10331877282547526],[2020,0.07093373770138377],[2021,0.08525021030381875],[2022,0.09351754532688965],[2023,0.08450104730158138],[2024,0.10612786123301464],[2025,0.11024427004256522]]; median 0.10472331702924495. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 30% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.188Z); Gross margin observations: [[2021,0.29814816707471475],[2022,0.3034932667604136],[2023,0.3055806123693526]]; 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 2026-10-16T07:35:29.188Z); FY2016: growth capex 0; upkeep 18053979000; owner earnings 6171073000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.188Z); FY2017: growth capex 0; upkeep 15270745000; owner earnings 9537954000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.188Z); FY2018: growth capex 0; upkeep 7103459000; owner earnings 16589492000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.188Z); FY2019: growth capex 0; upkeep 6218244000; owner earnings 18163063600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.188Z); FY2021: growth capex 0; upkeep 12123292000; owner earnings 13259454600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.188Z); FY2022: growth capex 0; upkeep 10247543000; owner earnings 15974726600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.188Z); FY2023: growth capex 0; upkeep 8149193000; owner earnings 19032746000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.188Z); FY2024: growth capex 0; upkeep 7090650000; owner earnings 24873002000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.188Z); FY2025: growth capex 0; upkeep 6330377000; owner earnings 26046807800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.188Z); Dividend observations: [[2016,12302885000],[2017,12281606000],[2018,12265613000],[2019,12289402000],[2020,10674577000],[2021,10668650000],[2022,10664586000],[2023,10671112000],[2024,11815562000],[2025,12970143000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 37.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 4904.TW SharesStats.PercentInsiders = 37.427 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.8% yearly over ten years; actual growth was 7.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.188Z); Ten-year compound average after fade. Initial solved rate 0.056073878238206976. Price 113; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.5370467911426497 → FY2025 7.119679894949301. Closing-price date 2026-10-15.

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

- 2016-10: TWD 74.60 per share

- 2016-11: TWD 73.80 per share

- 2016-12: TWD 72.50 per share

- 2017-01: TWD 74.40 per share

- 2017-02: TWD 74.00 per share

- 2017-03: TWD 74.50 per share

- 2017-04: TWD 74.30 per share

- 2017-05: TWD 76.50 per share

- 2017-06: TWD 77.50 per share

- 2017-07: TWD 73.00 per share

- 2017-08: TWD 73.20 per share

- 2017-09: TWD 72.60 per share

- 2017-10: TWD 70.80 per share

- 2017-11: TWD 71.50 per share

- 2017-12: TWD 73.50 per share

- 2018-01: TWD 76.00 per share

- 2018-02: TWD 74.00 per share

- 2018-03: TWD 78.20 per share

- 2018-04: TWD 78.40 per share

- 2018-05: TWD 76.40 per share

- 2018-06: TWD 78.80 per share

- 2018-07: TWD 72.60 per share

- 2018-08: TWD 73.20 per share

- 2018-09: TWD 72.80 per share

- 2018-10: TWD 73.70 per share

- 2018-11: TWD 72.50 per share

- 2018-12: TWD 76.40 per share

- 2019-01: TWD 71.60 per share

- 2019-02: TWD 72.10 per share

- 2019-03: TWD 74.30 per share

- 2019-04: TWD 75.80 per share

- 2019-05: TWD 78.50 per share

- 2019-06: TWD 78.30 per share

- 2019-07: TWD 71.50 per share

- 2019-08: TWD 73.20 per share

- 2019-09: TWD 72.50 per share

- 2019-10: TWD 73.00 per share

- 2019-11: TWD 73.10 per share

- 2019-12: TWD 72.10 per share

- 2020-01: TWD 68.60 per share

- 2020-02: TWD 66.10 per share

- 2020-03: TWD 63.30 per share

- 2020-04: TWD 66.40 per share

- 2020-05: TWD 64.70 per share

- 2020-06: TWD 68.00 per share

- 2020-07: TWD 63.10 per share

- 2020-08: TWD 61.30 per share

- 2020-09: TWD 61.00 per share

- 2020-10: TWD 60.00 per share

- 2020-11: TWD 62.00 per share

- 2020-12: TWD 61.20 per share

- 2021-01: TWD 60.00 per share

- 2021-02: TWD 61.80 per share

- 2021-03: TWD 64.10 per share

- 2021-04: TWD 65.10 per share

- 2021-05: TWD 64.40 per share

- 2021-06: TWD 64.60 per share

- 2021-07: TWD 60.60 per share

- 2021-08: TWD 61.60 per share

- 2021-09: TWD 61.50 per share

- 2021-10: TWD 61.20 per share

- 2021-11: TWD 61.50 per share

- 2021-12: TWD 64.60 per share

- 2022-01: TWD 65.00 per share

- 2022-02: TWD 69.30 per share

- 2022-03: TWD 73.50 per share

- 2022-04: TWD 82.80 per share

- 2022-05: TWD 79.70 per share

- 2022-06: TWD 83.60 per share

- 2022-07: TWD 75.50 per share

- 2022-08: TWD 74.80 per share

- 2022-09: TWD 72.40 per share

- 2022-10: TWD 70.70 per share

- 2022-11: TWD 68.00 per share

- 2022-12: TWD 65.90 per share

- 2023-01: TWD 66.70 per share

- 2023-02: TWD 69.00 per share

- 2023-03: TWD 75.20 per share

- 2023-04: TWD 78.90 per share

- 2023-05: TWD 76.70 per share

- 2023-06: TWD 78.60 per share

- 2023-07: TWD 71.00 per share

- 2023-08: TWD 70.60 per share

- 2023-09: TWD 72.70 per share

- 2023-10: TWD 75.90 per share

- 2023-11: TWD 82.90 per share

- 2023-12: TWD 79.80 per share

- 2024-01: TWD 80.50 per share

- 2024-02: TWD 78.70 per share

- 2024-03: TWD 81.50 per share

- 2024-04: TWD 80.80 per share

- 2024-05: TWD 83.50 per share

- 2024-06: TWD 84.10 per share

- 2024-07: TWD 86.20 per share

- 2024-08: TWD 90.50 per share

- 2024-09: TWD 90.70 per share

- 2024-10: TWD 89.00 per share

- 2024-11: TWD 89.90 per share

- 2024-12: TWD 89.40 per share

- 2025-01: TWD 88.10 per share

- 2025-02: TWD 89.90 per share

- 2025-03: TWD 92.00 per share

- 2025-04: TWD 85.70 per share

- 2025-05: TWD 86.50 per share

- 2025-06: TWD 89.60 per share

- 2025-07: TWD 81.70 per share

- 2025-08: TWD 84.20 per share

- 2025-09: TWD 88.40 per share

- 2025-10: TWD 92.50 per share

- 2025-11: TWD 88.10 per share

- 2025-12: TWD 88.30 per share

- 2026-01: TWD 88.80 per share

- 2026-02: TWD 92.00 per share

- 2026-03: TWD 91.90 per share

- 2026-04: TWD 94.50 per share

- 2026-05: TWD 94.60 per share

- 2026-06: TWD 105.00 per share

- 2026-07: TWD 105.00 per share

- 2026-08: TWD 101.00 per share

- 2026-09: TWD 103.50 per share

- 2026-10: TWD 107.50 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 41.17 per share, central TWD 46.30 per share, high TWD 53.12 per share

- FY2017: low TWD 35.42 per share, central TWD 39.85 per share, high TWD 45.76 per share

- FY2018: low TWD 35.85 per share, central TWD 40.56 per share, high TWD 46.83 per share

- FY2019: low TWD 35.79 per share, central TWD 40.34 per share, high TWD 46.40 per share

- FY2020: low TWD 29.52 per share, central TWD 33.32 per share, high TWD 38.38 per share

- FY2021: low TWD 46.14 per share, central TWD 52.26 per share, high TWD 60.40 per share

- FY2022: low TWD 55.00 per share, central TWD 62.37 per share, high TWD 72.19 per share

- FY2023: low TWD 56.61 per share, central TWD 64.22 per share, high TWD 74.35 per share

- FY2024: low TWD 58.38 per share, central TWD 66.21 per share, high TWD 76.64 per share

- FY2025: low TWD 68.31 per share, central TWD 77.55 per share, high TWD 89.84 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 2026-10-15T06:41:11.940Z 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.