# Chailease Holding (5871.TW)

Canonical: https://gigainvestors.com/s/5871.TW

Analysis as of: 2026-10-16T07:37:07.318Z. Financial observations: FY2010–FY2025.

Listing currency: TWD. Reporting currency: TWD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: TWD 108.50 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.97×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.54×

- FY2017: -0.34×

- FY2018: -0.08×

- FY2019: -0.16×

- FY2020: -0.19×

- FY2021: -0.19×

- FY2022: -0.21×

- FY2023: -0.33×

- FY2024: -0.37×

- FY2025: 0.28×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: -0.6%

- ROIC, second-lowest year: -1.7%

- Typical minus recent gross margin: -0.5 pp

- Typical gross margin (annual median): 42.1%

- Recent gross margin (lower of latest and 3-year median): 42.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.3%

- ROIC including acquisitions, ten-year median: 2.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -2.9%

- FY2017: -1.7%

- FY2018: -0.4%

- FY2019: -1.0%

- FY2020: -0.5%

- FY2021: -0.5%

- FY2022: -0.5%

- FY2023: -0.7%

- FY2024: -0.8%

- FY2025: 2.5%

### economics: fail

- owner earnings cash conversion below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.53×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 62B

- Net income, five-year total: TWD 116B

- Return on incremental invested capital: 15.9%

- Working capital / revenue, annual change: 13.9 pp

- Working capital / revenue, change between three-year averages: 179.3 pp

- Working capital / revenue, final three-year average: 885.7%

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

- FY2021: 1.40×

- FY2022: 0.50×

- FY2023: -0.74×

- FY2024: 0.76×

- FY2025: 0.95×

### 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: -1.7% vs -0.7%

- Per-share earnings: 5.25 to 13.24 (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: 2.2%

- Ordinary dilution, 5-year annual growth: 2.4%

- Market cap gain: TWD 87B

- Cumulative retained earnings: TWD 99B

- Diluted shares, 10-year annual growth: 2.2%

- Diluted shares, 5-year annual growth: 2.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.3%

- Per-share value change: TWD 7.99

- Per-share value, starting three-year median: TWD 5.25

- Per-share value, ending three-year median: TWD 13.24

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: TWD 553M

- Cumulative net income, 10 years: TWD 179B

- ROIC, first three-year median: -1.7%

- ROIC, last three-year median: -0.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 5.25

- FY2017: TWD 7.02

- FY2018: TWD 8.76

- FY2019: TWD 10.16

- FY2020: TWD 11.07

- FY2021: TWD 14.24

- FY2022: TWD 17.05

- FY2023: TWD 15.29

- FY2024: TWD 13.24

- FY2025: TWD 11.57

### accounting: pass

- Sloan accruals: -0.1%

- Receivables to sales index (DSRI): 0.28×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.07×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.1%

- FY2017: 2.6%

- FY2018: 1.3%

- FY2019: 1.4%

- FY2020: 0.9%

- FY2021: -1.5%

- FY2022: 1.4%

- FY2023: 4.4%

- FY2024: 0.3%

- FY2025: -0.1%

## Holders

## Price story

Down 62% since Oct 2021 · sales +315.7%

Story as of 2026-10-16T10:00:08.633Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +315.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 16B 

- FY2017: TWD 18B 

- FY2018: TWD 21B 

- FY2019: TWD 23B 

- FY2020: TWD 17B 

- FY2021: TWD 19B 

- FY2022: TWD 22B 

- FY2023: TWD 23B 

- FY2024: TWD 23B 

- FY2025: TWD 97B 

### Gross margin · FY2025

gross margin 54.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 39.4% 

- FY2017: 38.9% 

- FY2018: 36.3% 

- FY2019: 31.2% 

- FY2020: 52.7% 

- FY2021: 47.7% 

- FY2022: 45.9% 

- FY2023: 42.5% 

- FY2024: 41.6% 

- FY2025: 54.3% 

## Owner memo

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

### How it makes money

Operates in credit services; annual sales are TWD 96.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.318Z); FY2025: revenue 96708506000; grossProfit 52556683000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 5871.TW: Chailease Holding Company Limited, an investment holding company, provides leasing and financial products and services in Taiwan, Mainland China, ASEAN countries, and internationally. The company offers leasing services, including capital and operating leases for machinery, medical equipment, airplanes, boats, and office equipment; installment sales services for raw materials, semi-finished and finished products, furniture and fixtures, and production equipment, as well as for customers in various industries; factoring services; and direct financing services to SMEs, micro-enterprises, and large corporations. It is also involved in life and property insurance brokerage; financing and investment in solar power plants; collection of overdue receivables; and gasoline wholesale activities. In addition, the company engages in general investment; financial and investment consulting services; ship leasing and chartering; trading; property leasing and management; consulting; aircraft leasing; acquisition, leasing, and assignment of accounts receivable; car installment purchase and sale; brokerage; cloud product software and hardware; rental and installment; solar-related and geothermal energy-related businesses; machinery and equipment sales; auction; real estate financing; development and sale of nutritional and health products; and real estate development services. Chailease Holding Company Limited was founded in 1977 and is headquartered in Taipei, Taiwan.

### Why customers stay

Margins ranged from 41.6% to 54.3% during 2023–25; it lost 0.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.318Z); FY2023: grossProfit / revenue = 42.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.318Z); FY2024: grossProfit / revenue = 41.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.318Z); FY2025: grossProfit / revenue = 54.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.318Z); 10-year return on capital observations [[2016,-0.02850549594746153],[2017,-0.017184360134907754],[2018,-0.003925807302662365],[2019,-0.010402292349307972],[2020,-0.005005738850272358],[2021,-0.004524797065911449],[2022,-0.00495471205866918],[2023,-0.007233045724205444],[2024,-0.008038031327329522],[2025,0.024925040495350763]]; median -0.006119392287238901. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.318Z); FY2016: growth capex 0; upkeep 134535000; owner earnings 3939150000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.318Z); FY2017: growth capex 0; upkeep 98392000; owner earnings 1204464000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.318Z); FY2018: growth capex 0; upkeep 155108000; owner earnings 8033759000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.318Z); FY2019: growth capex 0; upkeep 416094000; owner earnings 7381931000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.318Z); FY2020: growth capex 0; upkeep 200936000; owner earnings 10412536400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.318Z); FY2021: growth capex 0; upkeep 780747000; owner earnings 30373543400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.318Z); FY2022: growth capex 0; upkeep 309339000; owner earnings 13730576800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.318Z); FY2024: growth capex 0; upkeep 838448000; owner earnings 17131039600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.318Z); FY2025: growth capex 0; upkeep 645733000; owner earnings 18837472000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.318Z); Dividend observations: [[2016,3531613000],[2017,3873382000],[2018,4804074000],[2019,5415915000],[2020,6109712000],[2021,7087782000],[2022,9272364000],[2023,10700645000],[2024,11064690000],[2025,10800935000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 21% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 5871.TW SharesStats.PercentInsiders = 21.028 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.318Z); Closing price 108.5 TWD; reporting-to-trading FX 1; FY2025 annual sales per share 56.504950905781754; price multiple 1.9201857228566843. FY2025 cash earnings/share 11.00637859661526. Closing-price date 2026-10-15.

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

- 2016-10: TWD 67.09 per share

- 2016-11: TWD 66.84 per share

- 2016-12: TWD 67.70 per share

- 2017-01: TWD 68.81 per share

- 2017-02: TWD 80.97 per share

- 2017-03: TWD 87.12 per share

- 2017-04: TWD 94.49 per share

- 2017-05: TWD 99.77 per share

- 2017-06: TWD 104.19 per share

- 2017-07: TWD 106.65 per share

- 2017-08: TWD 101.00 per share

- 2017-09: TWD 91.91 per share

- 2017-10: TWD 95.59 per share

- 2017-11: TWD 106.90 per share

- 2017-12: TWD 106.41 per share

- 2018-01: TWD 120.54 per share

- 2018-02: TWD 120.66 per share

- 2018-03: TWD 127.17 per share

- 2018-04: TWD 133.93 per share

- 2018-05: TWD 131.47 per share

- 2018-06: TWD 122.87 per share

- 2018-07: TWD 120.46 per share

- 2018-08: TWD 125.88 per share

- 2018-09: TWD 128.89 per share

- 2018-10: TWD 106.25 per share

- 2018-11: TWD 115.76 per share

- 2018-12: TWD 116.73 per share

- 2019-01: TWD 136.12 per share

- 2019-02: TWD 145.76 per share

- 2019-03: TWD 151.78 per share

- 2019-04: TWD 158.41 per share

- 2019-05: TWD 140.34 per share

- 2019-06: TWD 154.79 per share

- 2019-07: TWD 153.79 per share

- 2019-08: TWD 145.61 per share

- 2019-09: TWD 146.19 per share

- 2019-10: TWD 160.81 per share

- 2019-11: TWD 159.64 per share

- 2019-12: TWD 161.40 per share

- 2020-01: TWD 148.53 per share

- 2020-02: TWD 134.50 per share

- 2020-03: TWD 107.01 per share

- 2020-04: TWD 133.91 per share

- 2020-05: TWD 136.25 per share

- 2020-06: TWD 140.57 per share

- 2020-07: TWD 137.76 per share

- 2020-08: TWD 145.63 per share

- 2020-09: TWD 147.32 per share

- 2020-10: TWD 155.75 per share

- 2020-11: TWD 175.43 per share

- 2020-12: TWD 188.92 per share

- 2021-01: TWD 174.31 per share

- 2021-02: TWD 193.42 per share

- 2021-03: TWD 221.54 per share

- 2021-04: TWD 227.16 per share

- 2021-05: TWD 234.47 per share

- 2021-06: TWD 227.72 per share

- 2021-07: TWD 260.33 per share

- 2021-08: TWD 285.42 per share

- 2021-09: TWD 263.47 per share

- 2021-10: TWD 284.89 per share

- 2021-11: TWD 264.54 per share

- 2021-12: TWD 282.21 per share

- 2022-01: TWD 269.36 per share

- 2022-02: TWD 268.82 per share

- 2022-03: TWD 271.50 per share

- 2022-04: TWD 253.29 per share

- 2022-05: TWD 240.98 per share

- 2022-06: TWD 212.67 per share

- 2022-07: TWD 215.73 per share

- 2022-08: TWD 200.94 per share

- 2022-09: TWD 186.15 per share

- 2022-10: TWD 151.98 per share

- 2022-11: TWD 205.53 per share

- 2022-12: TWD 221.34 per share

- 2023-01: TWD 229.50 per share

- 2023-02: TWD 230.01 per share

- 2023-03: TWD 227.97 per share

- 2023-04: TWD 227.46 per share

- 2023-05: TWD 206.55 per share

- 2023-06: TWD 208.08 per share

- 2023-07: TWD 212.16 per share

- 2023-08: TWD 177.50 per share

- 2023-09: TWD 181.00 per share

- 2023-10: TWD 175.50 per share

- 2023-11: TWD 186.00 per share

- 2023-12: TWD 193.00 per share

- 2024-01: TWD 174.00 per share

- 2024-02: TWD 174.50 per share

- 2024-03: TWD 172.00 per share

- 2024-04: TWD 172.50 per share

- 2024-05: TWD 152.00 per share

- 2024-06: TWD 153.50 per share

- 2024-07: TWD 152.00 per share

- 2024-08: TWD 145.50 per share

- 2024-09: TWD 163.50 per share

- 2024-10: TWD 151.50 per share

- 2024-11: TWD 118.50 per share

- 2024-12: TWD 113.00 per share

- 2025-01: TWD 115.50 per share

- 2025-02: TWD 126.00 per share

- 2025-03: TWD 116.00 per share

- 2025-04: TWD 114.50 per share

- 2025-05: TWD 121.50 per share

- 2025-06: TWD 126.50 per share

- 2025-07: TWD 116.00 per share

- 2025-08: TWD 116.50 per share

- 2025-09: TWD 111.50 per share

- 2025-10: TWD 103.00 per share

- 2025-11: TWD 103.00 per share

- 2025-12: TWD 105.50 per share

- 2026-01: TWD 104.00 per share

- 2026-02: TWD 104.00 per share

- 2026-03: TWD 109.50 per share

- 2026-04: TWD 115.50 per share

- 2026-05: TWD 107.50 per share

- 2026-06: TWD 117.50 per share

- 2026-07: TWD 111.50 per share

- 2026-08: TWD 117.00 per share

- 2026-09: TWD 107.00 per share

- 2026-10: TWD 106.00 per share

## Annual estimated value (TWD 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 2026-10-15T06:42:49.149Z 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.

## Reported holder observations