# Shanghai Commercial & Savings Bank (5876.TW)

Canonical: https://gigainvestors.com/s/5876.TW

Analysis as of: 2026-10-16T07:36:21.430Z. Financial observations: FY2015–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 53.40 per share; close as of 2026-10-15.

Estimated value: low TWD 29.58 per share, central TWD 34.56 per share, high TWD 41.57 per share. Buy at or below the central value TWD 34.56 per share. Valuation as of 2026-10-16T07:36:21.430Z; 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

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.13×

Chart: Net income; fiscal year observations.

- FY2016: TWD 12B

- FY2017: TWD 12B

- FY2018: TWD 14B

- FY2019: TWD 15B

- FY2020: TWD 13B

- FY2021: TWD 14B

- FY2022: TWD 15B

- FY2023: TWD 15B

- FY2024: TWD 13B

- FY2025: TWD 15B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 9.0%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 7.3%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 9.8%

- FY2017: 10.1%

- FY2018: 10.6%

- FY2019: 9.7%

- FY2020: 8.8%

- FY2021: 9.1%

- FY2022: 8.9%

- FY2023: 8.1%

- FY2024: 6.9%

- FY2025: 7.3%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 7.8%

- Book return interval: 10 years

- Starting book value per share: TWD 28.29

- Ending book value per share: TWD 36.68

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 9.5%

- FY2017: 4.2%

- FY2018: 12.6%

- FY2019: 25.2%

- FY2020: -2.3%

- FY2021: 6.7%

- FY2022: 9.7%

- FY2023: 7.7%

- FY2024: 12.8%

- FY2025: -5.1%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 3.1%

- Diluted shares, 5-year annual growth: 4.2%

- Share growth excluding flagged crisis recapitalisations: 3.1%

- Five-year share growth excluding flagged crisis recapitalisations: 4.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.63×

- Book value created per share: TWD 8.39

- Earnings retained per share after dividends and buybacks: TWD 13.26

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 103

- FY2018: 102

- FY2019: 101

- FY2020: 110

- FY2021: 110

- FY2022: 113

- FY2023: 119

- FY2024: 119

- FY2025: 136

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 6.2% a year forever · net income +10%

Story as of 2026-10-16T10:00:07.265Z; price observation 2026-10-15.

The price assumes profits grow 6.2% a year forever

### Net income · FY2025

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

- FY2016: TWD 12B 

- FY2017: TWD 12B 

- FY2018: TWD 14B 

- FY2019: TWD 15B 

- FY2020: TWD 13B 

- FY2021: TWD 14B 

- FY2022: TWD 15B 

- FY2023: TWD 15B 

- FY2024: TWD 13B 

- FY2025: TWD 15B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are TWD 92.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.430Z); FY2025: revenue 92332517000.

### Why customers stay

It earns 9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.430Z); 10-year return on tangible equity observations [[2016,0.0978270762273383],[2017,0.10127776092344654],[2018,0.1061084895359567],[2019,0.0966648900619428],[2020,0.08778604998784892],[2021,0.09135105400209415],[2022,0.08904179371336815],[2023,0.08095089056777682],[2024,0.0688611654718293],[2025,0.07310234399350247]]; median 0.09019642385773115. 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 2026-10-16T07:36:21.430Z); Dividend observations: [[2016,5990935000],[2017,6110755000],[2018,7332906000],[2019,8192672000],[2020,9176489000],[2021,7609771000],[2022,8057406000],[2023,8741406000],[2024,8741406000],[2025,8741406000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 21.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 5876.TW SharesStats.PercentInsiders = 21.851000000000003 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6.2% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.430Z); Price 53.4; FX 1; original perpetual distributable cash 2.050627857792994; discount 0.1; growth 0.06159872925481285. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: TWD 27.27 per share

- 2016-11: TWD 28.22 per share

- 2016-12: TWD 27.93 per share

- 2017-01: TWD 29.17 per share

- 2017-02: TWD 30.10 per share

- 2017-03: TWD 31.97 per share

- 2017-04: TWD 31.04 per share

- 2017-05: TWD 30.95 per share

- 2017-06: TWD 32.45 per share

- 2017-07: TWD 33.63 per share

- 2017-08: TWD 33.41 per share

- 2017-09: TWD 36.01 per share

- 2017-10: TWD 35.10 per share

- 2017-11: TWD 35.21 per share

- 2017-12: TWD 34.82 per share

- 2018-01: TWD 34.66 per share

- 2018-02: TWD 35.16 per share

- 2018-03: TWD 35.71 per share

- 2018-04: TWD 38.00 per share

- 2018-05: TWD 38.22 per share

- 2018-06: TWD 37.67 per share

- 2018-07: TWD 37.31 per share

- 2018-08: TWD 37.44 per share

- 2018-09: TWD 37.17 per share

- 2018-10: TWD 39.79 per share

- 2018-11: TWD 41.34 per share

- 2018-12: TWD 41.60 per share

- 2019-01: TWD 45.43 per share

- 2019-02: TWD 49.56 per share

- 2019-03: TWD 50.39 per share

- 2019-04: TWD 51.53 per share

- 2019-05: TWD 60.12 per share

- 2019-06: TWD 58.15 per share

- 2019-07: TWD 53.19 per share

- 2019-08: TWD 51.46 per share

- 2019-09: TWD 52.78 per share

- 2019-10: TWD 53.18 per share

- 2019-11: TWD 50.55 per share

- 2019-12: TWD 52.68 per share

- 2020-01: TWD 50.65 per share

- 2020-02: TWD 50.95 per share

- 2020-03: TWD 39.86 per share

- 2020-04: TWD 44.72 per share

- 2020-05: TWD 43.36 per share

- 2020-06: TWD 46.14 per share

- 2020-07: TWD 42.90 per share

- 2020-08: TWD 42.34 per share

- 2020-09: TWD 39.35 per share

- 2020-10: TWD 37.53 per share

- 2020-11: TWD 39.51 per share

- 2020-12: TWD 41.63 per share

- 2021-01: TWD 37.89 per share

- 2021-02: TWD 40.42 per share

- 2021-03: TWD 42.49 per share

- 2021-04: TWD 44.01 per share

- 2021-05: TWD 45.99 per share

- 2021-06: TWD 45.84 per share

- 2021-07: TWD 42.29 per share

- 2021-08: TWD 45.58 per share

- 2021-09: TWD 44.98 per share

- 2021-10: TWD 44.57 per share

- 2021-11: TWD 46.95 per share

- 2021-12: TWD 47.86 per share

- 2022-01: TWD 46.85 per share

- 2022-02: TWD 46.39 per share

- 2022-03: TWD 50.85 per share

- 2022-04: TWD 49.64 per share

- 2022-05: TWD 51.26 per share

- 2022-06: TWD 53.79 per share

- 2022-07: TWD 50.75 per share

- 2022-08: TWD 50.45 per share

- 2022-09: TWD 49.84 per share

- 2022-10: TWD 46.40 per share

- 2022-11: TWD 50.80 per share

- 2022-12: TWD 44.05 per share

- 2023-01: TWD 46.60 per share

- 2023-02: TWD 47.65 per share

- 2023-03: TWD 46.95 per share

- 2023-04: TWD 46.45 per share

- 2023-05: TWD 45.15 per share

- 2023-06: TWD 45.40 per share

- 2023-07: TWD 44.05 per share

- 2023-08: TWD 42.60 per share

- 2023-09: TWD 43.25 per share

- 2023-10: TWD 42.90 per share

- 2023-11: TWD 45.10 per share

- 2023-12: TWD 46.80 per share

- 2024-01: TWD 44.30 per share

- 2024-02: TWD 45.00 per share

- 2024-03: TWD 48.35 per share

- 2024-04: TWD 46.45 per share

- 2024-05: TWD 46.05 per share

- 2024-06: TWD 46.05 per share

- 2024-07: TWD 41.70 per share

- 2024-08: TWD 40.25 per share

- 2024-09: TWD 38.60 per share

- 2024-10: TWD 40.05 per share

- 2024-11: TWD 39.25 per share

- 2024-12: TWD 39.60 per share

- 2025-01: TWD 42.30 per share

- 2025-02: TWD 44.00 per share

- 2025-03: TWD 45.00 per share

- 2025-04: TWD 47.00 per share

- 2025-05: TWD 46.55 per share

- 2025-06: TWD 46.40 per share

- 2025-07: TWD 43.00 per share

- 2025-08: TWD 41.00 per share

- 2025-09: TWD 42.05 per share

- 2025-10: TWD 39.60 per share

- 2025-11: TWD 39.10 per share

- 2025-12: TWD 40.60 per share

- 2026-01: TWD 39.50 per share

- 2026-02: TWD 40.15 per share

- 2026-03: TWD 39.00 per share

- 2026-04: TWD 39.05 per share

- 2026-05: TWD 39.75 per share

- 2026-06: TWD 42.70 per share

- 2026-07: TWD 45.45 per share

- 2026-08: TWD 42.90 per share

- 2026-09: TWD 49.15 per share

- 2026-10: TWD 51.90 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 25.67 per share, central TWD 30.80 per share, high TWD 38.50 per share

- FY2017: low TWD 25.27 per share, central TWD 30.30 per share, high TWD 37.84 per share

- FY2018: low TWD 27.14 per share, central TWD 32.56 per share, high TWD 40.70 per share

- FY2019: low TWD 32.07 per share, central TWD 38.30 per share, high TWD 47.53 per share

- FY2020: low TWD 29.41 per share, central TWD 34.97 per share, high TWD 43.12 per share

- FY2021: low TWD 31.96 per share, central TWD 35.16 per share, high TWD 39.07 per share

- FY2022: low TWD 32.88 per share, central TWD 36.16 per share, high TWD 40.18 per share

- FY2023: low TWD 29.98 per share, central TWD 35.46 per share, high TWD 43.39 per share

- FY2024: low TWD 30.62 per share, central TWD 36.04 per share, high TWD 43.79 per share

- FY2025: low TWD 26.21 per share, central TWD 30.62 per share, high TWD 36.83 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.

Shanghai Commercial & Savings Bank

5876 · TW

FTSE TWSE Taiwan 50

Not a wonderful business

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

Share price: TWD 53.40
Buy up to: TWD 34.56
Expected / yr: 7.9% 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

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: TWD 14B
Worst year: TWD 12B
Latest · 2025: TWD 15B

Earned a median 9% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 9.0%
Worst year: 6.9%
Latest · 2025: 7.3%

Book value plus dividends grew 7.8% a year (minimum 7%).

Annual book + dividend return

10y median: 8.6%
Worst year: -5.1%
Latest · 2025: -5.1%

Ordinary share growth was 3.1% over the full period and 4.2% over five years (either must be at most 2% a year), and book value gained 8.39 per share against 13.26 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 110
Worst year: 136
Latest · 2025: 136

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 2.83 TWD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price TWD 27.27 · Value 30.80 · Buy at or below 30.80; 2016-11 · Price TWD 28.22 · Value 30.80 · Buy at or below 30.80; 2016-12 · Price TWD 27.93 · Value 30.80 · Buy at or below 30.80; 2017-01 · Price TWD 29.17 · Value 30.80 · Buy at or below 30.80; 2017-02 · Price TWD 30.10 · Value 30.30 · Buy at or below 30.30; 2017-03 · Price TWD 31.97 · Value 30.30 · Buy at or below 30.30; 2017-04 · Price TWD 31.04 · Value 30.30 · Buy at or below 30.30; 2017-05 · Price TWD 30.95 · Value 30.30 · Buy at or below 30.30; 2017-06 · Price TWD 32.45 · Value 30.30 · Buy at or below 30.30; 2017-07 · Price TWD 33.63 · Value 30.30 · Buy at or below 30.30; 2017-08 · Price TWD 33.41 · Value 30.30 · Buy at or below 30.30; 2017-09 · Price TWD 36.01 · Value 30.30 · Buy at or below 30.30; 2017-10 · Price TWD 35.10 · Value 30.30 · Buy at or below 30.30; 2017-11 · Price TWD 35.21 · Value 30.30 · Buy at or below 30.30; 2017-12 · Price TWD 34.82 · Value 30.30 · Buy at or below 30.30; 2018-01 · Price TWD 34.66 · Value 30.30 · Buy at or below 30.30; 2018-02 · Price TWD 35.16 · Value 32.56 · Buy at or below 32.56; 2018-03 · Price TWD 35.71 · Value 32.56 · Buy at or below 32.56; 2018-04 · Price TWD 38.00 · Value 32.56 · Buy at or below 32.56; 2018-05 · Price TWD 38.22 · Value 32.56 · Buy at or below 32.56; 2018-06 · Price TWD 37.67 · Value 32.56 · Buy at or below 32.56; 2018-07 · Price TWD 37.31 · Value 32.56 · Buy at or below 32.56; 2018-08 · Price TWD 37.44 · Value 32.56 · Buy at or below 32.56; 2018-09 · Price TWD 37.17 · Value 32.56 · Buy at or below 32.56; 2018-10 · Price TWD 39.79 · Value 32.56 · Buy at or below 32.56; 2018-11 · Price TWD 41.34 · Value 32.56 · Buy at or below 32.56; 2018-12 · Price TWD 41.60 · Value 32.56 · Buy at or below 32.56; 2019-01 · Price TWD 45.43 · Value 32.56 · Buy at or below 32.56; 2019-02 · Price TWD 49.56 · Value 38.30 · Buy at or below 38.30; 2019-03 · Price TWD 50.39 · Value 38.30 · Buy at or below 38.30; 2019-04 · Price TWD 51.53 · Value 38.30 · Buy at or below 38.30; 2019-05 · Price TWD 60.12 · Value 38.30 · Buy at or below 38.30; 2019-06 · Price TWD 58.15 · Value 38.30 · Buy at or below 38.30; 2019-07 · Price TWD 53.19 · Value 38.30 · Buy at or below 38.30; 2019-08 · Price TWD 51.46 · Value 38.30 · Buy at or below 38.30; 2019-09 · Price TWD 52.78 · Value 38.30 · Buy at or below 38.30; 2019-10 · Price TWD 53.18 · Value 38.30 · Buy at or below 38.30; 2019-11 · Price TWD 50.55 · Value 38.30 · Buy at or below 38.30; 2019-12 · Price TWD 52.68 · Value 38.30 · Buy at or below 38.30; 2020-01 · Price TWD 50.65 · Value 38.30 · Buy at or below 38.30; 2020-02 · Price TWD 50.95 · Value 34.97 · Buy at or below 34.97; 2020-03 · Price TWD 39.86 · Value 34.97 · Buy at or below 34.97; 2020-04 · Price TWD 44.72 · Value 34.97 · Buy at or below 34.97; 2020-05 · Price TWD 43.36 · Value 34.97 · Buy at or below 34.97; 2020-06 · Price TWD 46.14 · Value 34.97 · Buy at or below 34.97; 2020-07 · Price TWD 42.90 · Value 34.97 · Buy at or below 34.97; 2020-08 · Price TWD 42.34 · Value 34.97 · Buy at or below 34.97; 2020-09 · Price TWD 39.35 · Value 34.97 · Buy at or below 34.97; 2020-10 · Price TWD 37.53 · Value 34.97 · Buy at or below 34.97; 2020-11 · Price TWD 39.51 · Value 34.97 · Buy at or below 34.97; 2020-12 · Price TWD 41.63 · Value 34.97 · Buy at or below 34.97; 2021-01 · Price TWD 37.89 · Value 34.97 · Buy at or below 34.97; 2021-02 · Price TWD 40.42 · Value 35.16 · Buy at or below 35.16; 2021-03 · Price TWD 42.49 · Value 35.16 · Buy at or below 35.16; 2021-04 · Price TWD 44.01 · Value 35.16 · Buy at or below 35.16; 2021-05 · Price TWD 45.99 · Value 35.16 · Buy at or below 35.16; 2021-06 · Price TWD 45.84 · Value 35.16 · Buy at or below 35.16; 2021-07 · Price TWD 42.29 · Value 35.16 · Buy at or below 35.16; 2021-08 · Price TWD 45.58 · Value 35.16 · Buy at or below 35.16; 2021-09 · Price TWD 44.98 · Value 35.16 · Buy at or below 35.16; 2021-10 · Price TWD 44.57 · Value 35.16 · Buy at or below 35.16; 2021-11 · Price TWD 46.95 · Value 35.16 · Buy at or below 35.16; 2021-12 · Price TWD 47.86 · Value 35.16 · Buy at or below 35.16; 2022-01 · Price TWD 46.85 · Value 35.16 · Buy at or below 35.16; 2022-02 · Price TWD 46.39 · Value 36.16 · Buy at or below 36.16; 2022-03 · Price TWD 50.85 · Value 36.16 · Buy at or below 36.16; 2022-04 · Price TWD 49.64 · Value 36.16 · Buy at or below 36.16; 2022-05 · Price TWD 51.26 · Value 36.16 · Buy at or below 36.16; 2022-06 · Price TWD 53.79 · Value 36.16 · Buy at or below 36.16; 2022-07 · Price TWD 50.75 · Value 36.16 · Buy at or below 36.16; 2022-08 · Price TWD 50.45 · Value 36.16 · Buy at or below 36.16; 2022-09 · Price TWD 49.84 · Value 36.16 · Buy at or below 36.16; 2022-10 · Price TWD 46.40 · Value 36.16 · Buy at or below 36.16; 2022-11 · Price TWD 50.80 · Value 36.16 · Buy at or below 36.16; 2022-12 · Price TWD 44.05 · Value 36.16 · Buy at or below 36.16; 2023-01 · Price TWD 46.60 · Value 36.16 · Buy at or below 36.16; 2023-02 · Price TWD 47.65 · Value 35.46 · Buy at or below 35.46; 2023-03 · Price TWD 46.95 · Value 35.46 · Buy at or below 35.46; 2023-04 · Price TWD 46.45 · Value 35.46 · Buy at or below 35.46; 2023-05 · Price TWD 45.15 · Value 35.46 · Buy at or below 35.46; 2023-06 · Price TWD 45.40 · Value 35.46 · Buy at or below 35.46; 2023-07 · Price TWD 44.05 · Value 35.46 · Buy at or below 35.46; 2023-08 · Price TWD 42.60 · Value 35.46 · Buy at or below 35.46; 2023-09 · Price TWD 43.25 · Value 35.46 · Buy at or below 35.46; 2023-10 · Price TWD 42.90 · Value 35.46 · Buy at or below 35.46; 2023-11 · Price TWD 45.10 · Value 35.46 · Buy at or below 35.46; 2023-12 · Price TWD 46.80 · Value 35.46 · Buy at or below 35.46; 2024-01 · Price TWD 44.30 · Value 35.46 · Buy at or below 35.46; 2024-02 · Price TWD 45.00 · Value 36.04 · Buy at or below 36.04; 2024-03 · Price TWD 48.35 · Value 36.04 · Buy at or below 36.04; 2024-04 · Price TWD 46.45 · Value 36.04 · Buy at or below 36.04; 2024-05 · Price TWD 46.05 · Value 36.04 · Buy at or below 36.04; 2024-06 · Price TWD 46.05 · Value 36.04 · Buy at or below 36.04; 2024-07 · Price TWD 41.70 · Value 36.04 · Buy at or below 36.04; 2024-08 · Price TWD 40.25 · Value 36.04 · Buy at or below 36.04; 2024-09 · Price TWD 38.60 · Value 36.04 · Buy at or below 36.04; 2024-10 · Price TWD 40.05 · Value 36.04 · Buy at or below 36.04; 2024-11 · Price TWD 39.25 · Value 36.04 · Buy at or below 36.04; 2024-12 · Price TWD 39.60 · Value 36.04 · Buy at or below 36.04; 2025-01 · Price TWD 42.30 · Value 36.04 · Buy at or below 36.04; 2025-02 · Price TWD 44.00 · Value 30.62 · Buy at or below 30.62; 2025-03 · Price TWD 45.00 · Value 30.62 · Buy at or below 30.62; 2025-04 · Price TWD 47.00 · Value 30.62 · Buy at or below 30.62; 2025-05 · Price TWD 46.55 · Value 30.62 · Buy at or below 30.62; 2025-06 · Price TWD 46.40 · Value 30.62 · Buy at or below 30.62; 2025-07 · Price TWD 43.00 · Value 30.62 · Buy at or below 30.62; 2025-08 · Price TWD 41.00 · Value 30.62 · Buy at or below 30.62; 2025-09 · Price TWD 42.05 · Value 30.62 · Buy at or below 30.62; 2025-10 · Price TWD 39.60 · Value 30.62 · Buy at or below 30.62; 2025-11 · Price TWD 39.10 · Value 30.62 · Buy at or below 30.62; 2025-12 · Price TWD 40.60 · Value 30.62 · Buy at or below 30.62; 2026-01 · Price TWD 39.50 · Value 30.62 · Buy at or below 30.62; 2026-02 · Price TWD 40.15 · Value 34.56 · Buy at or below 34.56; 2026-03 · Price TWD 39.00 · Value 34.56 · Buy at or below 34.56; 2026-04 · Price TWD 39.05 · Value 34.56 · Buy at or below 34.56; 2026-05 · Price TWD 39.75 · Value 34.56 · Buy at or below 34.56; 2026-06 · Price TWD 42.70 · Value 34.56 · Buy at or below 34.56; 2026-07 · Price TWD 45.45 · Value 34.56 · Buy at or below 34.56; 2026-08 · Price TWD 42.90 · Value 34.56 · Buy at or below 34.56; 2026-09 · Price TWD 49.15 · Value 34.56 · Buy at or below 34.56; 2026-10 · Price TWD 51.90 · Value 34.56 · Buy at or below 34.56; 2026-10 · Price TWD 53.40 · Value 34.56 · Buy at or below 34.56

TWD per share · annual estimates

Price & return math
Value range	TWD 29.58 – TWD 41.57
Buy at or below	Central value TWD 34.56
Discount to value	1 − 53.40 / 34.56 = -54.5%
Return / year	About 7.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Book TWD 41.40/share; ROE 9.0%; first payout TWD 2.05/share, growing 4.1% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeTWD 15B

Net income

Book / shareTWD 36.68

Book / share

Dividend / shareTWD 1.58

Dividend / share

Return on tangible equity7.3%

Return on tangible equity

Diluted shares5.5B

Diluted shares

Prices 15 Oct 2026 · FY2025