# 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.

## Reported holder observations