# United Microelectronics (2303.TW)

Canonical: https://gigainvestors.com/s/2303.TW

Analysis as of: 2026-10-16T07:33:54.419Z. Financial observations: FY1999–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 133.50 per share; close as of 2026-10-15.

Estimated value: low TWD 59.22 per share, central TWD 65.82 per share, high TWD 74.60 per share. Buy at or below the central value TWD 65.82 per share. Valuation as of 2026-10-16T07:33:54.419Z; scenarios are not confidence intervals.

Expected annual return: 6.1% at the stated quote. About 6.1% 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: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.62×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.04×

- FY2019: 0.03×

- FY2020: 0.12×

- FY2021: 0.24×

- FY2022: 0.37×

- FY2023: 0.26×

- FY2024: 0.22×

- FY2025: 0.18×

- LTM to Jun 2026: 0.19×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.7%

- ROIC, second-lowest year: 2.7%

- Typical minus recent gross margin: -3.5 pp

- Typical gross margin (annual median): 25.5%

- Recent gross margin (lower of latest and 3-year median): 29.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 26.6%

- ROIC including acquisitions, ten-year median: 17.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.3%

- FY2017: 2.8%

- FY2018: 2.8%

- FY2019: 2.7%

- FY2020: 12.2%

- FY2021: 31.9%

- FY2022: 43.6%

- FY2023: 17.0%

- FY2024: 13.5%

- FY2025: 11.3%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.72×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 209B

- Net income, five-year total: TWD 291B

- Return on incremental invested capital: 23.1%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 3.9 pp

- Working capital / revenue, final three-year average: 27.1%

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

- FY2021: 0.98×

- FY2022: 0.99×

- FY2023: 0.10×

- FY2024: 0.25×

- FY2025: 1.25×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 2.8% vs 13.5%

- Per-share earnings: 0.79 to 3.82 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.1%

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: TWD 469B

- Cumulative retained earnings: TWD 142B

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 21.8%

- Per-share value change: TWD 3.03

- Per-share value, starting three-year median: TWD 0.79

- Per-share value, ending three-year median: TWD 3.82

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 2.0%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: TWD 3.5B

- Cumulative net income, 10 years: TWD 348B

- ROIC, first three-year median: 2.8%

- ROIC, last three-year median: 13.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 0.71

- FY2017: TWD 0.79

- FY2018: TWD 0.64

- FY2019: TWD 0.70

- FY2020: TWD 1.89

- FY2021: TWD 4.20

- FY2022: TWD 6.96

- FY2023: TWD 4.93

- FY2024: TWD 3.82

- FY2025: TWD 3.38

### accounting: pass

- Sloan accruals: -10.0%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.39×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.8%

- FY2017: -10.9%

- FY2018: -11.9%

- FY2019: -12.6%

- FY2020: -11.4%

- FY2021: -8.7%

- FY2022: -10.7%

- FY2023: -4.5%

- FY2024: -8.3%

- FY2025: -10.0%

## Holders

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 11.1% a year for ten years · "GlobalFoundries climbs  8% on UMC pricing report" (finance.yahoo.com, Apr 2026) · sales +5.5%

Story as of 2026-10-16T09:59:58.234Z; price observation 2026-10-15.

Price needs cash profits to grow 11.1% a year for ten years

- 2026-01-21: United Microelectronics (UMC) Touches 3-Year high on New Memory Development ([finance.yahoo.com](https://finance.yahoo.com/news/united-microelectronics-umc-touches-3-072054433.html))

### Sales · FY2025–2026

sales +5.5%; source https://www.sec.gov/Archives/edgar/data/1033767/000119312526193757/d91630d20f.htm; observed 2026-04-30.

- FY2017: TWD 149B 

- FY2018: TWD 151B 

- FY2019: TWD 148B 

- FY2020: TWD 177B 

- FY2021: TWD 213B 

- FY2022: TWD 279B 

- FY2023: TWD 223B 

- FY2024: TWD 232B 

- FY2025: TWD 238B 

- FY2026: TWD 251B 

### Gross margin · FY2025

gross margin 29%; source https://www.sec.gov/Archives/edgar/data/1033767/000119312526193757/d91630d20f.htm; observed 2026-04-30.

- FY2016: 20.5% 

- FY2017: 18.1% 

- FY2018: 15.1% 

- FY2019: 14.4% 

- FY2020: 22.1% 

- FY2021: 33.8% 

- FY2022: 45.1% 

- FY2023: 34.9% 

- FY2024: 32.6% 

- FY2025: 29.0% 

## Owner memo

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

### How it makes money

Operates in semiconductors; annual sales are TWD 237.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1033767/000119312526193757/d91630d20f.htm (filed 2026-04-30); FY2025: revenue 237553000000; grossProfit 68906000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2303.TW: United Microelectronics Corporation operates as a semiconductor wafer foundry in Taiwan, China, Hong Kong, Japan, Korea, the United States, Europe, and internationally. It manufactures and sells integrated circuits. The company offers circuit design; mask tooling; wafer fabrication; and assembly and testing services for communication devices, consumer electronics, computer, and other applications. It also provides venture capital and marketing support; consulting and planning; energy technical; solar engineering integrated design; research and development services; and insurance services. United Microelectronics Corporation was incorporated in 1980 and is headquartered in Hsinchu City, Taiwan.

### Why customers stay

Margins ranged from 29% to 34.9% during 2023–25; it earns 11.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2023: grossProfit / revenue = 34.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2024: grossProfit / revenue = 32.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1033767/000119312526193757/d91630d20f.htm (filed 2026-04-30); FY2025: grossProfit / revenue = 29%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); 10-year return on capital observations [[2016,0.023196552201870405],[2017,0.027892512861312533],[2018,0.02811026768242373],[2019,0.027372283580986794],[2020,0.12154061277487817],[2021,0.31907083040073775],[2022,0.4359336334858224],[2023,0.17030636903087767],[2024,0.134860753237667],[2025,0.11280990618492222]]; median 0.11717525947990019. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Prices fell 5.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1033767/000119312526193757/d91630d20f.htm (filed 2026-04-30); [p0] , approved the disposal of its ownership in UnitedDS Semiconductor (Shandong) Co., Ltd. to SiS Semiconductor (Shandong) Co., Ltd., an associate of UMC, as part of its strategic plan. The disposal was completed in August 2024 with a total transaction price of RMB¥77 million, which was approximately NT$341 million. On December 18, 2024, we entered into a corporate power purchase agreement (“CPPA”) with Fengmiao I Offshore Wind Farm (“Fengmiao I”), developed by Copenhagen Infrastructure Partners’ flagship fund, Copenhagen Infrastructure V. Pursuant to the CPPA, we agreed to purchase more than 30 billion kilowatt-hours of power from Fengmiao I over at least 30 years, marking the largest renewable energy transaction that we have ever made. This agreement will help us achieve our goal of 50% renewable energy use by 2030 as part of our roadmap to net zero emissions and 100% renewable energy by 2050. On December 4, 2025, we signed a memorandum of understanding (“MOU”) with Polar Semiconductor, LLC to explore collaboration on delivering scalable U.S.-based 8-inch production of high-quality wafers that are essential across pillar industries including automotive, data centers, consumer electronics, and aerospace and defense. On December 8, 2025, we announced a licensing agreement with imec, a world-leading research and innovation hub in advanced semiconductor technologies, for the transfer of imec’s iSiPP300 silicon photonics process, featuring co-packaged optics (CPO) compatibility, to accelerate our silicon photonics roadmap. The licensed technology will enable us to bring a 12-inch silicon photonics platform to market targeting next-generation connectivity. On December 17, 2025, our board approved capital injection of up to NT$700 million in Unimicron Technology Corp. to participate in its capital increase. Please refer t

[p1]  up-cycles. Our average capacity utilization rate was 68.5%, 68.7% and 75.2% for the years ended December 31, 2023, 2024 and 2025, respectively. We believe that our operating results continue to reflect the ongoing uncertainty in the global economy. Pricing We price our products on either a per die or a per wafer basis, taking into account a variety of factors, including the complexity of the technology, the prevailing market conditions, the order size, the cycle time, the strength and history of our relationship with the customer and our capacity utilization. Because semiconductor wafer prices tend to fluctuate frequently, we regularly review our pricing on a quarterly basis. As a majority of our costs and expenses are fixed or semi-fixed in nature, fluctuations in our products’ average selling price historically have had a substantial impact on our margins and profitability. Our average selling price decreased by 5.0% from 2023 to 2024 and decreased by 5.4% from 2024 to 2025, which reflects the nominal price erosion in 2024 and 2025. We believe that our current level of pricing is comparable to that of other leading foundries in each respective geometry. We believe that our ability to provide a wide range of advanced foundry services and process technologies as well as large manufacturing capacity will enable us to provide competitive pricing with other leading foundries at a comparable price level. Capacity Utilization Rates Our operating results are characterized by relatively high fixed costs. In 2023, 2024 and 2025, approximately 63.9%, 69.6% and 70.8%, respectively, of our manufacturing costs consisted of depreciation, a portion of indirect material costs, amortization of license fees, indirect labor and utilities costs. If our utilization rates increase, our costs would be allocated over a larger number of unit

[p2]  Our average capacity utilization rate was 68.5%, 68.7% and 75.2% for the years ended December 31, 2023, 2024 and 2025, respectively. We believe that our operating results continue to reflect the ongoing uncertainty in the global economy. Pricing We price our products on either a per die or a per wafer basis, taking into account a variety of factors, including the complexity of the technology, the prevailing market conditions, the order size, the cycle time, the strength and history of our relationship with the customer and our capacity utilization. Because semiconductor wafer prices tend to fluctuate frequently, we regularly review our pricing on a quarterly basis. As a majority of our costs and expenses are fixed or semi-fixed in nature, fluctuations in our products’ average selling price historically have had a substantial impact on our margins and profitability. Our average selling price decreased by 5.0% from 2023 to 2024 and decreased by 5.4% from 2024 to 2025, which reflects the nominal price erosion in 2024 and 2025. We believe that our current level of pricing is comparable to that of other leading foundries in each respective geometry. We believe that our ability to provide a wide range of advanced foundry services and process technologies as well as large manufacturing capacity will enable us to provide competitive pricing with other leading foundries at a comparable price level. Capacity Utilization Rates Our operating results are characterized by relatively high fixed costs. In 2023, 2024 and 2025, approximately 63.9%, 69.6% and 70.8%, respectively, of our manufacturing costs consisted of depreciation, a portion of indirect material costs, amortization of license fees, indirect labor and utilities costs. If our utilization rates increase, our costs would be allocated over a larger number of units, which ge

[p3] ariety of factors, including the complexity of the technology, the prevailing market conditions, the order size, the cycle time, the strength and history of our relationship with the customer and our capacity utilization. Because semiconductor wafer prices tend to fluctuate frequently, we regularly review our pricing on a quarterly basis. As a majority of our costs and expenses are fixed or semi-fixed in nature, fluctuations in our products’ average selling price historically have had a substantial impact on our margins and profitability. Our average selling price decreased by 5.0% from 2023 to 2024 and decreased by 5.4% from 2024 to 2025, which reflects the nominal price erosion in 2024 and 2025. We believe that our current level of pricing is comparable to that of other leading foundries in each respective geometry. We believe that our ability to provide a wide range of advanced foundry services and process technologies as well as large manufacturing capacity will enable us to provide competitive pricing with other leading foundries at a comparable price level. Capacity Utilization Rates Our operating results are characterized by relatively high fixed costs. In 2023, 2024 and 2025, approximately 63.9%, 69.6% and 70.8%, respectively, of our manufacturing costs consisted of depreciation, a portion of indirect material costs, amortization of license fees, indirect labor and utilities costs. If our utilization rates increase, our costs would be allocated over a larger number of units, which generally leads to lower unit costs. As a result, our capacity utilization rates can significantly affect our margins. Our utilization rates have varied from period to period to reflect our production capacity and market demand. Our average capacity utilization rate was 68.5%, 68.7% and 75.2% for the years ended December 31, 2023, 202

[p4] , the prevailing market conditions, the order size, the cycle time, the strength and history of our relationship with the customer and our capacity utilization. Because semiconductor wafer prices tend to fluctuate frequently, we regularly review our pricing on a quarterly basis. As a majority of our costs and expenses are fixed or semi-fixed in nature, fluctuations in our products’ average selling price historically have had a substantial impact on our margins and profitability. Our average selling price decreased by 5.0% from 2023 to 2024 and decreased by 5.4% from 2024 to 2025, which reflects the nominal price erosion in 2024 and 2025. We believe that our current level of pricing is comparable to that of other leading foundries in each respective geometry. We believe that our ability to provide a wide range of advanced foundry services and process technologies as well as large manufacturing capacity will enable us to provide competitive pricing with other leading foundries at a comparable price level. Capacity Utilization Rates Our operating results are characterized by relatively high fixed costs. In 2023, 2024 and 2025, approximately 63.9%, 69.6% and 70.8%, respectively, of our manufacturing costs consisted of depreciation, a portion of indirect material costs, amortization of license fees, indirect labor and utilities costs. If our utilization rates increase, our costs would be allocated over a larger number of units, which generally leads to lower unit costs. As a result, our capacity utilization rates can significantly affect our margins. Our utilization rates have varied from period to period to reflect our production capacity and market demand. Our average capacity utilization rate was 68.5%, 68.7% and 75.2% for the years ended December 31, 2023, 2024 and 2025, respectively. Utilization rates were primarily af

[p5] lization. Because semiconductor wafer prices tend to fluctuate frequently, we regularly review our pricing on a quarterly basis. As a majority of our costs and expenses are fixed or semi-fixed in nature, fluctuations in our products’ average selling price historically have had a substantial impact on our margins and profitability. Our average selling price decreased by 5.0% from 2023 to 2024 and decreased by 5.4% from 2024 to 2025, which reflects the nominal price erosion in 2024 and 2025. We believe that our current level of pricing is comparable to that of other leading foundries in each respective geometry. We believe that our ability to provide a wide range of advanced foundry services and process technologies as well as large manufacturing capacity will enable us to provide competitive pricing with other leading foundries at a comparable price level. Capacity Utilization Rates Our operating results are characterized by relatively high fixed costs. In 2023, 2024 and 2025, approximately 63.9%, 69.6% and 70.8%, respectively, of our manufacturing costs consisted of depreciation, a portion of indirect material costs, amortization of license fees, indirect labor and utilities costs. If our utilization rates increase, our costs would be allocated over a larger number of units, which generally leads to lower unit costs. As a result, our capacity utilization rates can significantly affect our margins. Our utilization rates have varied from period to period to reflect our production capacity and market demand. Our average capacity utilization rate was 68.5%, 68.7% and 75.2% for the years ended December 31, 2023, 2024 and 2025, respectively. Utilization rates were primarily affected by global macroeconomic factors. Other factors affecting utilization rates are efficiency in production facilities, product flow management, the

[p6] ing on a quarterly basis. As a majority of our costs and expenses are fixed or semi-fixed in nature, fluctuations in our products’ average selling price historically have had a substantial impact on our margins and profitability. Our average selling price decreased by 5.0% from 2023 to 2024 and decreased by 5.4% from 2024 to 2025, which reflects the nominal price erosion in 2024 and 2025. We believe that our current level of pricing is comparable to that of other leading foundries in each respective geometry. We believe that our ability to provide a wide range of advanced foundry services and process technologies as well as large manufacturing capacity will enable us to provide competitive pricing with other leading foundries at a comparable price level. Capacity Utilization Rates Our operating results are characterized by relatively high fixed costs. In 2023, 2024 and 2025, approximately 63.9%, 69.6% and 70.8%, respectively, of our manufacturing costs consisted of depreciation, a portion of indirect material costs, amortization of license fees, indirect labor and utilities costs. If our utilization rates increase, our costs would be allocated over a larger number of units, which generally leads to lower unit costs. As a result, our capacity utilization rates can significantly affect our margins. Our utilization rates have varied from period to period to reflect our production capacity and market demand. Our average capacity utilization rate was 68.5%, 68.7% and 75.2% for the years ended December 31, 2023, 2024 and 2025, respectively. Utilization rates were primarily affected by global macroeconomic factors. Other factors affecting utilization rates are efficiency in production facilities, product flow management, the complexity and mix of the wafers produced, overall industry conditions, the level of customer orders, 

[p7] ons in our products’ average selling price historically have had a substantial impact on our margins and profitability. Our average selling price decreased by 5.0% from 2023 to 2024 and decreased by 5.4% from 2024 to 2025, which reflects the nominal price erosion in 2024 and 2025. We believe that our current level of pricing is comparable to that of other leading foundries in each respective geometry. We believe that our ability to provide a wide range of advanced foundry services and process technologies as well as large manufacturing capacity will enable us to provide competitive pricing with other leading foundries at a comparable price level. Capacity Utilization Rates Our operating results are characterized by relatively high fixed costs. In 2023, 2024 and 2025, approximately 63.9%, 69.6% and 70.8%, respectively, of our manufacturing costs consisted of depreciation, a portion of indirect material costs, amortization of license fees, indirect labor and utilities costs. If our utilization rates increase, our costs would be allocated over a larger number of units, which generally leads to lower unit costs. As a result, our capacity utilization rates can significantly affect our margins. Our utilization rates have varied from period to period to reflect our production capacity and market demand. Our average capacity utilization rate was 68.5%, 68.7% and 75.2% for the years ended December 31, 2023, 2024 and 2025, respectively. Utilization rates were primarily affected by global macroeconomic factors. Other factors affecting utilization rates are efficiency in production facilities, product flow management, the complexity and mix of the wafers produced, overall industry conditions, the level of customer orders, mechanical failure, disruption of operations due to expansion of operations, relocation of equipment or disrup

[p8] bstantial impact on our margins and profitability. Our average selling price decreased by 5.0% from 2023 to 2024 and decreased by 5.4% from 2024 to 2025, which reflects the nominal price erosion in 2024 and 2025. We believe that our current level of pricing is comparable to that of other leading foundries in each respective geometry. We believe that our ability to provide a wide range of advanced foundry services and process technologies as well as large manufacturing capacity will enable us to provide competitive pricing with other leading foundries at a comparable price level. Capacity Utilization Rates Our operating results are characterized by relatively high fixed costs. In 2023, 2024 and 2025, approximately 63.9%, 69.6% and 70.8%, respectively, of our manufacturing costs consisted of depreciation, a portion of indirect material costs, amortization of license fees, indirect labor and utilities costs. If our utilization rates increase, our costs would be allocated over a larger number of units, which generally leads to lower unit costs. As a result, our capacity utilization rates can significantly affect our margins. Our utilization rates have varied from period to period to reflect our production capacity and market demand. Our average capacity utilization rate was 68.5%, 68.7% and 75.2% for the years ended December 31, 2023, 2024 and 2025, respectively. Utilization rates were primarily affected by global macroeconomic factors. Other factors affecting utilization rates are efficiency in production facilities, product flow management, the complexity and mix of the wafers produced, overall industry conditions, the level of customer orders, mechanical failure, disruption of operations due to expansion of operations, relocation of equipment or disruption of power supply, acquisition and disposition of foundry assets, 

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2017: growth capex 0; upkeep 45520214000; owner earnings 17207366000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2018: growth capex 0; upkeep 20428750000; owner earnings 39297704000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2019: growth capex 0; upkeep 18962076000; owner earnings 37376351000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2020: growth capex 0; upkeep 28354333000; owner earnings 42299114200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2021: growth capex 2884983000; upkeep 47074574000; owner earnings 50232674200. Growth capex / owner earnings = 0.057432399249013104.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2022: growth capex 38714075000; upkeep 44169708000; owner earnings 88331386000. Growth capex / owner earnings = 0.4382822092251558.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2023: growth capex 0; upkeep 94020184000; owner earnings 6374848600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2024: growth capex 8940133441.090897; upkeep 82402881558.9091; owner earnings 11691911241.090897. Growth capex / owner earnings = 0.7646426026286487.

- Source: https://www.sec.gov/Archives/edgar/data/1033767/000119312526193757/d91630d20f.htm (filed 2026-04-30); FY2025: growth capex 0; upkeep 47745000000; owner earnings 52030830800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); Dividend observations: [[2016,6906726000],[2017,6103195000],[2018,8557684000],[2019,6911058000],[2020,9765694000],[2021,19871129000],[2022,37445300000],[2023,45014783000],[2024,37585606000],[2025,35784000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 7.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2303.TW SharesStats.PercentInsiders = 7.756 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.1% yearly over ten years; actual growth was 31.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); Ten-year compound average after fade. Initial solved rate 0.1464082667638003. Price 133.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.26951477798219964 → FY2025 4.214178820878149. Closing-price date 2026-10-15.

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

- 2016-10: TWD 11.75 per share

- 2016-11: TWD 11.25 per share

- 2016-12: TWD 11.40 per share

- 2017-01: TWD 11.35 per share

- 2017-02: TWD 12.75 per share

- 2017-03: TWD 12.20 per share

- 2017-04: TWD 12.05 per share

- 2017-05: TWD 12.45 per share

- 2017-06: TWD 14.75 per share

- 2017-07: TWD 13.90 per share

- 2017-08: TWD 15.05 per share

- 2017-09: TWD 15.00 per share

- 2017-10: TWD 15.50 per share

- 2017-11: TWD 15.30 per share

- 2017-12: TWD 14.20 per share

- 2018-01: TWD 14.25 per share

- 2018-02: TWD 14.15 per share

- 2018-03: TWD 15.50 per share

- 2018-04: TWD 16.00 per share

- 2018-05: TWD 16.65 per share

- 2018-06: TWD 16.95 per share

- 2018-07: TWD 17.55 per share

- 2018-08: TWD 17.35 per share

- 2018-09: TWD 16.15 per share

- 2018-10: TWD 11.80 per share

- 2018-11: TWD 11.55 per share

- 2018-12: TWD 11.25 per share

- 2019-01: TWD 11.35 per share

- 2019-02: TWD 11.45 per share

- 2019-03: TWD 11.65 per share

- 2019-04: TWD 13.45 per share

- 2019-05: TWD 12.90 per share

- 2019-06: TWD 13.95 per share

- 2019-07: TWD 13.80 per share

- 2019-08: TWD 13.45 per share

- 2019-09: TWD 13.40 per share

- 2019-10: TWD 14.00 per share

- 2019-11: TWD 14.95 per share

- 2019-12: TWD 16.45 per share

- 2020-01: TWD 14.90 per share

- 2020-02: TWD 15.30 per share

- 2020-03: TWD 13.65 per share

- 2020-04: TWD 15.55 per share

- 2020-05: TWD 15.45 per share

- 2020-06: TWD 15.90 per share

- 2020-07: TWD 22.35 per share

- 2020-08: TWD 21.20 per share

- 2020-09: TWD 28.55 per share

- 2020-10: TWD 30.70 per share

- 2020-11: TWD 40.50 per share

- 2020-12: TWD 47.15 per share

- 2021-01: TWD 50.00 per share

- 2021-02: TWD 54.20 per share

- 2021-03: TWD 50.20 per share

- 2021-04: TWD 56.70 per share

- 2021-05: TWD 53.00 per share

- 2021-06: TWD 53.10 per share

- 2021-07: TWD 57.80 per share

- 2021-08: TWD 63.10 per share

- 2021-09: TWD 64.00 per share

- 2021-10: TWD 58.00 per share

- 2021-11: TWD 63.70 per share

- 2021-12: TWD 65.00 per share

- 2022-01: TWD 57.30 per share

- 2022-02: TWD 52.10 per share

- 2022-03: TWD 54.00 per share

- 2022-04: TWD 47.80 per share

- 2022-05: TWD 51.40 per share

- 2022-06: TWD 39.15 per share

- 2022-07: TWD 40.15 per share

- 2022-08: TWD 41.10 per share

- 2022-09: TWD 35.75 per share

- 2022-10: TWD 39.10 per share

- 2022-11: TWD 45.80 per share

- 2022-12: TWD 40.70 per share

- 2023-01: TWD 48.80 per share

- 2023-02: TWD 49.95 per share

- 2023-03: TWD 52.90 per share

- 2023-04: TWD 49.10 per share

- 2023-05: TWD 51.80 per share

- 2023-06: TWD 48.50 per share

- 2023-07: TWD 47.00 per share

- 2023-08: TWD 45.50 per share

- 2023-09: TWD 45.20 per share

- 2023-10: TWD 46.20 per share

- 2023-11: TWD 48.90 per share

- 2023-12: TWD 52.60 per share

- 2024-01: TWD 49.00 per share

- 2024-02: TWD 48.85 per share

- 2024-03: TWD 51.60 per share

- 2024-04: TWD 50.70 per share

- 2024-05: TWD 55.00 per share

- 2024-06: TWD 55.70 per share

- 2024-07: TWD 50.40 per share

- 2024-08: TWD 55.50 per share

- 2024-09: TWD 53.80 per share

- 2024-10: TWD 48.15 per share

- 2024-11: TWD 43.55 per share

- 2024-12: TWD 43.05 per share

- 2025-01: TWD 40.20 per share

- 2025-02: TWD 43.70 per share

- 2025-03: TWD 44.65 per share

- 2025-04: TWD 45.20 per share

- 2025-05: TWD 46.75 per share

- 2025-06: TWD 44.20 per share

- 2025-07: TWD 41.55 per share

- 2025-08: TWD 40.50 per share

- 2025-09: TWD 45.55 per share

- 2025-10: TWD 46.40 per share

- 2025-11: TWD 45.80 per share

- 2025-12: TWD 49.25 per share

- 2026-01: TWD 62.40 per share

- 2026-02: TWD 65.40 per share

- 2026-03: TWD 56.50 per share

- 2026-04: TWD 77.30 per share

- 2026-05: TWD 144.50 per share

- 2026-06: TWD 164.50 per share

- 2026-07: TWD 121.00 per share

- 2026-08: TWD 129.00 per share

- 2026-09: TWD 154.50 per share

- 2026-10: TWD 141.50 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 7.73 per share, central TWD 8.30 per share, high TWD 8.92 per share

- FY2017: low TWD 17.11 per share, central TWD 18.57 per share, high TWD 20.52 per share

- FY2018: low TWD 19.21 per share, central TWD 23.12 per share, high TWD 25.91 per share

- FY2019: low TWD 26.39 per share, central TWD 32.03 per share, high TWD 36.08 per share

- FY2020: low TWD 46.94 per share, central TWD 52.21 per share, high TWD 59.22 per share

- FY2021: low TWD 67.89 per share, central TWD 87.60 per share, high TWD 100.33 per share

- FY2022: low TWD 87.81 per share, central TWD 119.67 per share, high TWD 138.22 per share

- FY2023: low TWD 58.33 per share, central TWD 64.81 per share, high TWD 73.44 per share

- FY2024: low TWD 58.19 per share, central TWD 65.98 per share, high TWD 75.24 per share

- FY2025: low TWD 56.07 per share, central TWD 62.42 per share, high TWD 70.88 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 2026-10-15T06:39:38.190Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1033767/000119312526193757/d91630d20f.htm); period 2025-12-31, filed 2026-04-30.

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.