Taichung Commercial Bank Co Ltd (2812) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Taichung Commercial Bank Co Ltd TWD 15.11, price TWD 19.00, upside -20.5%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 10.46 TWD – 23.85 TWD · fair‑value band 13.52 TWD – 25.48 TWD · the 19.00 TWD price screens above the 15.11 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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Taichung Commercial Bank Co., Ltd., together with its subsidiaries, provides various banking products and services in Taiwan, rest of Asia, and America.
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Taichung Commercial Bank Co., Ltd., together with its subsidiaries, provides various banking products and services in Taiwan, rest of Asia, and America. The company offers various deposit products, such as savings accounts and time deposit accounts, as well as ATM card services; and foreign currency services, including foreign currency demand deposits, cash, travel checks, and remittances. It also provides corporate finance services comprising corporate loans; trade services, such as letter of credit, collections, factoring, and forfaiting; corporate cash flow services, including account information, deposits, payments, and accounts receivable financing; and financial hedging services, such as hedging strategies, financial instruments, and consultation services. In addition, the company offers personal mortgage loans comprising house mortgage and renovations, children's education funds, business start-up capital, investments, and financial management services; wealth management services, including financial advice and asset allocation, customized consultation services, family and retirement needs, and trust planning services; credit cards; and digital banking services, such as online and mobile banking, and mobile payment services. Further, it engages in insurance brokerage, securities, financial leasing and investment, and venture capital businesses. The company was formerly known as Taichung Small and Medium Business Bank Company Limited and changed its name to Taichung Commercial Bank Co., Ltd. in December 1998. Taichung Commercial Bank Co., Ltd. was founded in 1952 and is headquartered in Taichung, Taiwan.
Stock analysis
Taichung Commercial Bank Co Ltd (2812) currently trades at 19.00 TWD, while our model-based Fair Value estimate is 15.11 TWD, implying the stock looks roughly 25.7% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 19.55 TWD per share, and 2 of the 6 models we run sit above the 19.00 TWD price.
Bear case: the Dividend Discount group reads lowest at 4.75 TWD, and 4 of the 6 models stay below the price. Evidence for this calculation is low.
Scenario range: 13.52 TWD (bear) to 25.48 TWD (bull), the price of 19.00 TWD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 46/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Taichung Commercial Bank Co Ltd reported revenue of 10.9B TWD in FY2025 versus 16.7B TWD in FY2021, a compound −10.2%/yr. Reported net income was 9.1B TWD in FY2025, compounding +17.2%/yr from FY2021.
Key figures
Market cap 124B TWD (≈ $3.9B) · P/E ratio 12.4 · P/S ratio 10.4 · EPS (TTM) 1.53 TWD · Dividend yield 2.1% · Net margin 83.4% · Return on equity 10.5% · Return on assets (EBIT) 0.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (medium confidence).
What moves the price
The share trades about 18% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at −20%, 2812 screens cheaper than that median.
Fair Value models
Bear 13.52 TWDFair Value 15.11 TWDBull 25.48 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.8339 TWD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.80/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.4%
Revenue growth 19 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.2%
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What shareholders gained per year (last 5 years), in TWD ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+13.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.9%
Dividend (yield on the price)2.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.11% vs 6%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.31% → 100%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−19.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about −20.6% a year for the price.
Compare Taichung Commercial Bank Co Ltd with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 1074 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score45 · Bottom 25%
Fair Value upside−21% · Below median
Profitability
Return on equity (TTM)10% · Above median
Return on assets1% · Below median
Net margin (TTM)46% · Top 25%
Operating margin (TTM)56% · Top 25%
Growth and dividend
Revenue growth8% · Below median
Dividend yield (TTM)2.1% · Below median
Balance sheet
Debt / equity0.15× · Below median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Taichung Commercial Bank Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2812
Frequently asked questions
Is Taichung Commercial Bank Co Ltd (2812) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 15.11 TWD versus a price of 19.00 TWD, about −20% upside (overvalued).
What is the fair value of 2812?
Our model-based fair value for Taichung Commercial Bank Co Ltd is 15.11 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 19.00 TWD.
What is the quality score of 2812?
Taichung Commercial Bank Co Ltd has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Taichung Commercial Bank Co Ltd (2812)?
Our model-based price target is the fair value of 15.11 TWD (as of Sep 24, 2026) from 6 valuation models. Cautious scenario 13.52 TWD, optimistic scenario 25.48 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Taichung Commercial Bank Co Ltd stock forecast for 2026?
Our models put fair value at 15.11 TWD, about −20% upside versus a price of 19.00 TWD (overvalued). Cautious scenario 13.52 TWD, optimistic scenario 25.48 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Taichung Commercial Bank Co Ltd (2812)?
Taichung Commercial Bank Co Ltd reported trailing-twelve-month revenue of about 20.4B TWD (latest available figure, as of Sep 24, 2026).
Does Taichung Commercial Bank Co Ltd pay a dividend?
Taichung Commercial Bank Co Ltd currently shows a dividend yield of about 2.05% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Taichung Commercial Bank Co Ltd (2812)?
For today's price to be fair in a discounted-cash-flow model, Taichung Commercial Bank Co Ltd would have to grow free cash flow by -19.4 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -6.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 2812 use?
Our models discount Taichung Commercial Bank Co Ltd at 8.6 %: a base by market capitalisation (large), damped by beta 0.09, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Taichung Commercial Bank Co Ltd that is -19.4 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Taichung Commercial Bank Co Ltd (2812) delivered so far?
Over the past 5 years revenue at Taichung Commercial Bank Co Ltd grew -6.9 % a year. The price currently implies -19.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Taichung Commercial Bank Co Ltd (2812) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Taichung Commercial Bank Co Ltd (-19.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Taichung Commercial Bank Co Ltd (2812)?
The free-cash-flow yield on the price is 11.26 %: that much free cash flow Taichung Commercial Bank Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Taichung Commercial Bank Co Ltd (2812)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Taichung Commercial Bank Co Ltd it is 15.11 TWD per share (as of Sep 24, 2026), against a price of 19.00 TWD. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Taichung Commercial Bank Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2812 trades above its calculated fair value: price 19.00 TWD, fair value 15.11 TWD, a gap of about −20% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 2812?
No. The price is what the market pays today (19.00 TWD); the fair value is what the company's own numbers justify (15.11 TWD). For Taichung Commercial Bank Co Ltd the two are 3.89 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Taichung Commercial Bank Co Ltd worth?
The market values Taichung Commercial Bank Co Ltd at about 124B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 19.00 TWD; our models calculate a fair value of 15.11 TWD per share.
What do the bullish and bearish scenarios say about 2812?
Our models span a range for Taichung Commercial Bank Co Ltd: cautious scenario 13.52 TWD, base 15.11 TWD, optimistic 25.48 TWD per share (as of Sep 24, 2026, price 19.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2812?
Taichung Commercial Bank Co Ltd trades at a price-to-earnings ratio of 12.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 15.11 TWD is built from several models across several years. Other multiples: P/B 1.4, P/S 6.1, EV/EBITDA 7.3.
How solid is the balance sheet of Taichung Commercial Bank Co Ltd (2812)?
Balance-sheet figures for Taichung Commercial Bank Co Ltd (as of Sep 24, 2026): return on equity 10.5%, debt of 0.15 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is 2812 from its 52-week high?
Taichung Commercial Bank Co Ltd trades at 19.00 TWD, about 18% below its 52-week high of 23.15 TWD and 3% above the low of 18.40 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 15.11 TWD is for.
Which stocks are comparable to Taichung Commercial Bank Co Ltd?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Taichung Commercial Bank Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 19.00 TWD, calculated fair value 15.11 TWD (−20%), Quality Score 46/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 2812 calculated?
We run Taichung Commercial Bank Co Ltd through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 15.11 TWD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Taichung Commercial Bank Co Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Taichung Commercial Bank Co Ltd (2812)?
The closing price on Sep 24, 2026 was 19.00 TWD. Our model-based fair value is 15.11 TWD, about −20% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Taichung Commercial Bank Co Ltd right now?
Solid but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (13.52 TWD to 25.48 TWD) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Taichung Commercial Bank Co Ltd (2812) come from?
Earnings per share at Taichung Commercial Bank Co Ltd grew +5.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.8 %, EBIT margin +4.3 %, tax rate −0.3 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Taichung Commercial Bank Co Ltd
How large is the market capitalisation of Taichung Commercial Bank Co Ltd (2812)?
The market capitalisation of Taichung Commercial Bank Co Ltd is 124B TWD (≈ $3.9B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Taichung Commercial Bank Co Ltd (2812)?
The price-to-sales ratio of Taichung Commercial Bank Co Ltd is 10.4 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Taichung Commercial Bank Co Ltd (2812)?
Earnings per share at Taichung Commercial Bank Co Ltd are 1.53 TWD (price ÷ EPS = P/E 12.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Taichung Commercial Bank Co Ltd (2812)?
The dividend yield of Taichung Commercial Bank Co Ltd is 2.1% (payout 25.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Taichung Commercial Bank Co Ltd (2812)?
The net margin of Taichung Commercial Bank Co Ltd is 83.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Taichung Commercial Bank Co Ltd (2812)?
The return on equity (ROE) of Taichung Commercial Bank Co Ltd is 10.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Taichung Commercial Bank Co Ltd (2812)?
On an EBIT basis the return on assets of Taichung Commercial Bank Co Ltd is 0.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Taichung Commercial Bank Co Ltd (2812)?
The operating margin of Taichung Commercial Bank Co Ltd is 55.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Taichung Commercial Bank Co Ltd (2812)?
Revenue at Taichung Commercial Bank Co Ltd is growing +7.6% versus a year earlier (3y avg −18.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Taichung Commercial Bank Co Ltd (2812)?
Earnings per share at Taichung Commercial Bank Co Ltd are growing +8.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Taichung Commercial Bank Co Ltd (2812) carry?
The net debt of Taichung Commercial Bank Co Ltd is 5.5B TWD (fiscal year 2025, ≈ 0.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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