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Bank of Kaohsiung Ltd (2836) Fair Value & Analysis

Financial Services · TW · Market cap 23.6B TWD (≈ $744M) · ISIN TW0002836004

What is Bank of Kaohsiung Ltd really worth?

BO Bank of Kaohsiung Ltd 2836 · TW
Price12.25 TWD
Fair Value10.39 TWD
Upside−15.2%
Quality38/100

Below-average quality, and trading another 18% above our fair value of 10.39 TWD.

As of Aug 13, 2026, the fair value of Bank of Kaohsiung Ltd is 10.39 TWD per share against a price of 12.25 TWD, so the fair value sits 15% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

✓Healthy Growth (revenue 5y +13.5 %/yr)
✓Highly profitable · 29.3% net margin
✓Low debt · generates free cash flow

Risks

!Mixed vs. peers (6/14)
!Moderate moat 58/100
!Evidence only low, so the estimate is less certain
!Weak on valuation: 13 out of 100
!Weak on past: 21 out of 100

For context

·2.45% dividend yield
Evidence: Low Range 7.80 TWD – 12.99 TWD

Fair value as of: Aug 13, 2026

From 4 valuation models · updated 23 days ago

Fair value updated Aug 13, 2026, revised from 9.03 TWD to 10.39 TWD (+15.1%) since Jul 23, 2026. Share price +3.8% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • 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.

Price vs Fair Value (5 years)

15.37 TWD 9.88 TWD Fair Value 10.39 TWD Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 9.88 TWD – 15.37 TWD · fair‑value band 7.80 TWD – 12.99 TWD · the 12.25 TWD price screens above the 10.39 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 Aug 13, 2026.

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Analysis

Bank of Kaohsiung Ltd (2836) currently trades at 12.25 TWD, while our model-based Fair Value estimate is 10.39 TWD, implying the stock looks roughly 17.9% overvalued today. The Quality Score stands at 38/100 (below-average quality), in the Financial Services sector. Bull case: the Economic Profit group reads highest at a median of 11.13 TWD per share, and 0 of the 4 models we run sit above the 12.25 TWD price. Bear case: the Multiples group reads lowest at 9.03 TWD, and 4 of the 4 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Bank of Kaohsiung Ltd generated revenue of 4.7B TWD at a net margin of 29.3%. Revenue grew 8.3% year over year. It earns a return on equity of 5.3%. Net debt stands at 12.3B TWD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 7.80 TWD (bear case) to 12.99 TWD (bull case); at 12.25 TWD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 5% below its 52-week high and 6% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at −15%, 2836 screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 0.2524 TWD per share, which is 2.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model 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
Highest evidence
Residual Income best evidence 11.06 TWD 11.13 TWD 10.52 TWD 76
P/E Multiple 6.77 TWD 9.03 TWD 11.29 TWD 63
P/B Multiple 8.86 TWD 11.81 TWD 14.76 TWD 55
All 4 models by family
Multiples
P/E Multiple 6.77 TWD 9.03 TWD 11.29 TWD 63
P/B Multiple 8.86 TWD 11.81 TWD 14.76 TWD 55
Asset-Based
NCAV (Graham) 7.26 TWD 9.73 TWD 14.52 TWD 54
Economic Profit
Residual Income best evidence 11.06 TWD 11.13 TWD 10.52 TWD 76

Widest divergence: Economic Profit (11.13 TWD) versus Multiples (9.03 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 18.3
P/S ratio 2.33 P/E × margin
EPS (TTM) 0.6700 TWD price ÷ EPS = P/E 18.3
Dividend yield 2.4% payout 44.8%
Net margin 12.7% FY2025
Return on equity 5.3% TTM
More key figures
Profitability
Return on assets (EBIT) 0.4% avg 5y
Operating margin 40.2% TTM
Growth
Revenue (TTM) 4.7B TWD TTM
Revenue growth (YoY) +8.3% 3y avg +21.0%
EPS growth (YoY) +42.9%
Balance sheet & cash flow
Free cash flow 1.9B TWD FY2025
Net debt 12.3B TWD FY2025 · ≈ 6.4 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 38/100

Of which business quality 37 · Market factors (momentum, volatility) 59

Profitability 22
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 83
Earnings quality: real cash, not paper profit
Fin. Strength 15
Balance sheet, leverage, solvency risk
Investment 50
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 46
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Bank of Kaohsiung Co., Ltd. provides various banking products and services in Taiwan, America, Australia, the United Arab Emirates, the Cayman Islands, the Viking Islands, and internationally.

Full company description

Bank of Kaohsiung Co., Ltd. provides various banking products and services in Taiwan, America, Australia, the United Arab Emirates, the Cayman Islands, the Viking Islands, and internationally. The company offers checking accounts, public treasury deposits, demand deposits, fixed deposits, demand savings deposits, and fixed savings deposits; remittances; and negotiable certificates of deposits. It is also involved in the domestic deposit and loan business; investment and trading in securities; overseas deposit business; and public treasury, trust, and insurance agency businesses. In addition, the company operates as a market warehousing agent; manages municipal bonds; and engages in savings and other related businesses. The company was formerly known as City Bank of Kaohsiung Co., Ltd. and changed its name to Bank of Kaohsiung Co., Ltd. in January 1994. Bank of Kaohsiung Co., Ltd. was incorporated in 1982 and is headquartered in Kaohsiung, Taiwan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Bank of Kaohsiung Ltd reported revenue of 10.0B TWD in FY2025 versus 5.1B TWD in FY2021, a compound +18.5%/yr. Reported net income was 1.3B TWD in FY2025, compounding +8.9%/yr from FY2021.

Growth Quality 94/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
10.0B TWD
Latest YoY
+3.5%
Avg. revenue growth/yr (3Y) ⓘ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.
+21.0%
Avg. revenue growth/yr (5Y) ⓘ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.
+13.5%
Avg. revenue growth/yr (20Y) ⓘ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.
+4.5%
Value creation/yr (5Y, in TWD) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.
+5.2% · in TWD
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+2.8%
Dividend yield2.4%
Trend ⓘ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.5Y 2.8% vs 10Y 1.4%, steady
Operating margin (EBIT) ⓘ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.16.6% (2020) → 15.6% (2025) · falling
Worst earnings drop299% (2008) (loss year, drop beyond 100%) · in TWD
Revenue +18.5%/yr
FY21 5.1B TWD
FY22 5.7B TWD
FY23 8.0B TWD
FY24 9.7B TWD
FY25 10.0B TWD
Net income +8.9%/yr
FY21 910M TWD
FY22 935M TWD
FY23 865M TWD
FY24 961M TWD
FY25 1.3B TWD
Character of growth · EPS growth decomposed (2014-2025) +0.9 % p.a.
Revenue per share +0.5 %

of which total revenue +6.2 % · buybacks/dilution −5.4 %

EBIT margin +2.7 %
Tax rate −2.3 %
Residual (interest, one-offs) +0.0 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

2836 screens 18% overvalued. Compare with DBS Group →

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Bank of Kaohsiung Ltd · Fair Value
10.39 TWD −18%Fair Value
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Cite: Fair Value Calculator (2026). "Bank of Kaohsiung Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2836.TW

Peer Group

Banks - Regional · 1070 stocks

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.

Quality Score 38 · Bottom 25%
Fair Value upside −15% · Below median
Return on equity (TTM) 5% · Bottom 25%
Return on assets 0% · Bottom 25%
Net margin (TTM) 29% · Above median
Operating margin (TTM) 40% · Above median
Revenue growth 8% · Below median
Dividend yield (TTM) 2.4% · Below median
Debt / equity 0.28× · Lower than median

Valuation Multiples vs Banks - Regional median · lower = cheaper

P/E (TTM) 18.3× · Pricier than 75% of peers
P/B 0.88× · Cheaper than median
P/S (TTM) 4.99× · Pricier than 75% of peers
P/FCF 0.4× · Cheaper than 75% of peers
EV/EBITDA 8.8× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE13 · sector 32
FUTURE42 · sector 45
PAST21 · sector 41
HEALTH86 · sector 85
DIVIDEND49 · sector 51

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
DBS Group D05 75.65 SGD 40.48 SGD −46%
China Merchants Bank Co 3968 HK$47.96 HK$76.51 +60%
Intesa Sanpaolo S.p.A ISP €6.78 €5.66 −17%
HDFC Bank Limited HDB $23.18 $24.12 +4%
BNP Paribas SA BNP €104.54 €144.64 +38%
UniCredit S.p.A UCG €84.71 €77.62 −8%
Mizuho Financial Group MFG $10.74 $9.69 −10%
ICICI Bank Limited ICICIBANK ₹1,423 ₹835.21 −41%
Oversea-Chinese Banking Corporation O39 31.07 SGD 19.80 SGD −36%
CaixaBank, S.A CABK €13.52 €8.85 −35%

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Frequently asked questions

Is Bank of Kaohsiung Ltd (2836) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 10.39 TWD versus a price of 12.25 TWD, about −15% upside (overvalued).
What is the fair value of 2836?
Our model-based fair value for Bank of Kaohsiung Ltd is 10.39 TWD (as of Aug 13, 2026), built from audited fundamentals. The current price: 12.25 TWD.
What is the quality score of 2836?
Bank of Kaohsiung Ltd has a Quality Score of 38/100. 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 Bank of Kaohsiung Ltd (2836)?
Our model-based price target is the fair value of 10.39 TWD (as of Aug 13, 2026) from 4 valuation models. Cautious scenario 7.80 TWD, optimistic scenario 12.99 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Bank of Kaohsiung Ltd stock forecast for 2026?
Our models put fair value at 10.39 TWD, about −15% upside versus a price of 12.25 TWD (overvalued). Cautious scenario 7.80 TWD, optimistic scenario 12.99 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Bank of Kaohsiung Ltd (2836)?
Bank of Kaohsiung Ltd reported trailing-twelve-month revenue of about 4.7B TWD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 2836?
The net profit margin of Bank of Kaohsiung Ltd is about 29.3%, meaning it keeps roughly 29.3% of revenue as net income. Based on the latest reported figures.
Does Bank of Kaohsiung Ltd pay a dividend?
Bank of Kaohsiung Ltd currently shows a dividend yield of about 2.45% relative to its recent price (as of Aug 13, 2026).
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