Union Bank of Taiwan (2838) Fair Value & Analysis

Financial Services · TW · Market cap 94.4B TWD

UB Union Bank of Taiwan 2838 · TW

Price22.45 TWD

Fair Value18.22 TWD

Upside-18.8%

Quality47/100

Evidence: Medium Range 13.66 TWD – 22.77 TWD

Fair value as of: Jun 26, 2026

From 13 valuation models · updated 5 days ago

Fair value updated Jun 26, 2026 — revised from 14.10 TWD to 18.22 TWD (+29.2%) since Jun 24, 2026. Share price +10.7% over the past month.

Price vs Fair Value (12 months)

12‑month range 16.22 TWD – 22.45 TWD · fair‑value band 13.66 TWD – 22.77 TWD · the 22.45 TWD price screens above the 18.22 TWD fair value. As of Jun 26, 2026.

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Analysis

Union Bank of Taiwan (2838) currently trades at 22.45 TWD, while our model-based Fair Value estimate is 18.22 TWD — implying the stock looks roughly 18.8% overvalued today. We read business quality at 47/100 (below-average quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium — the entry price still matters most (evidence: medium).

Over the trailing twelve months, Union Bank of Taiwan generated revenue of 20.3B TWD at a net margin of 31.5%. Revenue grew 9.3% year over year. It earns a return on equity of 7.6%. Net debt stands at 69.1B TWD. Fundamentals as of Jun 26, 2026

Key figures & financial health

Revenue (TTM) 20.3B TWD

Revenue growth (YoY) +9.3%

Net margin 31.5%

Return on equity 7.6%

Free cash flow −12.2B TWD FY2025

P/E ratio 16.9

More key figures

Operating margin 35.8%

EPS (TTM) 1.29 TWD

Dividend yield 2.1%

EPS growth (YoY) +24.8%

Net debt 69.1B TWD FY2025

Figures from reported company fundamentals (EODHD) · as of Jun 26, 2026. TTM = trailing twelve months.

About the company

Union Bank of Taiwan provides various banking products and services. It operates through Corporate Banking Unit, Consumer Banking Unit, Wealth Management and Trust Unit, Investing Unit, and Leasing Unit segments. The company accepts deposit products, loans, remittances, acceptances, issuance of guarantees and letters of credit, short-term bills transactions, foreign exchange transactions, savings, and trusts. It also provides corporate loans, discount bills and notes, domestic letters of credit and conduct accounts receivable factoring, mortgages, auto loans, personal loans, and other consumer credit; credit card services; and wealth management, trust, custodian business, safe-deposit box rental, and certification services for marketable securities. In addition, the company engages in handling of exports, imports, foreign remittances, foreign currency loans, and guarantees; trades in marketable securities and futures on behalf of customers; and acts as collecting and paying agent …

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Union Bank of Taiwan reported revenue of 7.2B TWD in FY2025 versus 19.6B TWD in FY2021, a compound −22.1%/yr. Reported net income was 6.1B TWD in FY2025, compounding +8.0%/yr from FY2021.

Revenue −22.1%/yr

FY21 19.6B TWD

FY22 22.1B TWD

FY23 29.3B TWD

FY24 32.8B TWD

FY25 7.2B TWD

Net income +8.0%/yr

FY21 4.5B TWD

FY22 3.5B TWD

FY23 4.3B TWD

FY24 5.2B TWD

FY25 6.1B TWD

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Frequently asked questions

Is Union Bank of Taiwan (2838) undervalued?

As of Jun 26, 2026, our model estimates a fair value of 18.22 TWD versus a price of 22.45 TWD — about −19% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 2838?

Our model-based fair value for Union Bank of Taiwan is 18.22 TWD (as of Jun 26, 2026), built from audited fundamentals. The current price is 22.45 TWD.

What is the quality score of 2838?

Union Bank of Taiwan has a Quality Score of 47/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of Union Bank of Taiwan (2838)?

Union Bank of Taiwan reported trailing-twelve-month revenue of about 20.3B TWD (latest available figure, as of Jun 26, 2026).

What is the net profit margin of 2838?

The net profit margin of Union Bank of Taiwan is about 31.5%, meaning it keeps roughly 31.5% of revenue as net income. Based on the latest reported figures.

Does Union Bank of Taiwan pay a dividend?

Union Bank of Taiwan currently shows a dividend yield of about 2.12% relative to its recent price (as of Jun 26, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.