Union Bank of Taiwan Pref (2838A) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Union Bank of Taiwan Pref TWD 27.78, price TWD 52.00, upside -46.6%, quality 40 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 45.54 TWD – 55.10 TWD · fair‑value band 25.16 TWD – 30.90 TWD · the 52.00 TWD price screens above the 27.78 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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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.
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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 for public facilities fees, taxes, and remittances, as well as operates as a property insurance agency. Further, the company involved in the retail and distribution of hardware and software products; development of system programs; system development outsourcing; website designing; e-commerce activities; car rental; import and export financing; securities investment trust; and installment, leasing, and accounts receivable factoring businesses. Additionally, it engages in sale, purchase, and leasing of real estate; venture capital; general business investment; installment sale and purchase; investment leasing business; general and investment management consulting; investment and management of private equity fund; and power generation, transmission, distribution, and energy technology service business; and equipment leasing activities. Union Bank of Taiwan was founded in 1989 and is headquartered in Taipei, Taiwan.
Stock analysis
Union Bank of Taiwan Pref (2838A) currently trades at 52.00 TWD, while our model-based Fair Value estimate is 27.78 TWD, 46.6% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 29.49 TWD per share, and 0 of the 6 models we run sit above the 52.00 TWD price.
Bear case: the Dividend Discount group reads lowest at 8.66 TWD, and 6 of the 6 models stay below the price. Evidence for this calculation is medium.
Scenario range: 25.16 TWD (bear) to 30.90 TWD (bull), the price of 52.00 TWD sits above 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 40/100 (below-average quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Union Bank of Taiwan Pref reported revenue of 20.2B TWD in FY2025 versus 16.9B TWD in FY2021, a compound +4.6%/yr. Reported net income was 6.1B TWD in FY2025, compounding +8.1%/yr from FY2021.
Key figures
Market cap 31.5B TWD (≈ $989M) · P/E ratio 46.7 · P/S ratio 14.1 · EPS (TTM) 1.11 TWD · Dividend yield 0.8% · Net margin 30.2% · Return on equity 7.6% · Return on assets 0.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −36% fair-value upside, at −47%, 2838A screens richer than that median.
Fair Value models
Bear 25.16 TWDFair Value 27.78 TWDBull 30.90 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 (0.5127 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.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.47/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+7.3%
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.
+6.1%
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.
+7.1%
Start year 2020 (pandemic)
Revenue growth 8 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.
+6.3%
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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.
Compare Union Bank of Taiwan Pref with another stock
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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 · 1053 stocks
Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score36 · Bottom 25%
Fair Value upside−4.2% · Above median
Profitability
Return on equity (TTM)7.6% · Below median
Return on assets0.6% · Below median
Net margin (TTM)31.7% · Above median
Operating margin (TTM)35.9% · Below median
Growth and dividend
Revenue growth9.6% · Above median
Dividend yield (TTM)0.8% · Bottom 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Union Bank of Taiwan Pref Fair Value". https://www.fairvalue-calculator.com/stock/2838A
Frequently asked questions
Is Union Bank of Taiwan Pref (2838A) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 27.78 TWD versus a price of 52.00 TWD, about −47% upside (overvalued).
What is the fair value of 2838A?
Our model-based fair value for Union Bank of Taiwan Pref is 27.78 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 52.00 TWD.
What is the quality score of 2838A?
Union Bank of Taiwan Pref has a Quality Score of 40/100. 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 Union Bank of Taiwan Pref (2838A)?
Our model-based price target is the fair value of 27.78 TWD (as of Sep 24, 2026) from 6 valuation models. Cautious scenario 25.16 TWD, optimistic scenario 30.90 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Union Bank of Taiwan Pref stock forecast for 2026?
Our models put fair value at 27.78 TWD, about −47% upside versus a price of 52.00 TWD (overvalued). Cautious scenario 25.16 TWD, optimistic scenario 30.90 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Union Bank of Taiwan Pref (2838A)?
Union Bank of Taiwan Pref reported trailing-twelve-month revenue of about 20.2B TWD (latest available figure, as of Sep 24, 2026).
Does Union Bank of Taiwan Pref pay a dividend?
Union Bank of Taiwan Pref currently shows a dividend yield of about 0.83% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Union Bank of Taiwan Pref (2838A)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Union Bank of Taiwan Pref it is 27.78 TWD per share (as of Sep 24, 2026), against a price of 52.00 TWD. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Union Bank of Taiwan Pref stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2838A trades above its calculated fair value: price 52.00 TWD, fair value 27.78 TWD, a gap of about −47% (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 2838A?
No. The price is what the market pays today (52.00 TWD); the fair value is what the company's own numbers justify (27.78 TWD). For Union Bank of Taiwan Pref the two are 24.22 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Union Bank of Taiwan Pref worth?
The market values Union Bank of Taiwan Pref at about 31.5B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 52.00 TWD; our models calculate a fair value of 27.78 TWD per share.
What do the bullish and bearish scenarios say about 2838A?
Our models span a range for Union Bank of Taiwan Pref: cautious scenario 25.16 TWD, base 27.78 TWD, optimistic 30.90 TWD per share (as of Sep 24, 2026, price 52.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2838A?
Union Bank of Taiwan Pref trades at a price-to-earnings ratio of 46.7 (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 27.78 TWD is built from several models across several years.
How solid is the balance sheet of Union Bank of Taiwan Pref (2838A)?
Balance-sheet figures for Union Bank of Taiwan Pref (as of Sep 24, 2026): return on equity 7.6%. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is 2838A from its 52-week high?
Union Bank of Taiwan Pref trades at 52.00 TWD, about 5% below its 52-week high of 55.00 TWD and 1% above the low of 51.68 TWD (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 27.78 TWD is for.
Which stocks are comparable to Union Bank of Taiwan Pref?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, UniCredit S.p.A, Mizuho Financial Group, 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 Union Bank of Taiwan Pref stock attractive at the current price?
The data as of Sep 24, 2026: price 52.00 TWD, calculated fair value 27.78 TWD (−47%), Quality Score 40/100, 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 2838A calculated?
We run Union Bank of Taiwan Pref 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 27.78 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 14.5 % above its aggregate fair value. Union Bank of Taiwan Pref 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 Union Bank of Taiwan Pref (2838A)?
The closing price on Oct 2, 2026 was 52.00 TWD. Our model-based fair value is 27.78 TWD, about −47% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Union Bank of Taiwan Pref right now?
The price sits above even our optimistic bull case (30.90 TWD). The favourable scenario is already priced in. Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Union Bank of Taiwan Pref
How large is the market capitalisation of Union Bank of Taiwan Pref (2838A)?
The market capitalisation of Union Bank of Taiwan Pref is 31.5B TWD (≈ $989M). 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 Union Bank of Taiwan Pref (2838A)?
The price-to-sales ratio of Union Bank of Taiwan Pref is 14.1 (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 Union Bank of Taiwan Pref (2838A)?
Earnings per share at Union Bank of Taiwan Pref are 1.11 TWD (price ÷ EPS = P/E 46.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Union Bank of Taiwan Pref (2838A)?
The dividend yield of Union Bank of Taiwan Pref is 0.8% (payout 39.0%). 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 Union Bank of Taiwan Pref (2838A)?
The net margin of Union Bank of Taiwan Pref is 30.2% (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 Union Bank of Taiwan Pref (2838A)?
The return on equity (ROE) of Union Bank of Taiwan Pref is 7.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of Union Bank of Taiwan Pref (2838A)?
The return on assets (ROA) of Union Bank of Taiwan Pref is 0.6% (last twelve months). Profit relative to everything the company owns. Harder to inflate than return on equity because debt does not boost it.
What is the operating margin of Union Bank of Taiwan Pref (2838A)?
The operating margin of Union Bank of Taiwan Pref is 35.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Union Bank of Taiwan Pref (2838A)?
Revenue at Union Bank of Taiwan Pref is growing +9.6% versus a year earlier (3y avg +6.1%). 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 Union Bank of Taiwan Pref (2838A)?
Earnings per share at Union Bank of Taiwan Pref are growing +24.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Union Bank of Taiwan Pref (2838A) generate?
The free cash flow of Union Bank of Taiwan Pref is −12.2B TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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