CTBC Financial Holding Co Ltd (2891) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of CTBC Financial Holding Co Ltd TWD 43.01, price TWD 68.40, upside -37.1%, quality 49 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch CTBC Financial Holding Co Ltd for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range 16.29 TWD – 71.20 TWD · fair‑value band 27.00 TWD – 53.76 TWD · the 68.40 TWD price screens above the 43.01 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 27, 2026.
Follow CTBC Financial Holding Co in your weekly email
Every Wednesday you see whether CTBC Financial Holding Co is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
CTBC Financial Holding Co., Ltd., together with its subsidiaries, engages in corporate and personal finance, life insurance, and other businesses in Taiwan, Asia, and North America.
Show more
CTBC Financial Holding Co., Ltd., together with its subsidiaries, engages in corporate and personal finance, life insurance, and other businesses in Taiwan, Asia, and North America. The company offers commercial banking and capital market services; customized financing and wealth management and credit services; life insurance services; and designs, provides, and trades in various financial products. It is also involved in deposit and loan; securities and futures; venture capital; asset management; issuance and sale of various types of lottery tickets; prize redemption operations and management, and promotion activities; personal insurance; investment trust; operation of an installment payment sales business; services, leasing business and accounts receivable; cash purchase and sale; guarantee; debt and fund management; securities investment advisory; and wholesale business. In addition, the company provides educational supplies, musical instruments, and recreational products; investment management consulting; financial leasing; product insurance; real estate leasing; elderly housing; home-based businesses and information software services; and hotel business. The company was formerly known as ChinaTrust Financial Holding Co., Ltd. and changed its name to CTBC Financial Holding Co., Ltd. in June 2013. CTBC Financial Holding Co., Ltd. was founded in 2002 and is headquartered in Taipei, Taiwan.
Stock analysis
CTBC Financial Holding Co Ltd (2891) currently trades at 68.40 TWD, while our model-based Fair Value estimate is 43.01 TWD, 37.1% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the Dividend Discount group reads highest at a median of 37.68 TWD per share, and 0 of the 6 models we run sit above the 68.40 TWD price.
Bear case: the Asset-Based group reads lowest at 17.40 TWD, and 6 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: 27.00 TWD (bear) to 53.76 TWD (bull), the price of 68.40 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 49/100 (below-average quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
CTBC Financial Holding Co Ltd reported revenue of 501B TWD in FY2025 versus 185B TWD in FY2021, a compound +28.2%/yr. Reported net income was 80.6B TWD in FY2025, compounding +10.4%/yr from FY2021.
Key figures
Market cap 1.4T TWD (≈ $45.2B) · P/E ratio 16.8 · P/S ratio 2.71 · EPS (TTM) 4.06 TWD · Dividend yield 3.7% · Net margin 16.1% · Return on equity 18.6% · Return on assets (EBIT) 0.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 4% below its 52-week high and 70% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at −37%, 2891 screens cheaper than that median.
Fair Value models
Bear 27.00 TWDFair Value 43.01 TWDBull 53.76 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 (1.17 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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+10.3%
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.
+49.1%
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.
+20.7%
Start year 2020 (pandemic). Over 10 years: +8.7% a year
Revenue growth 25 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.
+7.9%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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.
+17.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.3%
Dividend (yield on the price)3.7%
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.13.3% vs 7.8%, 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.100% → 18%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
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).
−5.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−9.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about −7.2% a year for the price and −10.9% for the forecasts.
Compare CTBC Financial Holding Co Ltd with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
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 · 1056 stocks
Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside−37.1% · Bottom 25%
Profitability
Return on equity (TTM)18.6% · Top 25%
Return on assets1.4% · Top 25%
Net margin (TTM)19.7% · Bottom 25%
Operating margin (TTM)55.8% · Top 25%
Growth and dividend
Revenue growth−20.2% · Bottom 25%
Dividend yield (TTM)3.7% · Above median
Balance sheet
Debt / equity0.27× · Below median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
P/E (TTM)16.8× · Priciest 25%
P/B2.78× · Priciest 25%
P/S (TTM)2.58× · Cheaper than median
P/FCF11.8× · Pricier than median
EV/EBITDA5.3× · Cheapest 25%
PEG1.10× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 12
FUTURE (revenue growth)0· sector 47
PAST (return on equity)74· sector 41
HEALTH (low debt)86· sector 85
DIVIDEND (yield)73· sector 52
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "CTBC Financial Holding Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2891
Frequently asked questions
Is CTBC Financial Holding Co Ltd (2891) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 43.01 TWD versus a price of 68.40 TWD, about −37% upside (overvalued).
What is the fair value of 2891?
Our model-based fair value for CTBC Financial Holding Co Ltd is 43.01 TWD (as of Sep 27, 2026), built from audited fundamentals. The current price: 68.40 TWD.
What is the quality score of 2891?
CTBC Financial Holding Co Ltd has a Quality Score of 49/100. 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 CTBC Financial Holding Co Ltd (2891)?
Our model-based price target is the fair value of 43.01 TWD (as of Sep 27, 2026) from 6 valuation models. Cautious scenario 27.00 TWD, optimistic scenario 53.76 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the CTBC Financial Holding Co Ltd stock forecast for 2026?
Our models put fair value at 43.01 TWD, about −37% upside versus a price of 68.40 TWD (overvalued). Cautious scenario 27.00 TWD, optimistic scenario 53.76 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of CTBC Financial Holding Co Ltd (2891)?
CTBC Financial Holding Co Ltd reported trailing-twelve-month revenue of about 558B TWD (latest available figure, as of Sep 27, 2026).
Does CTBC Financial Holding Co Ltd pay a dividend?
CTBC Financial Holding Co Ltd currently shows a dividend yield of about 3.65% relative to its recent price (as of Sep 27, 2026).
What growth is priced into CTBC Financial Holding Co Ltd (2891)?
For today's price to be fair in a discounted-cash-flow model, CTBC Financial Holding Co Ltd would have to grow free cash flow by -5.7 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +20.7 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 2891 use?
Our models discount CTBC Financial Holding Co Ltd at 8.9 %: a base by market capitalisation (large), damped by beta 0.62, 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 CTBC Financial Holding Co Ltd that is -5.7 % per year a year over ten years, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has CTBC Financial Holding Co Ltd (2891) delivered so far?
Over the past 5 years revenue at CTBC Financial Holding Co Ltd grew +20.7 % a year. The price currently implies -5.7 % 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 CTBC Financial Holding Co Ltd (2891) growing?
The median revenue growth in the sector is +9.1 % a year. That is the yardstick for the growth priced into CTBC Financial Holding Co Ltd (-5.7 % 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 CTBC Financial Holding Co Ltd (2891)?
The free-cash-flow yield on the price is 8.49 %: that much free cash flow CTBC Financial Holding Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of CTBC Financial Holding Co Ltd (2891)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CTBC Financial Holding Co Ltd it is 43.01 TWD per share (as of Sep 27, 2026), against a price of 68.40 TWD. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is CTBC Financial Holding Co Ltd stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 2891 trades above its calculated fair value: price 68.40 TWD, fair value 43.01 TWD, a gap of about −37% (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 2891?
No. The price is what the market pays today (68.40 TWD); the fair value is what the company's own numbers justify (43.01 TWD). For CTBC Financial Holding Co Ltd the two are 25.39 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is CTBC Financial Holding Co Ltd worth?
The market values CTBC Financial Holding Co Ltd at about 1.4T TWD (market capitalisation, as of Sep 27, 2026). Per share that is 68.40 TWD; our models calculate a fair value of 43.01 TWD per share.
What do the bullish and bearish scenarios say about 2891?
Our models span a range for CTBC Financial Holding Co Ltd: cautious scenario 27.00 TWD, base 43.01 TWD, optimistic 53.76 TWD per share (as of Sep 27, 2026, price 68.40 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2891?
CTBC Financial Holding Co Ltd trades at a price-to-earnings ratio of 16.8 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 43.01 TWD is built from several models across several years. Other multiples: PEG 1.1, P/B 2.8, P/S 2.6, EV/EBITDA 5.3.
What is the PEG ratio of 2891?
The PEG ratio of CTBC Financial Holding Co Ltd is 1.10 (P/E divided by earnings growth, as of Sep 27, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of CTBC Financial Holding Co Ltd (2891)?
Balance-sheet figures for CTBC Financial Holding Co Ltd (as of Sep 27, 2026): return on equity 18.6%, debt of 0.27 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is 2891 from its 52-week high?
CTBC Financial Holding Co Ltd trades at 68.40 TWD, about 4% below its 52-week high of 71.20 TWD and 70% above the low of 40.35 TWD (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of 43.01 TWD is for.
Which stocks are comparable to CTBC Financial Holding Co Ltd?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, UniCredit S.p.A, Intesa Sanpaolo S.p.A, 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 CTBC Financial Holding Co Ltd stock attractive at the current price?
The data as of Sep 27, 2026: price 68.40 TWD, calculated fair value 43.01 TWD (−37%), Quality Score 49/100, 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 2891 calculated?
We run CTBC Financial Holding 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 43.01 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 14.9 % above its aggregate fair value. CTBC Financial Holding 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 CTBC Financial Holding Co Ltd (2891)?
The closing price on Sep 30, 2026 was 68.40 TWD. Our model-based fair value is 43.01 TWD, about −37% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CTBC Financial Holding Co Ltd right now?
The price sits above even our optimistic bull case (53.76 TWD). The favourable scenario is already priced in. Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (27.00 TWD to 53.76 TWD) leaves room in how you read the outcome. 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 CTBC Financial Holding Co Ltd (2891) come from?
Earnings per share at CTBC Financial Holding Co Ltd grew +7.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.5 %, EBIT margin −17.5 %, tax rate +0.1 %, residual (interest, one-offs) +22.2 %. 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 CTBC Financial Holding Co Ltd
How large is the market capitalisation of CTBC Financial Holding Co Ltd (2891)?
The market capitalisation of CTBC Financial Holding Co Ltd is 1.4T TWD (≈ $45.2B). 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 CTBC Financial Holding Co Ltd (2891)?
The price-to-sales ratio of CTBC Financial Holding Co Ltd is 2.71 (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 CTBC Financial Holding Co Ltd (2891)?
Earnings per share at CTBC Financial Holding Co Ltd are 4.06 TWD (price ÷ EPS = P/E 16.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of CTBC Financial Holding Co Ltd (2891)?
The dividend yield of CTBC Financial Holding Co Ltd is 3.7% (payout 61.6%). 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 CTBC Financial Holding Co Ltd (2891)?
The net margin of CTBC Financial Holding Co Ltd is 16.1% (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 CTBC Financial Holding Co Ltd (2891)?
The return on equity (ROE) of CTBC Financial Holding Co Ltd is 18.6% (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 CTBC Financial Holding Co Ltd (2891)?
On an EBIT basis the return on assets of CTBC Financial Holding 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 CTBC Financial Holding Co Ltd (2891)?
The operating margin of CTBC Financial Holding Co Ltd is 55.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CTBC Financial Holding Co Ltd (2891)?
Revenue at CTBC Financial Holding Co Ltd is growing −20.2% versus a year earlier (3y avg +49.1%). 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 CTBC Financial Holding Co Ltd (2891)?
Earnings per share at CTBC Financial Holding Co Ltd are growing +2.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does CTBC Financial Holding Co Ltd (2891) carry?
The net debt of CTBC Financial Holding Co Ltd is 298B TWD (fiscal year 2025, ≈ 2.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch CTBC Financial Holding Co Ltd in the live analysis
One click puts CTBC Financial Holding Co Ltd on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
