CTBC Financial Holding Co Ltd Pref (2891B) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of CTBC Financial Holding Co Ltd Pref TWD 45.49, price TWD 61.90, upside -26.5%, quality 53 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 23, 2026.
How to read this chart
60‑month range 58.20 TWD – 64.80 TWD · fair‑value band 28.44 TWD – 56.86 TWD · the 61.90 TWD price screens above the 45.49 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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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.
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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 Pref (2891B) currently trades at 61.90 TWD, while our model-based Fair Value estimate is 45.49 TWD, 26.5% 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 37.22 TWD per share, and 0 of the 6 models we run sit above the 61.90 TWD price.
Bear case: the Asset-Based group reads lowest at 17.81 TWD, and 6 of the 6 models stay below the price. Evidence for this calculation is medium.
Scenario range: 28.44 TWD (bear) to 56.86 TWD (bull), the price of 61.90 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 53/100 (solid quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
CTBC Financial Holding Co Ltd Pref reported revenue of 261B TWD in FY2025 versus 185B TWD in FY2021, a compound +9.0%/yr. Reported net income was 80.6B TWD in FY2025, compounding +10.4%/yr from FY2021.
Key figures
Market cap 423B TWD (≈ $13.3B) · P/E ratio 24.5 · P/S ratio 7.57 · EPS (TTM) 2.55 TWD · Dividend yield 4.0% · Net margin 30.9% · Return on equity 14.3% · Return on assets 1.6%.
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 at 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 −27%, 2891B screens cheaper than that median.
Fair Value models
Bear 28.44 TWDFair Value 45.49 TWDBull 56.86 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 (0.0378 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+34.3%
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.
+20.0%
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.
+6.2%
Start year 2020 (pandemic)
Revenue growth 7 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.
−2.6%
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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.
+17.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.2%
Dividend (yield on the price)4.0%
⚠ Revenue per share shrinking 6.0%/yr over ~5Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Compare CTBC Financial Holding Co Ltd Pref 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 · 1053 stocks
Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score50 · Below median
Fair Value upside−36.1% · Bottom 25%
Profitability
Return on equity (TTM)14.3% · Top 25%
Return on assets1.6% · Top 25%
Net margin (TTM)14.4% · Bottom 25%
Operating margin (TTM)38.2% · Below median
Growth and dividend
Revenue growth−69.6% · Bottom 25%
Dividend yield (TTM)4.0% · Top 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
P/E (TTM)24.5× · Priciest 25%
P/B0.82× · Cheapest 25%
P/S (TTM)0.72× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 12
FUTURE (revenue growth)0· sector 48
PAST (return on equity)57· sector 41
HEALTH (low debt)0· sector 84
DIVIDEND (yield)81· 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 Pref Fair Value". https://www.fairvalue-calculator.com/stock/2891B
Frequently asked questions
Is CTBC Financial Holding Co Ltd Pref (2891B) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 45.49 TWD versus a price of 61.90 TWD, about −27% upside (overvalued).
What is the fair value of 2891B?
Our model-based fair value for CTBC Financial Holding Co Ltd Pref is 45.49 TWD (as of Sep 23, 2026), built from audited fundamentals. The current price: 61.90 TWD.
What is the quality score of 2891B?
CTBC Financial Holding Co Ltd Pref has a Quality Score of 53/100. 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 Pref (2891B)?
Our model-based price target is the fair value of 45.49 TWD (as of Sep 23, 2026) from 6 valuation models. Cautious scenario 28.44 TWD, optimistic scenario 56.86 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the CTBC Financial Holding Co Ltd Pref stock forecast for 2026?
Our models put fair value at 45.49 TWD, about −27% upside versus a price of 61.90 TWD (overvalued). Cautious scenario 28.44 TWD, optimistic scenario 56.86 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of CTBC Financial Holding Co Ltd Pref (2891B)?
CTBC Financial Holding Co Ltd Pref reported trailing-twelve-month revenue of about 585B TWD (latest available figure, as of Sep 23, 2026).
Does CTBC Financial Holding Co Ltd Pref pay a dividend?
CTBC Financial Holding Co Ltd Pref currently shows a dividend yield of about 4.04% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of CTBC Financial Holding Co Ltd Pref (2891B)?
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 Pref it is 45.49 TWD per share (as of Sep 23, 2026), against a price of 61.90 TWD. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is CTBC Financial Holding Co Ltd Pref stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 2891B trades above its calculated fair value: price 61.90 TWD, fair value 45.49 TWD, a gap of about −27% (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 2891B?
No. The price is what the market pays today (61.90 TWD); the fair value is what the company's own numbers justify (45.49 TWD). For CTBC Financial Holding Co Ltd Pref the two are 16.41 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is CTBC Financial Holding Co Ltd Pref worth?
The market values CTBC Financial Holding Co Ltd Pref at about 423B TWD (market capitalisation, as of Sep 23, 2026). Per share that is 61.90 TWD; our models calculate a fair value of 45.49 TWD per share.
What do the bullish and bearish scenarios say about 2891B?
Our models span a range for CTBC Financial Holding Co Ltd Pref: cautious scenario 28.44 TWD, base 45.49 TWD, optimistic 56.86 TWD per share (as of Sep 23, 2026, price 61.90 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2891B?
CTBC Financial Holding Co Ltd Pref trades at a price-to-earnings ratio of 24.5 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 45.49 TWD is built from several models across several years. Other multiples: P/B 0.8, P/S 0.7.
How solid is the balance sheet of CTBC Financial Holding Co Ltd Pref (2891B)?
Balance-sheet figures for CTBC Financial Holding Co Ltd Pref (as of Sep 23, 2026): return on equity 14.3%. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is 2891B from its 52-week high?
CTBC Financial Holding Co Ltd Pref trades at 61.90 TWD, about 4% below its 52-week high of 64.80 TWD and at the low of 61.60 TWD (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 45.49 TWD is for.
Which stocks are comparable to CTBC Financial Holding Co Ltd 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 CTBC Financial Holding Co Ltd Pref stock attractive at the current price?
The data as of Sep 23, 2026: price 61.90 TWD, calculated fair value 45.49 TWD (−27%), Quality Score 53/100, 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 2891B calculated?
We run CTBC Financial Holding Co Ltd 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 45.49 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. CTBC Financial Holding Co Ltd 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 CTBC Financial Holding Co Ltd Pref (2891B)?
The closing price on Oct 2, 2026 was 61.90 TWD. Our model-based fair value is 45.49 TWD, about −27% 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 Pref right now?
The price sits above even our optimistic bull case (56.86 TWD). The favourable scenario is already priced in. Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (28.44 TWD to 56.86 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.
Key figures of CTBC Financial Holding Co Ltd Pref
How large is the market capitalisation of CTBC Financial Holding Co Ltd Pref (2891B)?
The market capitalisation of CTBC Financial Holding Co Ltd Pref is 423B TWD (≈ $13.3B). 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 Pref (2891B)?
The price-to-sales ratio of CTBC Financial Holding Co Ltd Pref is 7.57 (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 Pref (2891B)?
Earnings per share at CTBC Financial Holding Co Ltd Pref are 2.55 TWD (price ÷ EPS = P/E 24.5). 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 Pref (2891B)?
The dividend yield of CTBC Financial Holding Co Ltd Pref is 4.0% (payout 98.0%). 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 CTBC Financial Holding Co Ltd Pref (2891B)?
The net margin of CTBC Financial Holding Co Ltd Pref is 30.9% (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 Pref (2891B)?
The return on equity (ROE) of CTBC Financial Holding Co Ltd Pref is 14.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of CTBC Financial Holding Co Ltd Pref (2891B)?
The return on assets (ROA) of CTBC Financial Holding Co Ltd Pref is 1.6% (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 CTBC Financial Holding Co Ltd Pref (2891B)?
The operating margin of CTBC Financial Holding Co Ltd Pref is 38.2% (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 Pref (2891B)?
Revenue at CTBC Financial Holding Co Ltd Pref is growing −69.6% versus a year earlier (3y avg +20.0%). 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 Pref (2891B)?
Earnings per share at CTBC Financial Holding Co Ltd Pref are growing +2.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does CTBC Financial Holding Co Ltd Pref (2891B) generate?
The free cash flow of CTBC Financial Holding Co Ltd Pref is 67.8M 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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