CTBC Financial Holding Co. Ltd. Pfd. (2891C) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of CTBC Financial Holding Co. Ltd. Pfd. TWD 45.49, price TWD 60.50, upside -24.8%, quality 54 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 Oct 3, 2026.
How to read this chart
60‑month range 50.34 TWD – 62.20 TWD · fair‑value band 27.65 TWD – 56.86 TWD · the 60.50 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 Oct 3, 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. Pfd. (2891C) currently trades at 60.50 TWD, while our model-based Fair Value estimate is 45.49 TWD, 24.8% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of 38.58 TWD per share, and 0 of the 6 models we run sit above the 60.50 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: 27.65 TWD (bear) to 56.86 TWD (bull), the price of 60.50 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 54/100 (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. Pfd. reported revenue of 261B TWD in FY2025 versus 185B TWD in FY2021, a compound +8.9%/yr. Reported net income was 80.6B TWD in FY2025, compounding +10.4%/yr from FY2021.
Key figures
Market cap 428B TWD (≈ $13.5B) · P/E ratio 24.3 · P/S ratio 7.51 · EPS (TTM) 2.55 TWD · Dividend yield 4.1% · Net margin 30.9% · Return on equity 18.6% · Return on assets 1.4%.
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 3% below its 52-week high and 5% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −36% fair-value upside, at −25%, 2891C screens cheaper than that median.
Fair Value models
Bear 27.65 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 6 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.
−0.1%
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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 CTBC Financial Holding Co. Ltd. Pfd. 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 · 1052 stocks
Beats the industry median on 4/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score51 · Below median
Fair Value upside−36.1% · 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)4.1% · Top 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
P/E (TTM)24.3× · Priciest 25%
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)0· sector 84
DIVIDEND (yield)83· sector 53
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.
Is CTBC Financial Holding Co. Ltd. Pfd. (2891C) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of 45.49 TWD versus a price of 60.50 TWD, about −25% upside (overvalued).
What is the fair value of 2891C?
Our model-based fair value for CTBC Financial Holding Co. Ltd. Pfd. is 45.49 TWD (as of Oct 3, 2026), built from audited fundamentals. The current price: 60.50 TWD.
What is the quality score of 2891C?
CTBC Financial Holding Co. Ltd. Pfd. has a Quality Score of 54/100. 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. Pfd. (2891C)?
Our model-based price target is the fair value of 45.49 TWD (as of Oct 3, 2026) from 6 valuation models. Cautious scenario 27.65 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. Pfd. stock forecast for 2026?
Our models put fair value at 45.49 TWD, about −25% upside versus a price of 60.50 TWD (overvalued). Cautious scenario 27.65 TWD, optimistic scenario 56.86 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of CTBC Financial Holding Co. Ltd. Pfd. (2891C)?
CTBC Financial Holding Co. Ltd. Pfd. reported trailing-twelve-month revenue of about 558B TWD (latest available figure, as of Oct 3, 2026).
Does CTBC Financial Holding Co. Ltd. Pfd. pay a dividend?
CTBC Financial Holding Co. Ltd. Pfd. currently shows a dividend yield of about 4.13% relative to its recent price (as of Oct 3, 2026).
What is the intrinsic value of CTBC Financial Holding Co. Ltd. Pfd. (2891C)?
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. Pfd. it is 45.49 TWD per share (as of Oct 3, 2026), against a price of 60.50 TWD. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is CTBC Financial Holding Co. Ltd. Pfd. stock overvalued or undervalued in 2026?
As of Oct 3, 2026, 2891C trades above its calculated fair value: price 60.50 TWD, fair value 45.49 TWD, a gap of about −25% (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 2891C?
No. The price is what the market pays today (60.50 TWD); the fair value is what the company's own numbers justify (45.49 TWD). For CTBC Financial Holding Co. Ltd. Pfd. the two are 15.01 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is CTBC Financial Holding Co. Ltd. Pfd. worth?
The market values CTBC Financial Holding Co. Ltd. Pfd. at about 428B TWD (market capitalisation, as of Oct 3, 2026). Per share that is 60.50 TWD; our models calculate a fair value of 45.49 TWD per share.
What do the bullish and bearish scenarios say about 2891C?
Our models span a range for CTBC Financial Holding Co. Ltd. Pfd.: cautious scenario 27.65 TWD, base 45.49 TWD, optimistic 56.86 TWD per share (as of Oct 3, 2026, price 60.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2891C?
CTBC Financial Holding Co. Ltd. Pfd. trades at a price-to-earnings ratio of 24.3 (as of Oct 3, 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.
How solid is the balance sheet of CTBC Financial Holding Co. Ltd. Pfd. (2891C)?
Balance-sheet figures for CTBC Financial Holding Co. Ltd. Pfd. (as of Oct 3, 2026): return on equity 18.6%. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is 2891C from its 52-week high?
CTBC Financial Holding Co. Ltd. Pfd. trades at 60.50 TWD, about 3% below its 52-week high of 62.20 TWD and 5% above the low of 57.69 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. Pfd.?
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. Pfd. stock attractive at the current price?
The data as of Oct 3, 2026: price 60.50 TWD, calculated fair value 45.49 TWD (−25%), Quality Score 54/100, 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 2891C calculated?
We run CTBC Financial Holding Co. Ltd. Pfd. 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. Pfd. 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. Pfd. (2891C)?
The closing price on Oct 2, 2026 was 60.50 TWD. Our model-based fair value is 45.49 TWD, about −25% 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. Pfd. 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 (54/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (27.65 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. Pfd.
How large is the market capitalisation of CTBC Financial Holding Co. Ltd. Pfd. (2891C)?
The market capitalisation of CTBC Financial Holding Co. Ltd. Pfd. is 428B TWD (≈ $13.5B). 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. Pfd. (2891C)?
The price-to-sales ratio of CTBC Financial Holding Co. Ltd. Pfd. is 7.51 (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. Pfd. (2891C)?
Earnings per share at CTBC Financial Holding Co. Ltd. Pfd. are 2.55 TWD (price ÷ EPS = P/E 24.3). 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. Pfd. (2891C)?
The dividend yield of CTBC Financial Holding Co. Ltd. Pfd. is 4.1% (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. Pfd. (2891C)?
The net margin of CTBC Financial Holding Co. Ltd. Pfd. 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. Pfd. (2891C)?
The return on equity (ROE) of CTBC Financial Holding Co. Ltd. Pfd. is 18.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of CTBC Financial Holding Co. Ltd. Pfd. (2891C)?
The return on assets (ROA) of CTBC Financial Holding Co. Ltd. Pfd. is 1.4% (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. Pfd. (2891C)?
The operating margin of CTBC Financial Holding Co. Ltd. Pfd. 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. Pfd. (2891C)?
Revenue at CTBC Financial Holding Co. Ltd. Pfd. is growing −20.2% 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. Pfd. (2891C)?
Earnings per share at CTBC Financial Holding Co. Ltd. Pfd. 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. Pfd. (2891C) generate?
The free cash flow of CTBC Financial Holding Co. Ltd. Pfd. 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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