CTBC Financial Holding Co Ltd (2891) Fair Value & Analysis
Financial Services · TW · Market cap 1.2T TWD (≈ $38.5B) · ISIN TW0002891009
What is CTBC Financial Holding Co Ltd really worth?
A solid business, but trading 57% above our fair value of 43.63 TWD.
Strengths
For context
Fair value as of: Aug 29, 2026
From 6 valuation models · updated 6 days ago
Share price +3.6% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (54.54 TWD). The favourable scenario is already priced in.
- Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.
How to read this chart
60‑month range 16.29 TWD – 71.40 TWD · fair‑value band 32.73 TWD – 54.54 TWD · the 68.40 TWD price screens above the 43.63 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 Aug 29, 2026.
Analysis
CTBC Financial Holding Co Ltd (2891) currently trades at 68.40 TWD, while our model-based Fair Value estimate is 43.63 TWD, implying the stock looks roughly 56.8% overvalued today. The Quality Score stands at 57/100 (solid quality), in the Financial Services sector. Bull case: the Dividend Discount group reads highest at a median of 40.85 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 17.65 TWD, and 6 of the 6 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, CTBC Financial Holding Co Ltd generated revenue of 583B TWD at a net margin of 16.1%. Revenue grew 18.9% year over year. It earns a return on equity of 17.1%. Net debt stands at 298B TWD. Fundamentals as of Aug 29, 2026
Our scenario range runs from 32.73 TWD (bear case) to 54.54 TWD (bull case); at 68.40 TWD, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 3% below its 52-week high and 74% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at −36%, 2891 screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 1.06 TWD per share, which is 2.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 6 models by family
Widest divergence: Dividend Discount (40.85 TWD) versus Asset-Based (17.65 TWD). Highest evidence: Residual Income (69).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 52 · Market factors (momentum, volatility) 85
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
of which total revenue +7.2 % · buybacks/dilution −0.6 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
2891 screens 57% overvalued. Compare with DBS Group →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- CTBC Financial Holding Co Ltd (TPE:2891) (Q2 2026) Earnings Call Highlights: Record H1 Profit ...
- CTBC Financial Holding Co Ltd (TPE:2891) Q1 2026 Earnings Call Highlights: Record Profits and ...
- CTBC Financial Holding Co Ltd (TPE:2891) Q4 2025 Earnings Call Highlights: Record Profits and ...
- CTBC Cup Taiwan–Japan High School Baseball Showdown Concludes Successfully
Peer Group
Banks - Regional · 1071 stocks
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.
Valuation Multiples vs Banks - Regional median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| DBS Group D05 | 75.65 SGD | 40.48 SGD | −46% |
| China Merchants Bank Co 3968 | HK$47.96 | HK$76.51 | +60% |
| Intesa Sanpaolo S.p.A ISP | €6.78 | €5.66 | −17% |
| HDFC Bank Limited HDB | $23.17 | $24.12 | +4% |
| BNP Paribas SA BNP | €102.56 | €144.64 | +41% |
| UniCredit S.p.A UCG | €84.71 | €77.62 | −8% |
| Mizuho Financial Group MFG | $10.74 | $9.69 | −10% |
| ICICI Bank Limited ICICIBANK | ₹1,443 | ₹835.21 | −42% |
| Oversea-Chinese Banking Corporation O39 | 31.07 SGD | 19.80 SGD | −36% |
| CaixaBank, S.A CABK | €13.52 | €8.85 | −35% |
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