2379 · as of 2026-11-13 · NT$ million unless stated
· Automatic
· Built 2026-11-14T10:01:43Z
RT
Market price
758 NTD
This is research, not a buy or sell recommendation. Robo-advice in Taiwan requires an FSC licence; FEAF analyses, explains and monitors, and the investor makes the decision. Judgement thresholds are working rules pending review by the team's finance members.
Valuation · 2379
At NT$ 758, the market price assumes free cash flow grows -0.11% per year forever (discount rate WACC 5.95%, ceiling 3.50%).
Market price
758 NTD
as of 2026-11-13
Perpetual growth implied by the market
-0.11%
Perpetual-growth ceiling (nominal GDP): 3.50%
WACC
5.95%
Beta (2y weekly vs TAIEX): 0.83
FCFF 2025
21.0
bn
Enterprise-value bridge
Market capitalisation0.391 T
+ Interest-bearing debt0.010 T
− Cash & short-term investments0.055 T
= Enterprise value0.346 T
Cost of capital
Cost of equity6.08%
Cost of debt1.17%
Equity weight97.48%
WACC 5.95%
Effective tax rate14.53%
Beta (2y weekly vs TAIEX)
Beta 0.83 (104 weekly pairs vs TAIEX)
Free cash flow
FCFF 2023
15.9 bn
FCFF 2024
21.8 bn
FCFF 2025 ← used
21.0 bn
Average
19.6 bn
Reverse DCF
Perpetual growth implied by the market
-0.11%
Perpetual-growth ceiling (nominal GDP)
3.50%
Circularity check
drift 0.00e+00%
A reverse DCF does not produce an intrinsic value. Feeding its g back into the same formula always returns the market price: that is a mathematical identity, not a valuation. The judgement comes next: is that number plausible?
Sensitivity · fair value per share (NTD)
| WACC | g = 2.50% | g = 3.00% | g = 3.50% | g = 4.00% | g = 4.50% |
|---|---|---|---|---|---|
| 4.95% | 1,791 | 2,238 | 2,993 | 4,540 | 9,507 |
| 5.45% | 1,502 | 1,799 | 2,248 | 3,007 | 4,561 |
| 5.95% | 1,297 | 1,509 | 1,808 | 2,259 | 3,021 |
| 6.45% | 1,144 | 1,303 | 1,516 | 1,816 | 2,269 |
| 6.95% | 1,025 | 1,149 | 1,309 | 1,523 | 1,824 |
The middle row is the WACC computed from the input file; the middle column is the implied g. Every figure on this page comes straight from scripts/dcf.py, the same function as the CLI worksheet, so the two cannot silently diverge.
Data notes & adjustments
i
Current portion of long-term debt is not published separately by FinMind; debt may be understated.
Source of each input
✓
price_per_share
TWSE OpenAPI daily closing quote (https://openapi.twse.com.tw/v1/exchangeReport/STOCK_DAY_ALL), closing price NT$758.00 on 2026-11-13
✓
shares_issued_thousands
TWSE OpenAPI company profile (https://openapi.twse.com.tw/v1/opendata/t187ap03_L), issued common shares 515,512,641 shares ÷ 1,000
✓
balance_sheet
FinMind TaiwanStockBalanceSheet (https://api.finmindtrade.com/api/v4/data, stock_id=2379, date=2025-12-31): CashAndCashEquivalents=13,065.9M; short_term_investments (FinancialAssetsAtAmortizedCost)=41,496.4M; short_term_borrowings (ShorttermBorrowings)=10,090.0M; long_term_debt (none)=0.0M; current_portion_lt_debt (folded into OtherCurrentLiabilities in FinMind)=0.0M. Official MOPS source: https://mopsov.twse.com.tw/mops/web/ajax_t164sb03?encodeURIComponent=1&step=1&firstin=1&off=1&queryName=co_id&inpuType=co_id&TYPEK=all&isnew=false&co_id=2379&year=114&season=04
✓
cash_flow
FinMind TaiwanStockCashFlowsStatement (https://api.finmindtrade.com/api/v4/data, stock_id=2379, dates=2023-12-31, 2024-12-31, 2025-12-31, cumulative YTD as of Dec 31): cfo=CashFlowsFromOperatingActivities, capex=abs(PropertyAndPlantAndEquipment), interest=(2023:InterestExpense, 2024:InterestExpense, 2025:InterestExpense). Official MOPS source: https://mopsov.twse.com.tw/mops/web/ajax_t164sb05?encodeURIComponent=1&step=1&firstin=1&off=1&queryName=co_id&inpuType=co_id&TYPEK=all&isnew=false&co_id=2379&year=114&season=04
✓
tax
FinMind TaiwanStockFinancialStatements (https://api.finmindtrade.com/api/v4/data, stock_id=2379, sum of 4 single quarters in FY2025: 2025-03-31, 2025-06-30, 2025-09-30, 2025-12-31): TAX=2,507.2M, PreTaxIncome=17,260.5M. Official MOPS source: https://mopsov.twse.com.tw/mops/web/ajax_t164sb04?encodeURIComponent=1&step=1&firstin=1&off=1&queryName=co_id&inpuType=co_id&TYPEK=all&isnew=false&co_id=2379&year=114&season=04
✓
risk_free_rate
Taiwan 10-year government bond yield (~1.94%): https://ca.investing.com/rates-bonds/taiwan-10-year-bond-yield-historical-data
✓
beta
TWSE/TPEx official daily close 2y weekly regression (2379 (TWSE) vs TAIEX, 104 weeks: 2024-W45..2026-W46) — https://www.twse.com.tw/rwd/zh/afterTrading/STOCK_DAY?stockNo=2379 & https://www.twse.com.tw/rwd/zh/TAIEX/MI_5MINS_HIST
✓
equity_risk_premium
Damodaran country equity risk premium, Taiwan (~5.01%): https://pages.stern.nyu.edu/adamodar/New_Home_Page/datafile/ctryprem.html
✓
terminal_growth_ceiling
Taiwan long-run nominal GDP growth projection (~3.5%, DGBAS / IMF WEO)