AI 銘柄分析 · 10年

ASE Technology Holding Co., Ltd.（日月光投資控股）

3711 · TWD · 分析基準日 2026-11-06

ASE：半導体後工程と設備投資の10年評価

10年期待年率0.20%

資本コスト11.50%

直近終値527.00 TWD2026-11-06

AIによるシナリオ分析です。基準日以降の出来事、株価や為替の変化は個別に確認が必要です。各数値は元の分析の単位と前提に従います。

分析の要約

半導体パッケージ・検査と電子機器受託製造を５ケースで評価。転換社債の会計簿価と基準日の株数は代理値で、将来の転換・償還や株式報酬は予測です。台湾でETFが負担する配当源泉税は未反映です。

要約の補足

valuation_scope

2026-11-06に経済的に1株保有し売却・買戻し応札せず、2036-11-06に残存1株の経済価値を認識する旧株主。会社買戻しの受取は含めない。

starting_price_TWD

527

initial_company_market_cap_proxy_oku_TWD

23267.848368

weighted_10y_holder_terminal_oku

18985.3112772

weighted_timed_holder_payout_oku

4711.7338817

weighted_holder_PV_oku

8975.1960536

weighted_intrinsic_value_per_TWSE_share_TWD

203.281724

price_gap_TWD

-323.718276

price_gap_ratio

-0.614266179

expected_cashflow_IRR

0.001989287

weighted_average_scenario_IRR_reference_only

-0.031816193

weighted_company_2036_terminal_value_oku_not_same_as_old_holder_synthetic

19125.9733279

current_issued_marketcap_including_treasury_oku_reference

23652.247438

risk_recommendation

設備投資先行、高い地政学リスク、AI向け先端後工程の競争優位を同時評価。割安・割高は資本コストとROIICの感応度が大きい。

interpretation

為替・株式報酬・転換価額調整・実行株価は不確実。報告実績ではなく2036年までのモデル条件付き推定。

one_day_boundary_revision_vs_v2

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old_theoretical_value_TWD: 203.231633
revised_theoretical_value_TWD: 203.281724
difference_TWD: 0.050091
same_source_and_scenario_priors: はい
other_methodology_changes: いいえ

結論の補足

ASE 3711普通株2026-11-06終値527 TWDに対し、10年時点別旧株CFと再投資控除後2036年終価の5ケース確率加重理論価値203.28 TWD、乖離-61.43%、期待IRR0.2%。

事業

種類

台湾ASEH連結パッケージング/テストとUSI(環旭)EMS。ASX米国ADSとは同一普通株の預託証券。

company_customer_concentration_q3

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ATM_top5_pct: 0.46
ATM_top10_pct: 0.63
EMS_top5_pct: 0.7
EMS_top10_pct: 0.78

advanced_packaging_definition

2026年Q3のbumping/Flip Chip/WLP/SiP等の開示は先端包装と完全同義でなく、HBM関連・先端の正確な売上額は未公表。モデル内の先端比率は独自代理推定。

technology_drivers

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1: 2.5D/3D異種集積・FC/WLP/SiP
2: HBM関連パッケージ・テストの需要波及
3: 従来Wirebondと車載・産業
4: USI EMS電子機器組立

company_segment_elimination

ASE ATM operations view can include transactions with EMS and must not be simply added; use only consolidated external revenue packaging/testing/EMS/others in Q3 statement (sum=2441.61億TWD).

競争力・事業の質

advantages: 世界的後工程基盤、顧客認証とテスト設備、材料・設計を含むTurnkey、主要地域での生産網。
weaknesses: 顧客集中、設備償却、技術陳腐化、台湾地政学、電力・水・人件費、USD/TWD変動。
sbc: 2026Q1子会社含むSBC費用NT$338.594m (3.38594億TWD)、H1 restricted stock unearned benefits expense NT$338.567mは同一概念の部分表示で別加算しない。予測SBCは営業費用に含んでおり純利益へ戻さない。
acquisition: EugenLight 65.47%を2026年1月取得、少数株主利益はNCIとして控除。現場利益を子会社外部売上に重複計上しない。

業界と環境

cycle

先端需要加速・AI設備投資集中と、従来型封止/EMSの単価・稼働率下振れを分離して予測。

capex

2026Q3設備CAPEX US$2.104bn、2026年9か月キャッシュフロー上の有形固定資産取得NT$249.792bn。顧客設備・土地等の関連費用が多く営業CF>利益でもFCFが弱くなり得る。

competition

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1: Amkor
2: JCET
3: TSMC CoWoS等内製・競合/顧客補完
4: 各種OSAT
5: EMS peers

constraints

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1: 台湾海峡リスク
2: HBM向け半導体サイクル
3: 設備リードタイム
4: 物流・電源・水
5: China/US輸出制限
6: 顧客の内製化・競合設備能力

財務・資本配分

reported_2026_Q3_9months_TWD_oku

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期間末

2026-09-30

released_on

2026-10-29

reporting_basis

unaudited Taiwan-endorsed IFRS

nine_months_revenue

6088.87

nine_months_operating_income

717.65

nine_months_pretax

765.68

nine_months_tax

126.32

nine_months_consolidated_profit

639.36

nine_months_NCI_profit

17.43

nine_months_parent_profit

621.93

nine_months_CFO

1338.63

nine_months_cash_equipment_capex

2497.92

Q3_revenue

2441.61

Q3_operating_income

331.42

Q3_parent_profit

269.96

Q3_nci_profit

8.83

Q3_basic_weighted_average_shares

4403114522

Q3_diluted_weighted_average_shares

4532143664

Q3_EPS_TWD

6.13

Q3_diluted_EPS_TWD

5.84

parent_equity

4228.34

noncontrolling_equity

310.88

total_equity

4539.22

cash

884.21

other_current_financial_assets

195.17

total_reported_interest_bearing_debt

4064.61

sum_visible_interest_bearing_components

3944.03

debt_definition_gap

120.58

reported_debt_visible_breakdown_oku

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short_borrowings: 704.28
current_longterm_debts_bonds_and_loans: 51.41
bonds_payable_noncurrent: 422.01
longterm_bank_and_bills: 2766.33

unidentified_debt_oku

120.58

unidentified_debt_status

Q3 issuer total interest debt includes 120.58 oku more than separately printed summary headings; no verified classification, carried separately inside (not on top of) reported total.

net_debt_before_current_financial_assets

3180.4

net_debt_after_current_financial_assets

2985.23

balance_sheet_total_assets

12447.85

balance_sheet_total_liabilities

7908.63

parent_profit_after_SBC

はい

noncontrolling_interests_already_excluded_from_parent_profit

はい

reported_q3_segments_external_TWD_oku

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packaging: 1221.73
testing: 263.02
ems: 929.97
others: 26.89
consolidated: 2441.61

reported_9m_segments_external_TWD_oku

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packaging: 3105.41
testing: 710.08
ems: 2197.69
others: 75.69
consolidated: 6088.87

reported_H1_treasury_and_SBC

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treasury_subsidiary_shares_2026_06_30: 72941000
accounting_treasury_cost_TWD_oku: 19.59107
subsidiary_treasury_market_fair_value_2026_06_30_TWD_oku: 496.00224
forfeitable_unearned_benefits_SBC_expense_6months_TWD_oku: 3.38567
complete_consolidated_H1_SBC_expense_TWD_oku: 未確認
comment: H1の非稼得報酬評価はSBC総額全体とは限らずQ1のSBCに機械的加算しない。

bond_2026_details

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parent_cb_ISIN

XS3462009369

USD_face

1000000000

fixed_conversion_fx_USD_TWD

32.388

conversion_price_initial_TWD

927.2

bond_maturity

2031-08-10

conversion_period_start

2026-11-11

conversion_period_last_date

2031-07-31

model_conversion_date_conditional

2031-07-24

model_cash_redemption_settlement_assumed

2031-08-11

early_put_date

2029-08-10

zero_coupon

はい

principal_at_contract_fx_TWD_oku

323.88

initial_converted_new_shares_if_all

34930975

2031_adjusted_conversion_shares

scenario bond_events.derived from cumulative forecast cash dividends, 1pct deferred threshold and proxy 30-day market value

Q3_bonds_payable_total_TWD_oku

422.01

June_domestic_bonds_carrying_proxy_TWD_oku

149.85

Sept_parent_cb_liability_book_proxy_oku

272.16

Sept_parent_cb_liability_book_low_high_proxy_oku

1: 220
2: 315

unconfirmed_conversion_option_in_2026_09_30_equity_oku

未確認

unconfirmed_embedded_derivative_or_equity_split

未確認

do_not_recredit_initial_conversion_option

はい

cash_dividend_conversion_price_formula

NCP=OCP*(M-C)/M (M contractual market value before ex-date; C cash per share), cumulative 1pct threshold and carry-forward

cash_redemption_currency_linked_formula

Settlement Equivalent USD=USD principal*(32.3880 / Prevailing Rate on rate calculation date), 5 business days before payment. TWD economic equivalent=USD principal*32.3880

early_redemption_legal_notes

Holder put 2029-08-10; delisting, change of control protections; company cleanup call if over 90% redeemed/converted; conversion closed periods and notices restrict actual feasible dates

parent_cb_exact_Sept_book_oku

未確認

no_double_count

USD face is contractual repayment nominal, not additional loan draw after base date. Debt book carry already in total debt; no double face liability. CB option capital allocation already included in 9/30 owner equity, not added again on redemption. At conversion remaining liability only moves into ordinary equity.

old_USI_RMB_convertible

2026-01にUSISHのRMB債は転換・残額償還。親会社3711株式と誤認しない。転換によるUSI子会社株主比率/NCIに反映済みの9/30報告残高を出発点とする。

q3_cb_book_value_sensitivity_recomputed_all_ledgers

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as_of_2026_09_30_CB_book_proxy_oku

220

weighted_value_per_share_TWD

202.943841

weighted_expected_IRR

0.001871163

weighted_holder_PV_oku

8960.27802

delta_vs_central_price_TWD

-0.337883

by_scenario

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bull

present_value_per_TW_share_TWD: 441.0476483
bond_2029_2031_scenario_settlement_book_oku: 322.826569
bond_book_early_put_gain_loss_oku: 0

mild_bull

present_value_per_TW_share_TWD: 278.5661843
bond_2029_2031_scenario_settlement_book_oku: 323.3240225
bond_book_early_put_gain_loss_oku: 0.029262

base

present_value_per_TW_share_TWD: 185.0471759
bond_2029_2031_scenario_settlement_book_oku: 323.8214761
bond_book_early_put_gain_loss_oku: 0.0585239

mild_bear

present_value_per_TW_share_TWD: 62.4276007
bond_2029_2031_scenario_settlement_book_oku: 281.0989972
bond_book_early_put_gain_loss_oku: 42.7810028

bear

present_value_per_TW_share_TWD: 9.8866028
bond_2029_2031_scenario_settlement_book_oku: 281.0989972
bond_book_early_put_gain_loss_oku: 42.7810028

内容を開く

as_of_2026_09_30_CB_book_proxy_oku

272.16

weighted_value_per_share_TWD

203.281724

weighted_expected_IRR

0.001989287

weighted_holder_PV_oku

8975.1960536

delta_vs_central_price_TWD

by_scenario

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bull

present_value_per_TW_share_TWD: 441.4003554
bond_2029_2031_scenario_settlement_book_oku: 323.3555155
bond_book_early_put_gain_loss_oku: 0

mild_bull

present_value_per_TW_share_TWD: 278.9306937
bond_2029_2031_scenario_settlement_book_oku: 323.6031887
bond_book_early_put_gain_loss_oku: 0.014569

base

present_value_per_TW_share_TWD: 185.4140221
bond_2029_2031_scenario_settlement_book_oku: 323.850862
bond_book_early_put_gain_loss_oku: 0.029138

mild_bear

present_value_per_TW_share_TWD: 62.7114221
bond_2029_2031_scenario_settlement_book_oku: 302.5801014
bond_book_early_put_gain_loss_oku: 21.2998986

bear

present_value_per_TW_share_TWD: 10.0850934
bond_2029_2031_scenario_settlement_book_oku: 302.5801014
bond_book_early_put_gain_loss_oku: 21.2998986

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as_of_2026_09_30_CB_book_proxy_oku

315

weighted_value_per_share_TWD

203.559241

weighted_expected_IRR

0.002086307

weighted_holder_PV_oku

8987.4488731

delta_vs_central_price_TWD

0.277517

by_scenario

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bull

present_value_per_TW_share_TWD: 441.6901013
bond_2029_2031_scenario_settlement_book_oku: 323.7899493
bond_book_early_put_gain_loss_oku: 0

mild_bull

present_value_per_TW_share_TWD: 279.2300756
bond_2029_2031_scenario_settlement_book_oku: 323.8324732
bond_book_early_put_gain_loss_oku: 0.0025014

base

present_value_per_TW_share_TWD: 185.7153199
bond_2029_2031_scenario_settlement_book_oku: 323.8749972
bond_book_early_put_gain_loss_oku: 0.0050028

mild_bear

present_value_per_TW_share_TWD: 62.94453
bond_2029_2031_scenario_settlement_book_oku: 320.2229408
bond_book_early_put_gain_loss_oku: 3.6570592

bear

present_value_per_TW_share_TWD: 10.2481174
bond_2029_2031_scenario_settlement_book_oku: 320.2229408
bond_book_early_put_gain_loss_oku: 3.6570592

book_sensitivity_method

Full rerun 55 periods per case; scenario starting reported total interest debt and parent equity held constant. Alternative CB book allocations are offset inside other identified debt, never added to 4064.61. 2031 conversion transfers only modeled liability book, while any initial option/embedded derivative valuation is not independently verified.

sensitivity_limitation

This is only an accounting allocation sensitivity, NOT independently inferred market option fair value nor a verified 2026 Q3 note classification.

calendar_maturity_weekend_status

Contractual 2031-08-10 is a Sunday; 2031-08-11 is model cash-settlement business day assumption, not an issuer settlement notice.

interest_bearing_debt_reconciliation

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日付: 2026-09-30
reported_total_oku: 4064.61
visible_sum_oku: 3944.03
unidentified_inside_total_oku: 120.58
計算式: 704.28+51.41+422.01+2766.33+120.58=4064.61
double_count_control: The 120.58 is part of 4064.61, not an extra addition; carried unclassified every year inside balance sheet total debt.

post_q3_2026_initial_bridge

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2026_Q4_revenue_model_oku

2400

Q4_parent_profit_model_oku

210

Q4_parent_SBC_equity_credit_model_oku

3.5

Q4_CFO_model_oku

650

Q4_equipment_capex_model_oku

700

Q4_bank_debt_net_draw_model_oku

Q4_day_count

2026_10_01_to_2026_11_06_inclusive_days

2026_11_07_to_2026_12_31_inclusive_days

base_date_equity_proxy_oku

4314.2041304

base_date_cash_proxy_oku

884.21

base_date_debt_proxy_oku

4085.7968027

base_date_nci_proxy_oku

314.378913

base_date_book_not_verified

はい

actual_post_Sept_capital_transactions

未確認

q4_2026_day_bridge

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q4_full_days

q3_end

2026-09-30

pre_valuation_period_inclusive

1: 2026-10-01
2: 2026-11-06

pre_valuation_days

post_valuation_period_inclusive

1: 2026-11-07
2: 2026-12-31

post_valuation_days

sum_days

base_date_2026_11_06_eod

はい

net_2026_Q4_profit_and_stock_comp_expense

Q4の利益は報告IFRS利益を模した予測。親会社SBC資本繰入額は2026Q4予測として純利益とは別に簿価へ加算。

model_clean_surplus_policy

E_end=E_begin+ordinary_parent_net_after_SBC+SBC_parent_equity_credit+cash_employee_options+parent_OCI+CB_REMAINING_LIABILITY_BOOK_ONLY_to_share_capital−company_cash_dividends−issuer_buybacks. No second credit of option initial equity. Restricted new shares dilute pre-terminal denominator; terminal explicitly assumes cash-buyback to hold share count flat after 2036.

model_cash_policy

cash_end=cash_begin + CFO−capex−issuer_dividends−issuer_buybacks+paid_options−NCI_dividends−currency_linked_CB_TWD_economic_redemption+CB_refinance+ordinary_bank_net_draw. Reported debt includes unidentified 120.58 oku bucket, not added externally. Subsidiary share awards credit NCI.

convertible_forecast_key_method

2029 put optional; 2031 conversion MUST occur no later than July31, modeled July24, remaining maturity Aug10 (cash model following business day Aug11). Forecast dividends adjust conversion price by prospectus anti-dilution and cumulative 1pct threshold using model M. Fixed FX32.388 for shares and USD redemption Settlement Equivalent; future spot is estimated, not CBC rate. Contract option capital not added at conversion.

FX_reference_date

2026-11-06

USD_TWD_CBC

32.768

tax_policy

全CFは台湾普通株主段階の源泉税前。ETF EWT実効控除率、米国・日本投資家税は未確認のため控除しない。

dividend_calendar_history

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2026_declared_pre_base_dividend: 6.6
2026_ex_dividend_observed_secondary: 2026-07-03
2026_payment_date_observed_secondary: 2026-07-31
excluded_after_2026_11_06: はい
2027_and_later_declared_as_of_base: いいえ

terminal_sbc_economic_sensitivity

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key: bull
future_awards_policy_period: 2037 onward
annual_free_restricted_shares_fixed: 1500000
annual_cash_option_shares_fixed: 2200000
one_year_new_share_count: 3700000
share_neutral_issuer_fair_market_buyback_terminal_company_oku: 46674.6385259
without_future_market_buyback_fixed_annual_dilution_company_value_at_2036_oku: 46642.9556944
without_buyback_valuation_formula: Σ[t=1..500] 2037_distributable_cash*(1+g)^(t-1)*(N_2036/(N_2036+3.7m*t))/(1+k)^t; residual after 500 years negligible
without_buyback_economic_shares_2037: 4443359935
without_buyback_economic_shares_2046: 4476659935
with_market_buyback_125pct_fair_terminal_company_oku: 46537.8632832
share_neutral_old_holder_synthetic_PV_oku: 15626.5633755
no_buyback_old_holder_synthetic_PV_oku: 15615.9560352
price_effect_no_buyback_TWD: -0.240249
price_effect_25pct_buyback_premium_TWD: -1.037157
mutually_exclusive: NO-buyback dilution scenario does not also subtract market repurchase cash; neutral scenario buys same issued number and does not impose perpetual dilution again.

内容を開く

key: mild_bull
future_awards_policy_period: 2037 onward
annual_free_restricted_shares_fixed: 1500000
annual_cash_option_shares_fixed: 2200000
one_year_new_share_count: 3700000
share_neutral_issuer_fair_market_buyback_terminal_company_oku: 26893.5207247
without_future_market_buyback_fixed_annual_dilution_company_value_at_2036_oku: 26874.6275096
without_buyback_valuation_formula: Σ[t=1..500] 2037_distributable_cash*(1+g)^(t-1)*(N_2036/(N_2036+3.7m*t))/(1+k)^t; residual after 500 years negligible
without_buyback_economic_shares_2037: 4455702762
without_buyback_economic_shares_2046: 4489002762
with_market_buyback_125pct_fair_terminal_company_oku: 26822.1884306
share_neutral_old_holder_synthetic_PV_oku: 8978.9273156
no_buyback_old_holder_synthetic_PV_oku: 8972.6194466
price_effect_no_buyback_TWD: -0.142869
price_effect_25pct_buyback_premium_TWD: -0.539408
mutually_exclusive: NO-buyback dilution scenario does not also subtract market repurchase cash; neutral scenario buys same issued number and does not impose perpetual dilution again.

内容を開く

key: base
future_awards_policy_period: 2037 onward
annual_free_restricted_shares_fixed: 1500000
annual_cash_option_shares_fixed: 2200000
one_year_new_share_count: 3700000
share_neutral_issuer_fair_market_buyback_terminal_company_oku: 16079.1423285
without_future_market_buyback_fixed_annual_dilution_company_value_at_2036_oku: 16067.4914629
without_buyback_valuation_formula: Σ[t=1..500] 2037_distributable_cash*(1+g)^(t-1)*(N_2036/(N_2036+3.7m*t))/(1+k)^t; residual after 500 years negligible
without_buyback_economic_shares_2037: 4454351493
without_buyback_economic_shares_2046: 4487651493
with_market_buyback_125pct_fair_terminal_company_oku: 16040.6092671
share_neutral_old_holder_synthetic_PV_oku: 5369.9656948
no_buyback_old_holder_synthetic_PV_oku: 5366.0746447
price_effect_no_buyback_TWD: -0.088129
price_effect_25pct_buyback_premium_TWD: -0.291472
mutually_exclusive: NO-buyback dilution scenario does not also subtract market repurchase cash; neutral scenario buys same issued number and does not impose perpetual dilution again.

内容を開く

key: mild_bear
future_awards_policy_period: 2037 onward
annual_free_restricted_shares_fixed: 1500000
annual_cash_option_shares_fixed: 2200000
one_year_new_share_count: 3700000
share_neutral_issuer_fair_market_buyback_terminal_company_oku: 4933.7037009
without_future_market_buyback_fixed_annual_dilution_company_value_at_2036_oku: 4930.0285165
without_buyback_valuation_formula: Σ[t=1..500] 2037_distributable_cash*(1+g)^(t-1)*(N_2036/(N_2036+3.7m*t))/(1+k)^t; residual after 500 years negligible
without_buyback_economic_shares_2037: 4454351493
without_buyback_economic_shares_2046: 4487651493
with_market_buyback_125pct_fair_terminal_company_oku: 4923.1761417
share_neutral_old_holder_synthetic_PV_oku: 1647.7134838
no_buyback_old_holder_synthetic_PV_oku: 1646.4860791
price_effect_no_buyback_TWD: -0.0278
price_effect_25pct_buyback_premium_TWD: -0.079633
mutually_exclusive: NO-buyback dilution scenario does not also subtract market repurchase cash; neutral scenario buys same issued number and does not impose perpetual dilution again.

内容を開く

key: bear
future_awards_policy_period: 2037 onward
annual_free_restricted_shares_fixed: 1500000
annual_cash_option_shares_fixed: 2200000
one_year_new_share_count: 3700000
share_neutral_issuer_fair_market_buyback_terminal_company_oku: 282.6191504
without_future_market_buyback_fixed_annual_dilution_company_value_at_2036_oku: 282.4051328
without_buyback_valuation_formula: Σ[t=1..500] 2037_distributable_cash*(1+g)^(t-1)*(N_2036/(N_2036+3.7m*t))/(1+k)^t; residual after 500 years negligible
without_buyback_economic_shares_2037: 4454351493
without_buyback_economic_shares_2046: 4487651493
with_market_buyback_125pct_fair_terminal_company_oku: 282.0655069
share_neutral_old_holder_synthetic_PV_oku: 94.3865731
no_buyback_old_holder_synthetic_PV_oku: 94.3150974
price_effect_no_buyback_TWD: -0.001619
price_effect_25pct_buyback_premium_TWD: -0.004188
mutually_exclusive: NO-buyback dilution scenario does not also subtract market repurchase cash; neutral scenario buys same issued number and does not impose perpetual dilution again.

terminal_perpetuity_policy

Share-neutral terminal uses fixed 1.5m restricted shares + 2.2m paid-option shares per year after 2036 (forecast, no factual issuance promise); 2037 purchase at fundamental TV-based price and thereafter same growth as sustainable income. Free awards are expensed as SBC already; only parent SBC noncash part is added back once, then market purchase and paid exercise proceeds netted once. No-buyback sensitivity has actual growing share denominator and NO cash replacement purchase expense.

評価の前提と確認

twse_official_price: 527
株価基準日: 2026-11-06
volume_twse: 43145321
reference_issued_shares: 4488092493
proxy_economic_shares: 4415151493
market_cap_proxy_oku: 23267.848368
weighted_issuer_terminal_oku_separate: 19125.9733279
weighted_old_holder_terminal_oku: 18985.3112772
weighted_old_holder_payout_oku: 4711.7338817
weighted_old_holder_pv_oku: 8975.1960536
theoretical_value_per_share_TWD: 203.281724
gap_pct: -61.426618
discount_k: 0.115
weighted_expected_holder_xirr: 0.001989287
year_count_actual_36525: 10.001368925394
days_exact: 3653
market_multiple_used: いいえ
10y_economic_reference: old non-selling one share, synthetic rescaled by starting proxy denominator; terminal not in timed_cashflows
ADS_not_doubled: はい

資本コストの前提

資本コスト

11.50%

事業の質

0.74

事業の質の内訳

内容を開く

AI_advanced_packaging: 0.9
testing_knowhow: 0.83
EMS_diversification: 0.6
balance_sheet_and_capex: 0.6
geopolitical_exposure: 0.55

事業の質の根拠

設計・材料・顧客承認に参入障壁がありAI向け先端実装の成長は高い。一方TWD建て主上場株主の要求収益率は台湾海峡・輸出規制、集中顧客、米ドル建て大型投資、循環性を考慮した独自仮定11.5%。

事業別データ

事業別の内訳と、収録されている年度別データを確認できます。

事業別データを開く →

10年のシナリオ

シナリオごとの確率、期間内の株主還元・追加負担、終価です。金額は億TWD。株主の範囲や受取時点は各分析の前提を確認してください。

シナリオ	確率	株主還元・追加負担	終価
AI高度実装・検査フル稼働	12.0%	7,504.89	46,416.98
先端後工程普及と設備収益化	23.0%	6,223.83	26,670.91
AI投資成長の平準化とEMS安定	40.0%	5,045.88	15,950.89
設備過剰・回復遅延	18.0%	1,816.98	4,894.35
半導体・地政学ショック	7.0%	489.43	280.36

AI高度実装・検査フル稼働（確率 12.0%）

AI/HPC・HBM関連の高密度後工程が高成長。CAPEX初期集中後に利益率が改善。2026年発行転換社債を2031年に100%転換する仮定。

確率の根拠

基準日までの開示を背景にした分析上の相対確率。現地金融市場の観測インプライド確率ではない。

このシナリオの数値・キャッシュフローを開く →

先端後工程普及と設備収益化（確率 23.0%）

先端パッケージ、テストの拡大。転換社債は2031年に半額転換・残額借換えとする条件付き仮定。

確率の根拠

基準日までの開示を背景にした分析上の相対確率。現地金融市場の観測インプライド確率ではない。

このシナリオの数値・キャッシュフローを開く →

AI投資成長の平準化とEMS安定（確率 40.0%）

設備増強の成果は出るが2026年の急成長率は収束。2031年の親会社CBは現金償還・銀行借換え。

確率の根拠

基準日までの開示を背景にした分析上の相対確率。現地金融市場の観測インプライド確率ではない。

このシナリオの数値・キャッシュフローを開く →

設備過剰・回復遅延（確率 18.0%）

高稼働を見込んだ大型投資が過剰となり投資回収が遅れる。CBは2029年の早期売戻しを全額行使と仮定。

確率の根拠

基準日までの開示を背景にした分析上の相対確率。現地金融市場の観測インプライド確率ではない。

このシナリオの数値・キャッシュフローを開く →

半導体・地政学ショック（確率 7.0%）

台湾海峡・貿易規制とAI投資の逆回転。配当縮小・銀行借入増。CBは2029年売戻し・借換え。

確率の根拠

基準日までの開示を背景にした分析上の相対確率。現地金融市場の観測インプライド確率ではない。

事業別の前提

内容を開く

id: packaging_advanced
数量: 1.16054083
価格・単価: 2302.3132
売上換算係数: 1
売上高: 2270.409156
営業利益: 238.392961
営業利益率: 10.50%
full_fy_revenue_oku: 2671.928461

内容を開く

id: packaging_legacy
数量: 0.73742413
価格・単価: 2053.0968
売上換算係数: 1
売上高: 1286.488986
営業利益: 64.324449
営業利益率: 5.00%
full_fy_revenue_oku: 1514.003115

内容を開く

id: testing
数量: 1
価格・単価: 980.08
売上換算係数: 1
売上高: 832.800219
営業利益: 91.608024
営業利益率: 11.00%
full_fy_revenue_oku: 980.08

内容を開く

id: ems
数量: 0.90438208
価格・単価: 3047.69
売上換算係数: 1
売上高: 2342.081694
営業利益: 18.736654
営業利益率: 0.80%
full_fy_revenue_oku: 2756.276206

内容を開く

id: others
数量: 0.85973044
価格・単価: 105.69
売上換算係数: 1
売上高: 77.210347
営業利益: -0.772103
営業利益率: -1.00%
full_fy_revenue_oku: 90.86491

日付別キャッシュフロー

内容を開く

year: 0.5694729637
想定日: 2027-06-02
金額: 0
種類: recheck_future_ex_date_and_dividend_resolution
scenario: bear
date_status: forecast_assumption
notes: 権利落ち予定日・配当決議・信託株数・転換価額調整・ETF税務を再確認。現金0。

内容を開く

year: 0.6516084873
想定日: 2027-07-02
金額: 0
種類: forecast_ex_dividend_entitlement_only
scenario: bear
date_status: forecast_assumption
notes: この日は現金受取日でない。CBの転換価額を将来決議と市場値により確認。

内容を開く

year: 0.7282683094
想定日: 2027-07-30
金額: 124.7895
種類: cash_dividend_old_nonselling_one_share_scaled_to_initial_proxy
scenario: bear
amount_per_original_share_TWD: 2.826392259
issuer_dividend_oku: 124.7895
eligible_economic_shares_proxy: 4415151493
assumed_ex_date: 2027-07-02
date_status: forecast_not_declared
tax_basis: pre_withholding_tax

内容を開く

year: 0.93908282
想定日: 2027-10-15
金額: 0
種類: employee_paid_option_exercise_nonholder_cash_zero
cash_status: non_cash_holder_event
before_economic_shares: 4415151493
after_economic_shares: 4417351493
date_status: forecast_assumption
notes: 従業員払込は会社への現金流入。旧普通株主の現金支出ではない。
scenario: bear

内容を開く

year: 1.106091718
想定日: 2027-12-15
金額: 0
種類: employee_restricted_new_shares_delivered_nonholder_cash_zero
cash_status: non_cash_holder_event
before_economic_shares: 4417351493
after_economic_shares: 4418851493
date_status: forecast_assumption
notes: SBC費用は親会社利益控除済。従業員への無償新株と資本繰入れを別に追跡。
scenario: bear

内容を開く

year: 1.5852156057
想定日: 2028-06-07
金額: 0
種類: recheck_future_ex_date_and_dividend_resolution
scenario: bear
date_status: forecast_assumption
notes: 権利落ち予定日・配当決議・信託株数・転換価額調整・ETF税務を再確認。現金0。

内容を開く

year: 1.6673511294
想定日: 2028-07-07
金額: 0
種類: forecast_ex_dividend_entitlement_only
scenario: bear
date_status: forecast_assumption
notes: この日は現金受取日でない。CBの転換価額を将来決議と市場値により確認。

内容を開く

year: 1.7248459959
想定日: 2028-07-28
金額: 78.598569777
種類: cash_dividend_old_nonselling_one_share_scaled_to_initial_proxy
scenario: bear
amount_per_original_share_TWD: 1.780200972
issuer_dividend_oku: 78.66443721
eligible_economic_shares_proxy: 4418851493
assumed_ex_date: 2028-07-07
date_status: forecast_not_declared
tax_basis: pre_withholding_tax

内容を開く

year: 1.9411362081
想定日: 2028-10-15
金額: 0
種類: employee_paid_option_exercise_nonholder_cash_zero
cash_status: non_cash_holder_event
before_economic_shares: 4418851493
after_economic_shares: 4421051493
date_status: forecast_assumption
notes: 従業員払込は会社への現金流入。旧普通株主の現金支出ではない。
scenario: bear

内容を開く

year: 2.1081451061
想定日: 2028-12-15
金額: 0
種類: employee_restricted_new_shares_delivered_nonholder_cash_zero
cash_status: non_cash_holder_event
before_economic_shares: 4421051493
after_economic_shares: 4422551493
date_status: forecast_assumption
notes: SBC費用は親会社利益控除済。従業員への無償新株と資本繰入れを別に追跡。
scenario: bear

内容を開く

year: 2.5817932923
想定日: 2029-06-06
金額: 0
種類: recheck_future_ex_date_and_dividend_resolution
scenario: bear
date_status: forecast_assumption
notes: 権利落ち予定日・配当決議・信託株数・転換価額調整・ETF税務を再確認。現金0。

内容を開く

year: 2.6639288159
想定日: 2029-07-06
金額: 0
種類: forecast_ex_dividend_entitlement_only
scenario: bear
date_status: forecast_assumption
notes: この日は現金受取日でない。CBの転換価額を将来決議と市場値により確認。

内容を開く

year: 2.7214236824
想定日: 2029-07-27
金額: 68.278335532
種類: cash_dividend_old_nonselling_one_share_scaled_to_initial_proxy
scenario: bear
amount_per_original_share_TWD: 1.546455102
issuer_dividend_oku: 68.39277321
eligible_economic_shares_proxy: 4422551493
assumed_ex_date: 2029-07-06
date_status: forecast_not_declared
tax_basis: pre_withholding_tax

内容を開く

year: 2.7597535934
想定日: 2029-08-10
金額: 0
種類: currency_linked_CB_redemption_to_bondholders_nonholder_cash_zero
cash_status: non_cash_holder_event
before_economic_shares: 4422551493
after_economic_shares: 4422551493
date_status: forecast_assumption
notes: 社債保有者へのUSD決済であり旧株主現金0。32.388固定TWD元本換算、将来prevailingFXを使用。
scenario: bear

内容を開く

year: 2.9404517454
想定日: 2029-10-15
金額: 0
種類: employee_paid_option_exercise_nonholder_cash_zero
cash_status: non_cash_holder_event
before_economic_shares: 4422551493
after_economic_shares: 4424751493
date_status: forecast_assumption
notes: 従業員払込は会社への現金流入。旧普通株主の現金支出ではない。
scenario: bear

内容を開く

year: 3.1074606434
想定日: 2029-12-15
金額: 0
種類: employee_restricted_new_shares_delivered_nonholder_cash_zero
cash_status: non_cash_holder_event
before_economic_shares: 4424751493
after_economic_shares: 4426251493
date_status: forecast_assumption
notes: SBC費用は親会社利益控除済。従業員への無償新株と資本繰入れを別に追跡。
scenario: bear

内容を開く

year: 3.5783709788
想定日: 2030-06-05
金額: 0
種類: recheck_future_ex_date_and_dividend_resolution
scenario: bear
date_status: forecast_assumption
notes: 権利落ち予定日・配当決議・信託株数・転換価額調整・ETF税務を再確認。現金0。

内容を開く

year: 3.6605065024
想定日: 2030-07-05
金額: 0
種類: forecast_ex_dividend_entitlement_only
scenario: bear
date_status: forecast_assumption
notes: この日は現金受取日でない。CBの転換価額を将来決議と市場値により確認。

内容を開く

year: 3.7180013689
想定日: 2030-07-26
金額: 56.625480688
種類: cash_dividend_old_nonselling_one_share_scaled_to_initial_proxy
scenario: bear
amount_per_original_share_TWD: 1.282526336
issuer_dividend_oku: 56.76784111
eligible_economic_shares_proxy: 4426251493
assumed_ex_date: 2030-07-05
date_status: forecast_not_declared
tax_basis: pre_withholding_tax

内容を開く

year: 3.9397672827
想定日: 2030-10-15
金額: 0
種類: employee_paid_option_exercise_nonholder_cash_zero
cash_status: non_cash_holder_event
before_economic_shares: 4426251493
after_economic_shares: 4428451493
date_status: forecast_assumption
notes: 従業員払込は会社への現金流入。旧普通株主の現金支出ではない。
scenario: bear

内容を開く

year: 4.1067761807
想定日: 2030-12-15
金額: 0
種類: employee_restricted_new_shares_delivered_nonholder_cash_zero
cash_status: non_cash_holder_event
before_economic_shares: 4428451493
after_economic_shares: 4429951493
date_status: forecast_assumption
notes: SBC費用は親会社利益控除済。従業員への無償新株と資本繰入れを別に追跡。
scenario: bear

内容を開く

year: 4.5749486653
想定日: 2031-06-04
金額: 0
種類: recheck_future_ex_date_and_dividend_resolution
scenario: bear
date_status: forecast_assumption
notes: 権利落ち予定日・配当決議・信託株数・転換価額調整・ETF税務を再確認。現金0。

内容を開く

year: 4.6570841889
想定日: 2031-07-04
金額: 0
種類: forecast_ex_dividend_entitlement_only
scenario: bear
date_status: forecast_assumption
notes: この日は現金受取日でない。CBの転換価額を将来決議と市場値により確認。

内容を開く

year: 4.7145790554
想定日: 2031-07-25
金額: 49.335554887
種類: cash_dividend_old_nonselling_one_share_scaled_to_initial_proxy
scenario: bear
amount_per_original_share_TWD: 1.11741477
issuer_dividend_oku: 49.50093227
eligible_economic_shares_proxy: 4429951493
assumed_ex_date: 2031-07-04
date_status: forecast_not_declared
tax_basis: pre_withholding_tax

内容を開く

year: 4.93908282
想定日: 2031-10-15
金額: 0
種類: employee_paid_option_exercise_nonholder_cash_zero
cash_status: non_cash_holder_event
before_economic_shares: 4429951493
after_economic_shares: 4432151493
date_status: forecast_assumption
notes: 従業員払込は会社への現金流入。旧普通株主の現金支出ではない。
scenario: bear

内容を開く

year: 5.106091718
想定日: 2031-12-15
金額: 0
種類: employee_restricted_new_shares_delivered_nonholder_cash_zero
cash_status: non_cash_holder_event
before_economic_shares: 4432151493
after_economic_shares: 4433651493
date_status: forecast_assumption
notes: SBC費用は親会社利益控除済。従業員への無償新株と資本繰入れを別に追跡。
scenario: bear

内容を開く

year: 5.5715263518
想定日: 2032-06-02
金額: 0
種類: recheck_future_ex_date_and_dividend_resolution
scenario: bear
date_status: forecast_assumption
notes: 権利落ち予定日・配当決議・信託株数・転換価額調整・ETF税務を再確認。現金0。

内容を開く

year: 5.6536618754
想定日: 2032-07-02
金額: 0
種類: forecast_ex_dividend_entitlement_only
scenario: bear
date_status: forecast_assumption
notes: この日は現金受取日でない。CBの転換価額を将来決議と市場値により確認。

内容を開く

year: 5.7303216975
想定日: 2032-07-30
金額: 38.057786962
種類: cash_dividend_old_nonselling_one_share_scaled_to_initial_proxy
scenario: bear
amount_per_original_share_TWD: 0.861981452
issuer_dividend_oku: 38.21725353
eligible_economic_shares_proxy: 4433651493
assumed_ex_date: 2032-07-02
date_status: forecast_not_declared
tax_basis: pre_withholding_tax

内容を開く

year: 5.9411362081
想定日: 2032-10-15
金額: 0
種類: employee_paid_option_exercise_nonholder_cash_zero
cash_status: non_cash_holder_event
before_economic_shares: 4433651493
after_economic_shares: 4435851493
date_status: forecast_assumption
notes: 従業員払込は会社への現金流入。旧普通株主の現金支出ではない。
scenario: bear

内容を開く

year: 6.1081451061
想定日: 2032-12-15
金額: 0
種類: employee_restricted_new_shares_delivered_nonholder_cash_zero
cash_status: non_cash_holder_event
before_economic_shares: 4435851493
after_economic_shares: 4437351493
date_status: forecast_assumption
notes: SBC費用は親会社利益控除済。従業員への無償新株と資本繰入れを別に追跡。
scenario: bear

内容を開く

year: 6.5681040383
想定日: 2033-06-01
金額: 0
種類: recheck_future_ex_date_and_dividend_resolution
scenario: bear
date_status: forecast_assumption
notes: 権利落ち予定日・配当決議・信託株数・転換価額調整・ETF税務を再確認。現金0。

内容を開く

year: 6.6502395619
想定日: 2033-07-01
金額: 0
種類: forecast_ex_dividend_entitlement_only
scenario: bear
date_status: forecast_assumption
notes: この日は現金受取日でない。CBの転換価額を将来決議と市場値により確認。

内容を開く

year: 6.726899384
想定日: 2033-07-29
金額: 29.662962862
種類: cash_dividend_old_nonselling_one_share_scaled_to_initial_proxy
scenario: bear
amount_per_original_share_TWD: 0.671844735
issuer_dividend_oku: 29.81211239
eligible_economic_shares_proxy: 4437351493
assumed_ex_date: 2033-07-01
date_status: forecast_not_declared
tax_basis: pre_withholding_tax

内容を開く

year: 6.9404517454
想定日: 2033-10-15
金額: 0
種類: employee_paid_option_exercise_nonholder_cash_zero
cash_status: non_cash_holder_event
before_economic_shares: 4437351493
after_economic_shares: 4439551493
date_status: forecast_assumption
notes: 従業員払込は会社への現金流入。旧普通株主の現金支出ではない。
scenario: bear

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year: 7.1074606434
想定日: 2033-12-15
金額: 0
種類: employee_restricted_new_shares_delivered_nonholder_cash_zero
cash_status: non_cash_holder_event
before_economic_shares: 4439551493
after_economic_shares: 4441051493
date_status: forecast_assumption
notes: SBC費用は親会社利益控除済。従業員への無償新株と資本繰入れを別に追跡。
scenario: bear

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year: 7.5838466804
想定日: 2034-06-07
金額: 0
種類: recheck_future_ex_date_and_dividend_resolution
scenario: bear
date_status: forecast_assumption
notes: 権利落ち予定日・配当決議・信託株数・転換価額調整・ETF税務を再確認。現金0。

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year: 7.665982204
想定日: 2034-07-07
金額: 0
種類: forecast_ex_dividend_entitlement_only
scenario: bear
date_status: forecast_assumption
notes: この日は現金受取日でない。CBの転換価額を将来決議と市場値により確認。

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year: 7.7234770705
想定日: 2034-07-28
金額: 21.819488911
種類: cash_dividend_old_nonselling_one_share_scaled_to_initial_proxy
scenario: bear
amount_per_original_share_TWD: 0.494195702
issuer_dividend_oku: 21.9474856
eligible_economic_shares_proxy: 4441051493
assumed_ex_date: 2034-07-07
date_status: forecast_not_declared
tax_basis: pre_withholding_tax

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year: 7.9397672827
想定日: 2034-10-15
金額: 0
種類: employee_paid_option_exercise_nonholder_cash_zero
cash_status: non_cash_holder_event
before_economic_shares: 4441051493
after_economic_shares: 4443251493
date_status: forecast_assumption
notes: 従業員払込は会社への現金流入。旧普通株主の現金支出ではない。
scenario: bear

内容を開く

year: 8.1067761807
想定日: 2034-12-15
金額: 0
種類: employee_restricted_new_shares_delivered_nonholder_cash_zero
cash_status: non_cash_holder_event
before_economic_shares: 4443251493
after_economic_shares: 4444751493
date_status: forecast_assumption
notes: SBC費用は親会社利益控除済。従業員への無償新株と資本繰入れを別に追跡。
scenario: bear

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year: 8.5804243669
想定日: 2035-06-06
金額: 0
種類: recheck_future_ex_date_and_dividend_resolution
scenario: bear
date_status: forecast_assumption
notes: 権利落ち予定日・配当決議・信託株数・転換価額調整・ETF税務を再確認。現金0。

内容を開く

year: 8.6625598905
想定日: 2035-07-06
金額: 0
種類: forecast_ex_dividend_entitlement_only
scenario: bear
date_status: forecast_assumption
notes: この日は現金受取日でない。CBの転換価額を将来決議と市場値により確認。

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year: 8.720054757
想定日: 2035-07-27
金額: 14.515742984
種類: cash_dividend_old_nonselling_one_share_scaled_to_initial_proxy
scenario: bear
amount_per_original_share_TWD: 0.328771119
issuer_dividend_oku: 14.61305924
eligible_economic_shares_proxy: 4444751493
assumed_ex_date: 2035-07-06
date_status: forecast_not_declared
tax_basis: pre_withholding_tax

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year: 8.93908282
想定日: 2035-10-15
金額: 0
種類: employee_paid_option_exercise_nonholder_cash_zero
cash_status: non_cash_holder_event
before_economic_shares: 4444751493
after_economic_shares: 4446951493
date_status: forecast_assumption
notes: 従業員払込は会社への現金流入。旧普通株主の現金支出ではない。
scenario: bear

内容を開く

year: 9.106091718
想定日: 2035-12-15
金額: 0
種類: employee_restricted_new_shares_delivered_nonholder_cash_zero
cash_status: non_cash_holder_event
before_economic_shares: 4446951493
after_economic_shares: 4448451493
date_status: forecast_assumption
notes: SBC費用は親会社利益控除済。従業員への無償新株と資本繰入れを別に追跡。
scenario: bear

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year: 9.5770020534
想定日: 2036-06-04
金額: 0
種類: recheck_future_ex_date_and_dividend_resolution
scenario: bear
date_status: forecast_assumption
notes: 権利落ち予定日・配当決議・信託株数・転換価額調整・ETF税務を再確認。現金0。

内容を開く

year: 9.659137577
想定日: 2036-07-04
金額: 0
種類: forecast_ex_dividend_entitlement_only
scenario: bear
date_status: forecast_assumption
notes: この日は現金受取日でない。CBの転換価額を将来決議と市場値により確認。

内容を開く

year: 9.7166324435
想定日: 2036-07-25
金額: 7.750905369
種類: cash_dividend_old_nonselling_one_share_scaled_to_initial_proxy
scenario: bear
amount_per_original_share_TWD: 0.175552422
issuer_dividend_oku: 7.80936433
eligible_economic_shares_proxy: 4448451493
assumed_ex_date: 2036-07-04
date_status: forecast_not_declared
tax_basis: pre_withholding_tax

内容を開く

year: 9.9411362081
想定日: 2036-10-15
金額: 0
種類: employee_paid_option_exercise_nonholder_cash_zero
cash_status: non_cash_holder_event
before_economic_shares: 4448451493
after_economic_shares: 4450651493
date_status: forecast_assumption
notes: 従業員払込は会社への現金流入。旧普通株主の現金支出ではない。
scenario: bear

その他の数値・前提

scenario_driver_assumptions

内容を開く

2026_fy_start_revenues_by_segment_oku

内容を開く

packaging_advanced: 2302.3132
packaging_legacy: 2053.0968
testing: 980.08
ems: 3047.69
others: 105.69

annual_price_volume_growth_indices

内容を開く

packaging_advanced: 0.015
packaging_legacy: -0.03
testing: 0
ems: -0.01
others: -0.015

2036_margins

内容を開く

packaging_advanced: 0.105
packaging_legacy: 0.05
testing: 0.11
ems: 0.008
others: -0.01

payout_of_previous_fiscal_year_profit

0.15

cash_buyback_pct_of_current_parent_net

税率

23.00%

nci_fraction_initial

0.036

nci_fraction_drift_per_year

0.0006

capex_to_revenue_2027

0.23

capex_to_revenue_2036

0.14

perpetuity_growth

0.009

equity_incremental_reinvestment_return

0.075

cb_scenario

put_2029

cb_conversion_fraction

adjust_oku

-140.204918

売上高

6808.990403

営業利益

272.085067

純利益

8.70968

equity_oku

6532.8826965

期間内の親会社利益合計（億）

2572.42155

multiple

kind: post_SBC_reported_ordinary_profit_reinvestment_AND_share_neutralisation_justified_multiple
値: 17.07183397
why: 市場PER/PBRは不使用。2037年SBC親会社非現金加算額・有償オプション払込を1回だけFCFEに戻し、交付370万株の時価市場買付現金を差引。株式数中立ゆえ旧持分を追加希薄化せず、連続成長g=0.009, 資本コストk=0.115, 増分投資ROIC=0.075。

キャッシュフローの算出方法

timed_holder_cashflows_v1

holder_policy

non_tendering_original_one_share; buybacks are equity/shares changes and not old-holder cash

期間内株主受取

489.434328

終価

280.3648782

terminal_event_review

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日付

2036-11-06

year

10.001368925394

amount_oku

280.3648782

company_ordinary_terminal_value_oku

282.6191504

terminal_economic_shares

4450651493

holder_fraction

2.246862E-10

synthetic_reference_initial_shares

4415151493

valuation_mechanics

TTM earnings inclusive to 2036-11-06; forward (1+g); reinvestment cost g/ROIIC; discount 10.00137 ACT/365.25

present_in_timed_cashflows

いいえ

no_double_count

はい

share_neutral_steady_state

内容を開く

projection_year: 2037
shares_at_terminal: 4450651493
2037_fully_paid_option_shares: 2200000
2037_restricted_free_delivery_new_shares: 1500000
2037_open_market_buyback_shares_to_neutralise: 3700000
share_net_change_after_neutralisation: 0
assumed_2037_exercise_cash_per_share_TWD: 228.042416
2037_paid_option_proceeds_oku: 5.0169331
2037_SBC_parent_non_cash_credit_addback_oku: 10.4785113
2037_income_after_SBC_parent_oku: 16.7036959
2037_required_growth_reinvestment_oku: 2.0044435
2037_stock_price_model_valuation_date_TWD: 6.3500625
2037_open_market_buyback_price_TWD: 6.407213
2037_shares_neutralisation_cash_spending_oku: 0.2370669
2037_sustainable_old_shareholder_cashflow_oku: 29.9576299
2037_pretax_NCI_effect_not_parent_addback: Only parent SBC share-credit .72 of assumed group expense added back; subsidiary equity-credit .28 remains in NCI.
terminal_value_check_oku: 282.6191504
cash_flow_equation: NI_after_SBC*(1+g) - NI_after_SBC*(1+g)*g/ROIIC + parent_SBC_cash_addback + option_proceeds - shares_issued*market_price
terminal_implicit_equation: TV=[NI_afterSBC_next*(1-g/ROIIC)+SBCcredit_parent_next+paid_option_cash_next]/[(k-g)+(3.7m/shares_at_end)*(1+g)]
2037_purchase_price_status: model_fair_value, not actual market price

terminal_employee_delivery_sensitivities

内容を開く

market_buyback_fair_value_1x_terminal_oku: 282.6191504
no_company_buyback_per_share_dilution_equivalent_aggregate_oku: 282.6191504
fair_value_buyback_premium_1_25x_terminal_oku: 282.0655069
fair_value_buyback_discount_0_75x_terminal_oku: 283.1749716
assumption: Alternative policies cannot simultaneously impose dilution and replacement cash cost; no buyback equals per-share dilution under frictionless equivalent issuance fair-value, assuming consistent cash earnings.
key: bear
future_awards_policy_period: 2037 onward
annual_free_restricted_shares_fixed: 1500000
annual_cash_option_shares_fixed: 2200000
one_year_new_share_count: 3700000
share_neutral_issuer_fair_market_buyback_terminal_company_oku: 282.6191504
without_future_market_buyback_fixed_annual_dilution_company_value_at_2036_oku: 282.4051328
without_buyback_valuation_formula: Σ[t=1..500] 2037_distributable_cash*(1+g)^(t-1)*(N_2036/(N_2036+3.7m*t))/(1+k)^t; residual after 500 years negligible
without_buyback_economic_shares_2037: 4454351493
without_buyback_economic_shares_2046: 4487651493
with_market_buyback_125pct_fair_terminal_company_oku: 282.0655069
share_neutral_old_holder_synthetic_PV_oku: 94.3865731
no_buyback_old_holder_synthetic_PV_oku: 94.3150974
price_effect_no_buyback_TWD: -0.001619
price_effect_25pct_buyback_premium_TWD: -0.004188
mutually_exclusive: NO-buyback dilution scenario does not also subtract market repurchase cash; neutral scenario buys same issued number and does not impose perpetual dilution again.

年度別・部分期間の財務台帳

内容を開く

period_id: stub_2026_11_07_to_2026_12_31
対象年度: 2026
date_start: 2026-11-07
date_end_inclusive: 2026-12-31
date_end_exclusive: 2027-01-01
days: 55
calendar_period_type: initial_stub
from_company_publication: 2026-09-30 Q3/9M issuer results: Sept30 equity/debt/cash, post-Sept30 entirely estimated
is_actual: いいえ
fraction_of_q4_2026: 0.597826087
売上高: 1434.7826086957
営業利益: 188.3152173913
純利益: 125.54347826087
sbc_expense_oku: 2.929347826087
parent_sbc_equity_credit_oku: 2.0923913043478
subsidiary_sbc_equity_credit_nci_oku: 0.41847826086957
parent_oci_oku: 0
nci_oci_oku: 0
nci_profit_oku: 4.7826086956522
nci_dividend_oku: 0
dividends_issuer_oku: 0
ordinary_buybacks_cash_oku: 0
cash_proceeds_from_employee_options_oku: 0
employee_option_shares_issued: 0
employee_restricted_shares_issued: 0
cb_conversion_shares_issued: 0
cb_accretion_expense_oku: 1.6025915492958
cb_cash_redemption_oku: 0
cb_non_cash_equity_reclassification_oku: 0
cfo_oku: 388.58695652174
capex_oku: 418.47826086957
net_bank_borrowing_oku: 29.891304347826
buyback_shares_retired: 0
equity_begin_oku: 4314.2041304348
cash_begin_oku: 884.21
debt_begin_oku: 4085.7968026944
nci_begin_oku: 314.37891304348
economic_shares_begin: 4415151493
unidentified_interest_bearing_debt_begin_oku: 120.58
equity_end_oku: 4441.84
cash_end_oku: 884.21
debt_end_oku: 4117.2906985915
nci_end_oku: 319.58
economic_shares_end: 4415151493
convertible_liability_end_oku: 274.84069859155
unidentified_interest_bearing_debt_end_oku: 120.58
identified_noncb_debt_end_oku: 3721.87
parent_sbc_share_awards_received_from_options_cash_oku: 0

内容を開く

period_id

2027_calendar_fy

対象年度

2027

date_start

2027-01-01

date_end_inclusive

2027-12-31

date_end_exclusive

2028-01-01

days

365

fraction_of_fy

calendar_period_type

full_fy

segments

内容を開く

id: packaging_advanced
数量: 1.015
価格・単価: 2302.3132
売上換算係数: 1
売上高: 2336.847898
営業利益: 487.232787
営業利益率: 20.85%
full_fy_revenue_oku: 2336.847898

内容を開く

id: packaging_legacy
数量: 0.97
価格・単価: 2053.0968
売上換算係数: 1
売上高: 1991.503896
営業利益: 242.963475
営業利益率: 12.20%
full_fy_revenue_oku: 1991.503896

内容を開く

id: testing
数量: 1
価格・単価: 980.08
売上換算係数: 1
売上高: 980.08
営業利益: 213.65744
営業利益率: 21.80%
full_fy_revenue_oku: 980.08

内容を開く

id: ems
数量: 0.99
価格・単価: 3047.69
売上換算係数: 1
売上高: 3017.2131
営業利益: 83.878524
営業利益率: 2.78%
full_fy_revenue_oku: 3017.2131

内容を開く

id: others
数量: 0.985
価格・単価: 105.69
売上換算係数: 1
売上高: 104.10465
営業利益: 0.832837
営業利益率: 0.80%
full_fy_revenue_oku: 104.10465

segment_price_volume_basis

2026FY各セグメント売上指数=1、数量指数は製品・顧客ミックス・有機成長代理。価格は2026FY売上億TWD /指数。

adjust_oku

-106.5

売上高

8429.749544

営業利益

922.065063

sbc_expense_oku

15.173549

op_oku_already_after_sbc

はい

finance_interest_including_cash_proxy_oku

107.97576

noncash_cb_effective_interest_oku

10.63538

other_nonoperating_oku

-96.94212

pretax_oku

706.511803

tax_oku

162.497715

consolidated_profit_oku

544.014089

nci_profit_oku

19.584507

純利益

524.429581

gross_equipment_capex_oku

1938.842395

depreciation_amortisation_oku

840

working_capital_outflow_oku

-2.660421

cfo_oku

1412.483439

nci_dividends_oku

7.833803

parent_sbc_equity_credit_oku

10.924955

subsidiary_sbc_equity_credit_nci_oku

4.248594

parent_oci_oku

-3.671007

nci_oci_oku

-0.082255

cash_dividends_issuer_oku

124.7895

cash_dividend_per_economic_share_TWD

2.826392259

dividend_ex_date_assumed

2027-07-02

dividend_payment_date_assumed

2027-07-30

dividend_ex_date_confirmed

未確認

gross_common_share_repurchases_oku

shares_repurhased_from_other_holders

cash_proceeds_from_employee_options_oku

4.4528

employee_option_shares_issued

2200000

employee_restricted_shares_issued

1500000

employee_restricted_shares_cash_received_oku

cb_conversion_shares_issued

cb_liability_reclassified_to_equity_oku

cb_redemption_cash_oku

cb_redemption_bank_refinancing_oku

cb_loss_on_early_extinguishment_pretax_oku

cb_contract_strike_after_dividend_adjustments_TWD

927.2

cb_conversion_date_if_any

未確認

cb_cash_maturity_settlement_date_if_any

未確認

cb_future_prevailing_usd_twd_assumed

未確認

net_issuer_returns_oku

120.3367

old_holder_cash_dividend_oku_synthetic

124.7895

old_holder_buyback_tender_cash_oku

equity_begin_oku

4441.84

equity_end_oku

4853.1868298

nci_begin_oku

319.58

nci_end_oku

335.4970432

cash_begin_oku

884.21

cash_end_oku

700

debt_begin_oku

4117.2906986

debt_end_oku

4598.2455383

cb_liability_begin_oku

274.8406986

cb_liability_end_oku

285.4760789

unidentified_interest_bearing_debt_begin_oku

120.58

unidentified_interest_bearing_debt_end_oku

120.58

identified_non_cb_bank_bonds_debt_end_oku

4192.1894594

net_bank_borrowing_oku

470.3194594

net_debt_end_oku

3898.2455383

economic_shares_begin

4415151493

economic_shares_end

4418851493

issued_shares_begin

4488092493

issued_shares_end

4491792493

subsidiary_held_treasury_shares_proxy

72941000

old_one_share_fraction_before

2.264928E-10

old_one_share_fraction_after

2.263031E-10

year_profit_after_SBC

はい

validation_residuals

内容を開く

親会社持分（億）: 0
現金（億）: 0
debt_oku: 0
非支配持分資本（億）: 0
share_count: 0

model_status

forecast

内容を開く

period_id

2028_calendar_fy

対象年度

2028

date_start

2028-01-01

date_end_inclusive

2028-12-31

date_end_exclusive

2029-01-01

days

366

fraction_of_fy

calendar_period_type

full_fy

segments

内容を開く

id: packaging_advanced
数量: 1.030225
価格・単価: 2302.3132
売上換算係数: 1
売上高: 2371.900616
営業利益: 467.264421
営業利益率: 19.70%
full_fy_revenue_oku: 2371.900616

内容を開く

id: packaging_legacy
数量: 0.9409
価格・単価: 2053.0968
売上換算係数: 1
売上高: 1931.758779
営業利益: 220.220501
営業利益率: 11.40%
full_fy_revenue_oku: 1931.758779

内容を開く

id: testing
数量: 1
価格・単価: 980.08
売上換算係数: 1
売上高: 980.08
営業利益: 201.89648
営業利益率: 20.60%
full_fy_revenue_oku: 980.08

内容を開く

id: ems
数量: 0.9801
価格・単価: 3047.69
売上換算係数: 1
売上高: 2987.040969
営業利益: 76.468249
営業利益率: 2.56%
full_fy_revenue_oku: 2987.040969

内容を開く

id: others
数量: 0.970225
価格・単価: 105.69
売上換算係数: 1
売上高: 102.54308
営業利益: 0.615258
営業利益率: 0.60%
full_fy_revenue_oku: 102.54308

segment_price_volume_basis

2026FY各セグメント売上指数=1、数量指数は製品・顧客ミックス・有機成長代理。価格は2026FY売上億TWD /指数。

adjust_oku

-113

売上高

8373.323445

営業利益

853.46491

sbc_expense_oku

15.071982

op_oku_already_after_sbc

はい

finance_interest_including_cash_proxy_oku

131.866085

noncash_cb_effective_interest_oku

10.664518

other_nonoperating_oku

-96.29322

pretax_oku

614.641086

tax_oku

141.36745

consolidated_profit_oku

473.273636

nci_profit_oku

17.321815

純利益

455.951821

gross_equipment_capex_oku

1842.131158

depreciation_amortisation_oku

905

working_capital_outflow_oku

-2.539174

cfo_oku

1406.549311

nci_dividends_oku

6.928726

parent_sbc_equity_credit_oku

10.851827

subsidiary_sbc_equity_credit_nci_oku

4.220155

parent_oci_oku

-3.191663

nci_oci_oku

-0.072752

cash_dividends_issuer_oku

78.664437

cash_dividend_per_economic_share_TWD

1.780200972

dividend_ex_date_assumed

2028-07-07

dividend_payment_date_assumed

2028-07-28

dividend_ex_date_confirmed

未確認

gross_common_share_repurchases_oku

shares_repurhased_from_other_holders

cash_proceeds_from_employee_options_oku

4.506234

employee_option_shares_issued

2200000

employee_restricted_shares_issued

1500000

employee_restricted_shares_cash_received_oku

cb_conversion_shares_issued

cb_liability_reclassified_to_equity_oku

cb_redemption_cash_oku

cb_redemption_bank_refinancing_oku

cb_loss_on_early_extinguishment_pretax_oku

cb_contract_strike_after_dividend_adjustments_TWD

915.74

cb_conversion_date_if_any

未確認

cb_cash_maturity_settlement_date_if_any

未確認

cb_future_prevailing_usd_twd_assumed

未確認

net_issuer_returns_oku

74.158204

old_holder_cash_dividend_oku_synthetic

78.59856978

old_holder_buyback_tender_cash_oku

equity_begin_oku

4853.1868298

equity_end_oku

5242.640612

nci_begin_oku

335.4970432

nci_end_oku

350.0375356

cash_begin_oku

700

cash_end_oku

700

debt_begin_oku

4598.2455383

debt_end_oku

5125.5788326

cb_liability_begin_oku

285.4760789

cb_liability_end_oku

296.1405972

unidentified_interest_bearing_debt_begin_oku

120.58

unidentified_interest_bearing_debt_end_oku

120.58

identified_non_cb_bank_bonds_debt_end_oku

4708.8582355

net_bank_borrowing_oku

516.668776

net_debt_end_oku

4425.5788326

economic_shares_begin

4418851493

economic_shares_end

4422551493

issued_shares_begin

4491792493

issued_shares_end

4495492493

subsidiary_held_treasury_shares_proxy

72941000

old_one_share_fraction_before

2.263031E-10

old_one_share_fraction_after

2.261138E-10

year_profit_after_SBC

はい

validation_residuals

内容を開く

親会社持分（億）: 0
現金（億）: 0
debt_oku: 0
非支配持分資本（億）: 0
share_count: 0

model_status

forecast

内容を開く

period_id

2029_calendar_fy

対象年度

2029

date_start

2029-01-01

date_end_inclusive

2029-12-31

date_end_exclusive

2030-01-01

days

365

fraction_of_fy

calendar_period_type

full_fy

segments

内容を開く

id: packaging_advanced
数量: 1.04567837
価格・単価: 2302.3132
売上換算係数: 1
売上高: 2407.479126
営業利益: 446.587378
営業利益率: 18.55%
full_fy_revenue_oku: 2407.479126

内容を開く

id: packaging_legacy
数量: 0.912673
価格・単価: 2053.0968
売上換算係数: 1
売上高: 1873.806016
営業利益: 198.623438
営業利益率: 10.60%
full_fy_revenue_oku: 1873.806016

内容を開く

id: testing
数量: 1
価格・単価: 980.08
売上換算係数: 1
売上高: 980.08
営業利益: 190.13552
営業利益率: 19.40%
full_fy_revenue_oku: 980.08

内容を開く

id: ems
数量: 0.970299
価格・単価: 3047.69
売上換算係数: 1
売上高: 2957.170559
営業利益: 69.197791
営業利益率: 2.34%
full_fy_revenue_oku: 2957.170559

内容を開く

id: others
数量: 0.95567162
価格・単価: 105.69
売上換算係数: 1
売上高: 101.004934
営業利益: 0.40402
営業利益率: 0.40%
full_fy_revenue_oku: 101.004934

segment_price_volume_basis

2026FY各セグメント売上指数=1、数量指数は製品・顧客ミックス・有機成長代理。価格は2026FY売上億TWD /指数。

adjust_oku

-119.5

売上高

8319.540635

営業利益

785.448146

sbc_expense_oku

14.975173

op_oku_already_after_sbc

はい

finance_interest_including_cash_proxy_oku

150.724496

noncash_cb_effective_interest_oku

6.439504

other_nonoperating_oku

-95.674717

pretax_oku

511.309531

tax_oku

117.601192

consolidated_profit_oku

393.708339

nci_profit_oku

15.256064

純利益

378.452274

gross_equipment_capex_oku

1747.103533

depreciation_amortisation_oku

970

working_capital_outflow_oku

-2.420226

cfo_oku

1408.843141

nci_dividends_oku

6.102426

parent_sbc_equity_credit_oku

10.782125

subsidiary_sbc_equity_credit_nci_oku

4.193048

parent_oci_oku

-2.649166

nci_oci_oku

-0.064075

cash_dividends_issuer_oku

68.392773

cash_dividend_per_economic_share_TWD

1.546455102

dividend_ex_date_assumed

2029-07-06

dividend_payment_date_assumed

2029-07-27

dividend_ex_date_confirmed

未確認

gross_common_share_repurchases_oku

shares_repurhased_from_other_holders

cash_proceeds_from_employee_options_oku

4.560308

employee_option_shares_issued

2200000

employee_restricted_shares_issued

1500000

employee_restricted_shares_cash_received_oku

cb_conversion_shares_issued

cb_liability_reclassified_to_equity_oku

cb_redemption_cash_oku

323.88

cb_redemption_bank_refinancing_oku

323.88

cb_loss_on_early_extinguishment_pretax_oku

21.299899

cb_contract_strike_after_dividend_adjustments_TWD

915.74

cb_conversion_date_if_any

未確認

cb_cash_maturity_settlement_date_if_any

未確認

cb_future_prevailing_usd_twd_assumed

net_issuer_returns_oku

63.832465

old_holder_cash_dividend_oku_synthetic

68.27833553

old_holder_buyback_tender_cash_oku

equity_begin_oku

5242.640612

equity_end_oku

5565.39338

nci_begin_oku

350.0375356

nci_end_oku

363.3201473

cash_begin_oku

700

cash_end_oku

700

debt_begin_oku

5125.5788326

debt_end_oku

5561.5135184

cb_liability_begin_oku

296.1405972

cb_liability_end_oku

unidentified_interest_bearing_debt_begin_oku

120.58

unidentified_interest_bearing_debt_end_oku

120.58

identified_non_cb_bank_bonds_debt_end_oku

5440.9335184

net_bank_borrowing_oku

408.1952829

net_debt_end_oku

4861.5135184

economic_shares_begin

4422551493

economic_shares_end

4426251493

issued_shares_begin

4495492493

issued_shares_end

4499192493

subsidiary_held_treasury_shares_proxy

72941000

old_one_share_fraction_before

2.261138E-10

old_one_share_fraction_after

2.259248E-10

year_profit_after_SBC

はい

validation_residuals

内容を開く

親会社持分（億）: 0
現金（億）: 0
debt_oku: 0
非支配持分資本（億）: 0
share_count: 0

model_status

forecast

内容を開く

period_id

2030_calendar_fy

対象年度

2030

date_start

2030-01-01

date_end_inclusive

2030-12-31

date_end_exclusive

2031-01-01

days

365

fraction_of_fy

calendar_period_type

full_fy

segments

内容を開く

id: packaging_advanced
数量: 1.06136355
価格・単価: 2302.3132
売上換算係数: 1
売上高: 2443.591313
営業利益: 425.184888
営業利益率: 17.40%
full_fy_revenue_oku: 2443.591313

内容を開く

id: packaging_legacy
数量: 0.88529281
価格・単価: 2053.0968
売上換算係数: 1
売上高: 1817.591835
営業利益: 178.124
営業利益率: 9.80%
full_fy_revenue_oku: 1817.591835

内容を開く

id: testing
数量: 1
価格・単価: 980.08
売上換算係数: 1
売上高: 980.08
営業利益: 178.37456
営業利益率: 18.20%
full_fy_revenue_oku: 980.08

内容を開く

id: ems
数量: 0.96059601
価格・単価: 3047.69
売上換算係数: 1
売上高: 2927.598854
営業利益: 62.065096
営業利益率: 2.12%
full_fy_revenue_oku: 2927.598854

内容を開く

id: others
数量: 0.94133655
価格・単価: 105.69
売上換算係数: 1
売上高: 99.48986
営業利益: 0.19898
営業利益率: 0.20%
full_fy_revenue_oku: 99.48986

segment_price_volume_basis

2026FY各セグメント売上指数=1、数量指数は製品・顧客ミックス・有機成長代理。価格は2026FY売上億TWD /指数。

adjust_oku

-126

売上高

8268.351862

営業利益

717.947524

sbc_expense_oku

14.883033

op_oku_already_after_sbc

はい

finance_interest_including_cash_proxy_oku

177.445243

noncash_cb_effective_interest_oku

other_nonoperating_oku

-95.086046

pretax_oku

445.416234

tax_oku

102.445734

consolidated_profit_oku

342.9705

nci_profit_oku

12.964285

純利益

330.006215

gross_equipment_capex_oku

1653.670372

depreciation_amortisation_oku

1035

working_capital_outflow_oku

-2.303495

cfo_oku

1395.157028

nci_dividends_oku

5.185714

parent_sbc_equity_credit_oku

10.715784

subsidiary_sbc_equity_credit_nci_oku

4.167249

parent_oci_oku

-2.310044

nci_oci_oku

-0.05445

cash_dividends_issuer_oku

56.767841

cash_dividend_per_economic_share_TWD

1.282526336

dividend_ex_date_assumed

2030-07-05

dividend_payment_date_assumed

2030-07-26

dividend_ex_date_confirmed

未確認

gross_common_share_repurchases_oku

shares_repurhased_from_other_holders

cash_proceeds_from_employee_options_oku

4.615032

employee_option_shares_issued

2200000

employee_restricted_shares_issued

1500000

employee_restricted_shares_cash_received_oku

cb_conversion_shares_issued

cb_liability_reclassified_to_equity_oku

cb_redemption_cash_oku

cb_redemption_bank_refinancing_oku

cb_loss_on_early_extinguishment_pretax_oku

cb_contract_strike_after_dividend_adjustments_TWD

915.74

cb_conversion_date_if_any

未確認

cb_cash_maturity_settlement_date_if_any

未確認

cb_future_prevailing_usd_twd_assumed

未確認

net_issuer_returns_oku

52.152809

old_holder_cash_dividend_oku_synthetic

56.62548069

old_holder_buyback_tender_cash_oku

equity_begin_oku

5565.39338

equity_end_oku

5851.6525266

nci_begin_oku

363.3201473

nci_end_oku

375.2115176

cash_begin_oku

700

cash_end_oku

700

debt_begin_oku

5561.5135184

debt_end_oku

5877.3653855

cb_liability_begin_oku

cb_liability_end_oku

unidentified_interest_bearing_debt_begin_oku

120.58

unidentified_interest_bearing_debt_end_oku

120.58

identified_non_cb_bank_bonds_debt_end_oku

5756.7853855

net_bank_borrowing_oku

315.8518671

net_debt_end_oku

5177.3653855

economic_shares_begin

4426251493

economic_shares_end

4429951493

issued_shares_begin

4499192493

issued_shares_end

4502892493

subsidiary_held_treasury_shares_proxy

72941000

old_one_share_fraction_before

2.259248E-10

old_one_share_fraction_after

2.257361E-10

year_profit_after_SBC

はい

validation_residuals

内容を開く

親会社持分（億）: 0
現金（億）: 0
debt_oku: 0
非支配持分資本（億）: 0
share_count: 0

model_status

forecast

内容を開く

period_id

2031_calendar_fy

対象年度

2031

date_start

2031-01-01

date_end_inclusive

2031-12-31

date_end_exclusive

2032-01-01

days

365

fraction_of_fy

calendar_period_type

full_fy

segments

内容を開く

id: packaging_advanced
数量: 1.077284
価格・単価: 2302.3132
売上換算係数: 1
売上高: 2480.245182
営業利益: 403.039842
営業利益率: 16.25%
full_fy_revenue_oku: 2480.245182

内容を開く

id: packaging_legacy
数量: 0.85873403
価格・単価: 2053.0968
売上換算係数: 1
売上高: 1763.06408
営業利益: 158.675767
営業利益率: 9.00%
full_fy_revenue_oku: 1763.06408

内容を開く

id: testing
数量: 1
価格・単価: 980.08
売上換算係数: 1
売上高: 980.08
営業利益: 166.6136
営業利益率: 17.00%
full_fy_revenue_oku: 980.08

内容を開く

id: ems
数量: 0.95099005
価格・単価: 3047.69
売上換算係数: 1
売上高: 2898.322865
営業利益: 55.068134
営業利益率: 1.90%
full_fy_revenue_oku: 2898.322865

内容を開く

id: others
数量: 0.9272165
価格・単価: 105.69
売上換算係数: 1
売上高: 97.997512
営業利益: 0
営業利益率: 0.00%
full_fy_revenue_oku: 97.997512

segment_price_volume_basis

2026FY各セグメント売上指数=1、数量指数は製品・顧客ミックス・有機成長代理。価格は2026FY売上億TWD /指数。

adjust_oku

-132.5

売上高

8219.70964

営業利益

650.897344

sbc_expense_oku

14.795477

op_oku_already_after_sbc

はい

finance_interest_including_cash_proxy_oku

212.271981

noncash_cb_effective_interest_oku

other_nonoperating_oku

-94.526661

pretax_oku

344.098702

tax_oku

79.142701

consolidated_profit_oku

264.956001

nci_profit_oku

10.17431

純利益

254.78169

gross_equipment_capex_oku

1561.744832

depreciation_amortisation_oku

1100

working_capital_outflow_oku

-2.1889

cfo_oku

1381.940378

nci_dividends_oku

4.069724

parent_sbc_equity_credit_oku

10.652744

subsidiary_sbc_equity_credit_nci_oku

4.142734

parent_oci_oku

-1.783472

nci_oci_oku

-0.042732

cash_dividends_issuer_oku

49.500932

cash_dividend_per_economic_share_TWD

1.11741477

dividend_ex_date_assumed

2031-07-04

dividend_payment_date_assumed

2031-07-25

dividend_ex_date_confirmed

未確認

gross_common_share_repurchases_oku

shares_repurhased_from_other_holders

cash_proceeds_from_employee_options_oku

4.670412

employee_option_shares_issued

2200000

employee_restricted_shares_issued

1500000

employee_restricted_shares_cash_received_oku

cb_conversion_shares_issued

cb_liability_reclassified_to_equity_oku

cb_redemption_cash_oku

cb_redemption_bank_refinancing_oku

cb_loss_on_early_extinguishment_pretax_oku

cb_contract_strike_after_dividend_adjustments_TWD

915.74

cb_conversion_date_if_any

未確認

cb_cash_maturity_settlement_date_if_any

未確認

cb_future_prevailing_usd_twd_assumed

未確認

net_issuer_returns_oku

44.83052

old_holder_cash_dividend_oku_synthetic

49.33555489

old_holder_buyback_tender_cash_oku

equity_begin_oku

5851.6525266

equity_end_oku

6070.4729689

nci_begin_oku

375.2115176

nci_end_oku

385.4161054

cash_begin_oku

700

cash_end_oku

700

debt_begin_oku

5877.3653855

debt_end_oku

6106.070083

cb_liability_begin_oku

cb_liability_end_oku

unidentified_interest_bearing_debt_begin_oku

120.58

unidentified_interest_bearing_debt_end_oku

120.58

identified_non_cb_bank_bonds_debt_end_oku

5985.490083

net_bank_borrowing_oku

228.7046976

net_debt_end_oku

5406.070083

economic_shares_begin

4429951493

economic_shares_end

4433651493

issued_shares_begin

4502892493

issued_shares_end

4506592493

subsidiary_held_treasury_shares_proxy

72941000

old_one_share_fraction_before

2.257361E-10

old_one_share_fraction_after

2.255477E-10

year_profit_after_SBC

はい

validation_residuals

内容を開く

親会社持分（億）: 0
現金（億）: 0
debt_oku: 0
非支配持分資本（億）: 0
share_count: 0

model_status

forecast

内容を開く

period_id

2032_calendar_fy

対象年度

2032

date_start

2032-01-01

date_end_inclusive

2032-12-31

date_end_exclusive

2033-01-01

days

366

fraction_of_fy

calendar_period_type

full_fy

segments

内容を開く

id: packaging_advanced
数量: 1.09344326
価格・単価: 2302.3132
売上換算係数: 1
売上高: 2517.44886
営業利益: 380.134778
営業利益率: 15.10%
full_fy_revenue_oku: 2517.44886

内容を開く

id: packaging_legacy
数量: 0.832972
価格・単価: 2053.0968
売上換算係数: 1
売上高: 1710.172158
営業利益: 140.234117
営業利益率: 8.20%
full_fy_revenue_oku: 1710.172158

内容を開く

id: testing
数量: 1
価格・単価: 980.08
売上換算係数: 1
売上高: 980.08
営業利益: 154.85264
営業利益率: 15.80%
full_fy_revenue_oku: 980.08

内容を開く

id: ems
数量: 0.94148015
価格・単価: 3047.69
売上換算係数: 1
売上高: 2869.339637
営業利益: 48.204906
営業利益率: 1.68%
full_fy_revenue_oku: 2869.339637

内容を開く

id: others
数量: 0.91330825
価格・単価: 105.69
売上換算係数: 1
売上高: 96.527549
営業利益: -0.193055
営業利益率: -0.20%
full_fy_revenue_oku: 96.527549

segment_price_volume_basis

2026FY各セグメント売上指数=1、数量指数は製品・顧客ミックス・有機成長代理。価格は2026FY売上億TWD /指数。

adjust_oku

-139

売上高

8173.568204

営業利益

584.233386

sbc_expense_oku

14.712423

op_oku_already_after_sbc

はい

finance_interest_including_cash_proxy_oku

221.648873

noncash_cb_effective_interest_oku

other_nonoperating_oku

-93.996034

pretax_oku

268.588478

tax_oku

61.77535

consolidated_profit_oku

206.813128

nci_profit_oku

8.065712

純利益

198.747416

gross_equipment_capex_oku

1471.242277

depreciation_amortisation_oku

1165

working_capital_outflow_oku

-2.076365

cfo_oku

1388.601915

nci_dividends_oku

3.226285

parent_sbc_equity_credit_oku

10.592944

subsidiary_sbc_equity_credit_nci_oku

4.119478

parent_oci_oku

-1.391232

nci_oci_oku

-0.033876

cash_dividends_issuer_oku

38.217254

cash_dividend_per_economic_share_TWD

0.861981452

dividend_ex_date_assumed

2032-07-02

dividend_payment_date_assumed

2032-07-30

dividend_ex_date_confirmed

未確認

gross_common_share_repurchases_oku

shares_repurhased_from_other_holders

cash_proceeds_from_employee_options_oku

4.726457

employee_option_shares_issued

2200000

employee_restricted_shares_issued

1500000

employee_restricted_shares_cash_received_oku

cb_conversion_shares_issued

cb_liability_reclassified_to_equity_oku

cb_redemption_cash_oku

cb_redemption_bank_refinancing_oku

cb_loss_on_early_extinguishment_pretax_oku

cb_contract_strike_after_dividend_adjustments_TWD

915.74

cb_conversion_date_if_any

未確認

cb_cash_maturity_settlement_date_if_any

未確認

cb_future_prevailing_usd_twd_assumed

未確認

net_issuer_returns_oku

33.490796

old_holder_cash_dividend_oku_synthetic

38.05778696

old_holder_buyback_tender_cash_oku

equity_begin_oku

6070.4729689

equity_end_oku

6244.9313013

nci_begin_oku

385.4161054

nci_end_oku

394.341135

cash_begin_oku

700

cash_end_oku

700

debt_begin_oku

6106.070083

debt_end_oku

6225.4275253

cb_liability_begin_oku

cb_liability_end_oku

unidentified_interest_bearing_debt_begin_oku

120.58

unidentified_interest_bearing_debt_end_oku

120.58

identified_non_cb_bank_bonds_debt_end_oku

6104.8475253

net_bank_borrowing_oku

119.3574422

net_debt_end_oku

5525.4275253

economic_shares_begin

4433651493

economic_shares_end

4437351493

issued_shares_begin

4506592493

issued_shares_end

4510292493

subsidiary_held_treasury_shares_proxy

72941000

old_one_share_fraction_before

2.255477E-10

old_one_share_fraction_after

2.253597E-10

year_profit_after_SBC

はい

validation_residuals

内容を開く

親会社持分（億）: 0
現金（億）: 0
debt_oku: 0
非支配持分資本（億）: 0
share_count: 0

model_status

forecast

内容を開く

period_id

2033_calendar_fy

対象年度

2033

date_start

2033-01-01

date_end_inclusive

2033-12-31

date_end_exclusive

2034-01-01

days

365

fraction_of_fy

calendar_period_type

full_fy

segments

内容を開く

id: packaging_advanced
数量: 1.10984491
価格・単価: 2302.3132
売上換算係数: 1
売上高: 2555.210593
営業利益: 356.451878
営業利益率: 13.95%
full_fy_revenue_oku: 2555.210593

内容を開く

id: packaging_legacy
数量: 0.80798284
価格・単価: 2053.0968
売上換算係数: 1
売上高: 1658.866993
営業利益: 122.756157
営業利益率: 7.40%
full_fy_revenue_oku: 1658.866993

内容を開く

id: testing
数量: 1
価格・単価: 980.08
売上換算係数: 1
売上高: 980.08
営業利益: 143.09168
営業利益率: 14.60%
full_fy_revenue_oku: 980.08

内容を開く

id: ems
数量: 0.93206535
価格・単価: 3047.69
売上換算係数: 1
売上高: 2840.64624
営業利益: 41.473435
営業利益率: 1.46%
full_fy_revenue_oku: 2840.64624

内容を開く

id: others
数量: 0.89960863
価格・単価: 105.69
売上換算係数: 1
売上高: 95.079636
営業利益: -0.380319
営業利益率: -0.40%
full_fy_revenue_oku: 95.079636

segment_price_volume_basis

2026FY各セグメント売上指数=1、数量指数は製品・顧客ミックス・有機成長代理。価格は2026FY売上億TWD /指数。

adjust_oku

-145.5

売上高

8129.883462

営業利益

517.892832

sbc_expense_oku

14.63379

op_oku_already_after_sbc

はい

finance_interest_including_cash_proxy_oku

226.542529

noncash_cb_effective_interest_oku

other_nonoperating_oku

-93.49366

pretax_oku

197.856643

tax_oku

45.507028

consolidated_profit_oku

152.349615

nci_profit_oku

6.033045

純利益

146.316571

gross_equipment_capex_oku

1382.080189

depreciation_amortisation_oku

1230

working_capital_outflow_oku

-1.965813

cfo_oku

1398.949219

nci_dividends_oku

2.413218

parent_sbc_equity_credit_oku

10.536329

subsidiary_sbc_equity_credit_nci_oku

4.097461

parent_oci_oku

-1.024216

nci_oci_oku

-0.025339

cash_dividends_issuer_oku

29.812112

cash_dividend_per_economic_share_TWD

0.671844735

dividend_ex_date_assumed

2033-07-01

dividend_payment_date_assumed

2033-07-29

dividend_ex_date_confirmed

未確認

gross_common_share_repurchases_oku

shares_repurhased_from_other_holders

cash_proceeds_from_employee_options_oku

4.783175

employee_option_shares_issued

2200000

employee_restricted_shares_issued

1500000

employee_restricted_shares_cash_received_oku

cb_conversion_shares_issued

cb_liability_reclassified_to_equity_oku

cb_redemption_cash_oku

cb_redemption_bank_refinancing_oku

cb_loss_on_early_extinguishment_pretax_oku

cb_contract_strike_after_dividend_adjustments_TWD

915.74

cb_conversion_date_if_any

未確認

cb_cash_maturity_settlement_date_if_any

未確認

cb_future_prevailing_usd_twd_assumed

未確認

net_issuer_returns_oku

25.028937

old_holder_cash_dividend_oku_synthetic

29.66296286

old_holder_buyback_tender_cash_oku

equity_begin_oku

6244.9313013

equity_end_oku

6375.7310474

nci_begin_oku

394.341135

nci_end_oku

402.0330843

cash_begin_oku

700

cash_end_oku

700

debt_begin_oku

6225.4275253

debt_end_oku

6236.0006502

cb_liability_begin_oku

cb_liability_end_oku

unidentified_interest_bearing_debt_begin_oku

120.58

unidentified_interest_bearing_debt_end_oku

120.58

identified_non_cb_bank_bonds_debt_end_oku

6115.4206502

net_bank_borrowing_oku

10.573125

net_debt_end_oku

5536.0006502

economic_shares_begin

4437351493

economic_shares_end

4441051493

issued_shares_begin

4510292493

issued_shares_end

4513992493

subsidiary_held_treasury_shares_proxy

72941000

old_one_share_fraction_before

2.253597E-10

old_one_share_fraction_after

2.251719E-10

year_profit_after_SBC

はい

validation_residuals

内容を開く

親会社持分（億）: 0
現金（億）: 0
debt_oku: 0
非支配持分資本（億）: 0
share_count: 0

model_status

forecast

内容を開く

period_id

2034_calendar_fy

対象年度

2034

date_start

2034-01-01

date_end_inclusive

2034-12-31

date_end_exclusive

2035-01-01

days

365

fraction_of_fy

calendar_period_type

full_fy

segments

内容を開く

id: packaging_advanced
数量: 1.12649259
価格・単価: 2302.3132
売上換算係数: 1
売上高: 2593.538752
営業利益: 331.97296
営業利益率: 12.80%
full_fy_revenue_oku: 2593.538752

内容を開く

id: packaging_legacy
数量: 0.78374336
価格・単価: 2053.0968
売上換算係数: 1
売上高: 1609.100983
営業利益: 106.200665
営業利益率: 6.60%
full_fy_revenue_oku: 1609.100983

内容を開く

id: testing
数量: 1
価格・単価: 980.08
売上換算係数: 1
売上高: 980.08
営業利益: 131.33072
営業利益率: 13.40%
full_fy_revenue_oku: 980.08

内容を開く

id: ems
数量: 0.92274469
価格・単価: 3047.69
売上換算係数: 1
売上高: 2812.239778
営業利益: 34.871773
営業利益率: 1.24%
full_fy_revenue_oku: 2812.239778

内容を開く

id: others
数量: 0.8861145
価格・単価: 105.69
売上換算係数: 1
売上高: 93.653442
営業利益: -0.561921
営業利益率: -0.60%
full_fy_revenue_oku: 93.653442

segment_price_volume_basis

2026FY各セグメント売上指数=1、数量指数は製品・顧客ミックス・有機成長代理。価格は2026FY売上億TWD /指数。

adjust_oku

-152

売上高

8088.612955

営業利益

451.814198

sbc_expense_oku

14.559503

op_oku_already_after_sbc

はい

finance_interest_including_cash_proxy_oku

226.976027

noncash_cb_effective_interest_oku

other_nonoperating_oku

-93.019049

pretax_oku

131.819122

tax_oku

30.318398

consolidated_profit_oku

101.500724

nci_profit_oku

4.080329

純利益

97.420395

gross_equipment_capex_oku

1294.178073

depreciation_amortisation_oku

1295

working_capital_outflow_oku

-1.857173

cfo_oku

1412.9174

nci_dividends_oku

1.632132

parent_sbc_equity_credit_oku

10.482842

subsidiary_sbc_equity_credit_nci_oku

4.076661

parent_oci_oku

-0.681943

nci_oci_oku

-0.017137

cash_dividends_issuer_oku

21.947486

cash_dividend_per_economic_share_TWD

0.494195702

dividend_ex_date_assumed

2034-07-07

dividend_payment_date_assumed

2034-07-28

dividend_ex_date_confirmed

未確認

gross_common_share_repurchases_oku

shares_repurhased_from_other_holders

cash_proceeds_from_employee_options_oku

4.840573

employee_option_shares_issued

2200000

employee_restricted_shares_issued

1500000

employee_restricted_shares_cash_received_oku

cb_conversion_shares_issued

cb_liability_reclassified_to_equity_oku

cb_redemption_cash_oku

cb_redemption_bank_refinancing_oku

cb_loss_on_early_extinguishment_pretax_oku

cb_contract_strike_after_dividend_adjustments_TWD

915.74

cb_conversion_date_if_any

未確認

cb_cash_maturity_settlement_date_if_any

未確認

cb_future_prevailing_usd_twd_assumed

未確認

net_issuer_returns_oku

17.106913

old_holder_cash_dividend_oku_synthetic

21.81948891

old_holder_buyback_tender_cash_oku

equity_begin_oku

6375.7310474

equity_end_oku

6465.8454294

nci_begin_oku

402.0330843

nci_end_oku

408.5408053

cash_begin_oku

700

cash_end_oku

700

debt_begin_oku

6236.0006502

debt_end_oku

6136.000367

cb_liability_begin_oku

cb_liability_end_oku

unidentified_interest_bearing_debt_begin_oku

120.58

unidentified_interest_bearing_debt_end_oku

120.58

identified_non_cb_bank_bonds_debt_end_oku

6015.420367

net_bank_borrowing_oku

-100.0002832

net_debt_end_oku

5436.000367

economic_shares_begin

4441051493

economic_shares_end

4444751493

issued_shares_begin

4513992493

issued_shares_end

4517692493

subsidiary_held_treasury_shares_proxy

72941000

old_one_share_fraction_before

2.251719E-10

old_one_share_fraction_after

2.249845E-10

year_profit_after_SBC

はい

validation_residuals

内容を開く

親会社持分（億）: 0
現金（億）: 0
debt_oku: 0
非支配持分資本（億）: 0
share_count: 0

model_status

forecast

内容を開く

period_id

2035_calendar_fy

対象年度

2035

date_start

2035-01-01

date_end_inclusive

2035-12-31

date_end_exclusive

2036-01-01

days

365

fraction_of_fy

calendar_period_type

full_fy

segments

内容を開く

id: packaging_advanced
数量: 1.14338998
価格・単価: 2302.3132
売上換算係数: 1
売上高: 2632.441833
営業利益: 306.679474
営業利益率: 11.65%
full_fy_revenue_oku: 2632.441833

内容を開く

id: packaging_legacy
数量: 0.76023106
価格・単価: 2053.0968
売上換算係数: 1
売上高: 1560.827954
営業利益: 90.528021
営業利益率: 5.80%
full_fy_revenue_oku: 1560.827954

内容を開く

id: testing
数量: 1
価格・単価: 980.08
売上換算係数: 1
売上高: 980.08
営業利益: 119.56976
営業利益率: 12.20%
full_fy_revenue_oku: 980.08

内容を開く

id: ems
数量: 0.91351725
価格・単価: 3047.69
売上換算係数: 1
売上高: 2784.11738
営業利益: 28.397997
営業利益率: 1.02%
full_fy_revenue_oku: 2784.11738

内容を開く

id: others
数量: 0.87282278
価格・単価: 105.69
売上換算係数: 1
売上高: 92.24864
営業利益: -0.737989
営業利益率: -0.80%
full_fy_revenue_oku: 92.24864

segment_price_volume_basis

2026FY各セグメント売上指数=1、数量指数は製品・顧客ミックス・有機成長代理。価格は2026FY売上億TWD /指数。

adjust_oku

-158.5

売上高

8049.715807

営業利益

385.937263

sbc_expense_oku

14.489488

op_oku_already_after_sbc

はい

finance_interest_including_cash_proxy_oku

222.876015

noncash_cb_effective_interest_oku

other_nonoperating_oku

-92.571732

pretax_oku

70.489516

tax_oku

16.212589

consolidated_profit_oku

54.276927

nci_profit_oku

2.214499

純利益

52.062429

gross_equipment_capex_oku

1207.457371

depreciation_amortisation_oku

1360

working_capital_outflow_oku

-1.750372

cfo_oku

1430.516788

nci_dividends_oku

0.885799

parent_sbc_equity_credit_oku

10.432432

subsidiary_sbc_equity_credit_nci_oku

4.057057

parent_oci_oku

-0.364437

nci_oci_oku

-0.009301

cash_dividends_issuer_oku

14.613059

cash_dividend_per_economic_share_TWD

0.328771119

dividend_ex_date_assumed

2035-07-06

dividend_payment_date_assumed

2035-07-27

dividend_ex_date_confirmed

未確認

gross_common_share_repurchases_oku

shares_repurhased_from_other_holders

cash_proceeds_from_employee_options_oku

4.89866

employee_option_shares_issued

2200000

employee_restricted_shares_issued

1500000

employee_restricted_shares_cash_received_oku

cb_conversion_shares_issued

cb_liability_reclassified_to_equity_oku

cb_redemption_cash_oku

cb_redemption_bank_refinancing_oku

cb_loss_on_early_extinguishment_pretax_oku

cb_contract_strike_after_dividend_adjustments_TWD

915.74

cb_conversion_date_if_any

未確認

cb_cash_maturity_settlement_date_if_any

未確認

cb_future_prevailing_usd_twd_assumed

未確認

net_issuer_returns_oku

9.714399

old_holder_cash_dividend_oku_synthetic

14.51574298

old_holder_buyback_tender_cash_oku

equity_begin_oku

6465.8454294

equity_end_oku

6518.2614536

nci_begin_oku

408.5408053

nci_end_oku

413.9172604

cash_begin_oku

700

cash_end_oku

700

debt_begin_oku

6136.000367

debt_end_oku

5923.5411493

cb_liability_begin_oku

cb_liability_end_oku

unidentified_interest_bearing_debt_begin_oku

120.58

unidentified_interest_bearing_debt_end_oku

120.58

identified_non_cb_bank_bonds_debt_end_oku

5802.9611493

net_bank_borrowing_oku

-212.4592177

net_debt_end_oku

5223.5411493

economic_shares_begin

4444751493

economic_shares_end

4448451493

issued_shares_begin

4517692493

issued_shares_end

4521392493

subsidiary_held_treasury_shares_proxy

72941000

old_one_share_fraction_before

2.249845E-10

old_one_share_fraction_after

2.247973E-10

year_profit_after_SBC

はい

validation_residuals

内容を開く

親会社持分（億）: 0
現金（億）: 0
debt_oku: 0
非支配持分資本（億）: 0
share_count: 0

model_status

forecast

内容を開く

period_id

2036_partial_to_2036_11_06

対象年度

2036

date_start

2036-01-01

date_end_inclusive

2036-11-06

date_end_exclusive

2036-11-07

days

311

fraction_of_fy

0.849726776

calendar_period_type

final_stub

segments

内容を開く

id: packaging_advanced
数量: 1.16054083
価格・単価: 2302.3132
売上換算係数: 1
売上高: 2270.409156
営業利益: 238.392961
営業利益率: 10.50%
full_fy_revenue_oku: 2671.928461

内容を開く

id: packaging_legacy
数量: 0.73742413
価格・単価: 2053.0968
売上換算係数: 1
売上高: 1286.488986
営業利益: 64.324449
営業利益率: 5.00%
full_fy_revenue_oku: 1514.003115

内容を開く

id: testing
数量: 1
価格・単価: 980.08
売上換算係数: 1
売上高: 832.800219
営業利益: 91.608024
営業利益率: 11.00%
full_fy_revenue_oku: 980.08

内容を開く

id: ems
数量: 0.90438208
価格・単価: 3047.69
売上換算係数: 1
売上高: 2342.081694
営業利益: 18.736654
営業利益率: 0.80%
full_fy_revenue_oku: 2756.276206

内容を開く

id: others
数量: 0.85973044
価格・単価: 105.69
売上換算係数: 1
売上高: 77.210347
営業利益: -0.772103
営業利益率: -1.00%
full_fy_revenue_oku: 90.86491

segment_price_volume_basis

2026FY各セグメント売上指数=1、数量指数は製品・顧客ミックス・有機成長代理。価格は2026FY売上億TWD /指数。

adjust_oku

-140.204918

売上高

6808.990403

営業利益

272.085067

sbc_expense_oku

12.256183

op_oku_already_after_sbc

はい

finance_interest_including_cash_proxy_oku

181.981894

noncash_cb_effective_interest_oku

other_nonoperating_oku

-78.30339

pretax_oku

11.799783

tax_oku

2.71395

consolidated_profit_oku

9.085833

nci_profit_oku

0.376153

純利益

8.70968

gross_equipment_capex_oku

953.258656

depreciation_amortisation_oku

1210.860656

working_capital_outflow_oku

-1.39809

cfo_oku

1233.600761

nci_dividends_oku

0.150461

parent_sbc_equity_credit_oku

8.824452

subsidiary_sbc_equity_credit_nci_oku

3.431731

parent_oci_oku

-0.060968

nci_oci_oku

-0.00158

cash_dividends_issuer_oku

7.809364

cash_dividend_per_economic_share_TWD

0.175552422

dividend_ex_date_assumed

2036-07-04

dividend_payment_date_assumed

2036-07-25

dividend_ex_date_confirmed

未確認

gross_common_share_repurchases_oku

shares_repurhased_from_other_holders

cash_proceeds_from_employee_options_oku

4.957444

employee_option_shares_issued

2200000

employee_restricted_shares_issued

employee_restricted_shares_cash_received_oku

cb_conversion_shares_issued

cb_liability_reclassified_to_equity_oku

cb_redemption_cash_oku

cb_redemption_bank_refinancing_oku

cb_loss_on_early_extinguishment_pretax_oku

cb_contract_strike_after_dividend_adjustments_TWD

915.74

cb_conversion_date_if_any

未確認

cb_cash_maturity_settlement_date_if_any

未確認

cb_future_prevailing_usd_twd_assumed

未確認

net_issuer_returns_oku

2.851921

old_holder_cash_dividend_oku_synthetic

7.75090537

old_holder_buyback_tender_cash_oku

equity_begin_oku

6518.2614536

equity_end_oku

6532.8826965

nci_begin_oku

413.9172604

nci_end_oku

417.5731038

cash_begin_oku

700

cash_end_oku

700

debt_begin_oku

5923.5411493

debt_end_oku

5646.2014264

cb_liability_begin_oku

cb_liability_end_oku

unidentified_interest_bearing_debt_begin_oku

120.58

unidentified_interest_bearing_debt_end_oku

120.58

identified_non_cb_bank_bonds_debt_end_oku

5525.6214264

net_bank_borrowing_oku

-277.3397229

net_debt_end_oku

4946.2014264

economic_shares_begin

4448451493

economic_shares_end

4450651493

issued_shares_begin

4521392493

issued_shares_end

4523592493

subsidiary_held_treasury_shares_proxy

72941000

old_one_share_fraction_before

2.247973E-10

old_one_share_fraction_after

2.246862E-10

year_profit_after_SBC

はい

validation_residuals

内容を開く

親会社持分（億）: 0
現金（億）: 0
debt_oku: 0
非支配持分資本（億）: 0
share_count: 0

model_status

forecast

annual_forecast_reference_2027_2036

内容を開く

対象年度: 2027
full_year_projection_not_counted_to_horizon: いいえ
売上高: 8429.749544
営業利益: 922.065063
ordinary_profit_oku: 524.429581
company_dividends_oku: 124.7895
ending_equity_oku: 4853.1868298

内容を開く

対象年度: 2028
full_year_projection_not_counted_to_horizon: いいえ
売上高: 8373.323445
営業利益: 853.46491
ordinary_profit_oku: 455.951821
company_dividends_oku: 78.664437
ending_equity_oku: 5242.640612

内容を開く

対象年度: 2029
full_year_projection_not_counted_to_horizon: いいえ
売上高: 8319.540635
営業利益: 785.448146
ordinary_profit_oku: 378.452274
company_dividends_oku: 68.392773
ending_equity_oku: 5565.39338

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対象年度: 2030
full_year_projection_not_counted_to_horizon: いいえ
売上高: 8268.351862
営業利益: 717.947524
ordinary_profit_oku: 330.006215
company_dividends_oku: 56.767841
ending_equity_oku: 5851.6525266

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対象年度: 2031
full_year_projection_not_counted_to_horizon: いいえ
売上高: 8219.70964
営業利益: 650.897344
ordinary_profit_oku: 254.78169
company_dividends_oku: 49.500932
ending_equity_oku: 6070.4729689

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対象年度: 2032
full_year_projection_not_counted_to_horizon: いいえ
売上高: 8173.568204
営業利益: 584.233386
ordinary_profit_oku: 198.747416
company_dividends_oku: 38.217254
ending_equity_oku: 6244.9313013

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対象年度: 2033
full_year_projection_not_counted_to_horizon: いいえ
売上高: 8129.883462
営業利益: 517.892832
ordinary_profit_oku: 146.316571
company_dividends_oku: 29.812112
ending_equity_oku: 6375.7310474

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対象年度: 2034
full_year_projection_not_counted_to_horizon: いいえ
売上高: 8088.612955
営業利益: 451.814198
ordinary_profit_oku: 97.420395
company_dividends_oku: 21.947486
ending_equity_oku: 6465.8454294

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対象年度: 2035
full_year_projection_not_counted_to_horizon: いいえ
売上高: 8049.715807
営業利益: 385.937263
ordinary_profit_oku: 52.062429
company_dividends_oku: 14.613059
ending_equity_oku: 6518.2614536

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対象年度: 2036
full_year_projection_not_counted_to_horizon: はい
売上高: 8013.152692
営業利益: 320.203005
after_terminal_fraction_2036: 0.150273224
full_fy_2036_profit_rough_extrapolation_oku: 10.249977
excluded_post_horizon_revenue_oku: 1204.16229
excluded_post_horizon_op_oku: 48.117938
excluded_post_horizon_dividend_oku: 0
exclusion_note: 2036-11-06以後の利益・SBC交付・買戻しは10年CFと期末簿価に前倒ししない。

financial_summary_10y

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periods: 11
start: 2026-11-06
end: 2036-11-06
days: 3653
company_parent_profit_sum_oku: 2572.42155
company_cash_dividends_sum_oku: 490.514758
company_gross_buybacks_sum_oku: 0
company_paid_options_cash_sum_oku: 47.011095
company_net_issuer_returns_oku: 443.503663
parent_sbc_credit_sum_oku: 106.888825
parent_OCI_sum_oku: -17.128148
cb_liability_non_cash_reclassified_sum_oku: 0
start_equity_oku: 4314.2041304
end_equity_oku: 6532.8826965
ending_cash_oku: 700
ending_interest_debt_oku: 5646.2014264
ending_unidentified_interest_bearing_debt_oku: 120.58
ending_identified_noncb_debt_oku: 5525.6214264
ending_nci_oku: 417.5731038
ending_issued_shares: 4523592493
ending_economic_shares_proxy: 4450651493
one_original_share_timed_dividends_TWD: 11.08533487
one_original_share_terminal_TWD: 6.35006248
noncash_zero_amount_events: 40
cash_dividend_events: 10
clean_surplus_residual_oku: -1.46E-6

scenario_present_value

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discount_k: 0.115
holder_payout_pv_oku: 350.8855769
holder_terminal_pv_oku: 94.3865731
holder_total_pv_oku: 445.27215
present_value_per_initial_share_TWD: 10.0850934
market_price_TWD: 527
price_gap_ratio: -0.9808632
holder_xirr: -0.34564692

bond_events

内容を開く

legal_maturity_date: 2031-08-10
legal_final_conversion_date: 2031-07-31
assumed_conversion_date: 未確認
assumed_redemption_cash_date: 2029-08-10
conversion_closed_period_check_pending: はい
event_type: put_2029
bond_liability_begin_oku: 296.1405972
noncash_effective_interest_until_settlement_oku: 6.4395042
bond_liability_before_settlement_oku: 302.5801014
converted_fraction: 0
converted_book_liability_oku: 0
redeemed_book_liability_oku: 302.5801014
face_principal_oku_at_fixed_fx: 323.88
redeemed_principal_TWD_oku: 323.88
refinancing_new_bank_debt_TWD_oku: 323.88
future_TWD_per_USD_prevailing_rate_ASSUMED: 38
currency_linked_USD_cash_repayment_assumed: 852315789.47
USD_cash_formula: USD_face_redeemed * 32.3880 / projected prevailing FX on rate calculation date
NTD_equivalent_formula: USD_cash * projected prevailing FX / 1e8 = USD_face * 32.3880 / 1e8
conversion_strike_initial_TWD: 927.2
conversion_strike_adjusted_model_TWD: 915.74
new_parent_common_shares_from_conversion: 0
noncash_book_liability_to_parent_equity_oku: 0
initial_option_equity_component_newly_credited_oku: 0
loss_on_redeemed_book_before_tax_oku: 21.2998986
not_verified_balance_sheet_option_split: はい
状態: forecast_event_not_contract_holder_exercise
share_price_at_conversion_or_put_TWD_PROJECTION: 280
conversion_in_the_money_under_model_spot: いいえ
full_or_partial_holder_right_decision: Assumed elective put or redemption; issuer has no unilateral automatic conversion just because of model share price.
early_cash_settlement_reference_day_minus_five_business_days_fx_rate: 未確認
status_of_actual_rate: Future contract rate fixing at Taipei Forex 11:00 is unknown; scenario spot is illustrative only.

bond_conversion_price_forecast_history

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forecast_ex_date: 2027-07-02
record_date: 未確認
cash_dividend_per_share_TWD: 2.826392259
contract_30_day_M_model_proxy_TWD: 373.7484
price_before_theoretical_TWD: 927.2
theoretical_price_after_TWD: 920.18824851
effective_strike_TWD: 927.2
effective_strike_previous_TWD: 927.2
one_percent_cumulative_threshold_triggered: いいえ
carry_unapplied_fraction: 0.007562286
状態: contractual_formula_with_unverified_forecast_dividend_and_30_trading_day_market_value
verification_required: ex_date, record_date, official strike adjustment notice, market value and closed period

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forecast_ex_date: 2028-07-07
record_date: 未確認
cash_dividend_per_share_TWD: 1.780200972
contract_30_day_M_model_proxy_TWD: 368.142174
price_before_theoretical_TWD: 920.18824851
theoretical_price_after_TWD: 915.73855453
effective_strike_TWD: 915.74
effective_strike_previous_TWD: 927.2
one_percent_cumulative_threshold_triggered: はい
carry_unapplied_fraction: 1.578E-6
状態: contractual_formula_with_unverified_forecast_dividend_and_30_trading_day_market_value
verification_required: ex_date, record_date, official strike adjustment notice, market value and closed period

内容を開く

forecast_ex_date: 2029-07-06
record_date: 未確認
cash_dividend_per_share_TWD: 1.546455102
contract_30_day_M_model_proxy_TWD: 362.6200414
price_before_theoretical_TWD: 915.73855453
theoretical_price_after_TWD: 911.83323106
effective_strike_TWD: 915.74
effective_strike_previous_TWD: 915.74
one_percent_cumulative_threshold_triggered: いいえ
carry_unapplied_fraction: 0.004266243
状態: contractual_formula_with_unverified_forecast_dividend_and_30_trading_day_market_value
verification_required: ex_date, record_date, official strike adjustment notice, market value and closed period

bond_liability_book_sensitivity_reference

220.0

present_value_per_TW_share_TWD: 9.8866028
bond_2029_2031_scenario_settlement_book_oku: 281.0989972
bond_book_early_put_gain_loss_oku: 42.7810028

272.16

present_value_per_TW_share_TWD: 10.0850934
bond_2029_2031_scenario_settlement_book_oku: 302.5801014
bond_book_early_put_gain_loss_oku: 21.2998986

315.0

present_value_per_TW_share_TWD: 10.2481174
bond_2029_2031_scenario_settlement_book_oku: 320.2229408
bond_book_early_put_gain_loss_oku: 3.6570592

事業の詳細

種類

台湾ASEH連結パッケージング/テストとUSI(環旭)EMS。ASX米国ADSとは同一普通株の預託証券。

company_customer_concentration_q3

内容を開く

ATM_top5_pct: 0.46
ATM_top10_pct: 0.63
EMS_top5_pct: 0.7
EMS_top10_pct: 0.78

advanced_packaging_definition

2026年Q3のbumping/Flip Chip/WLP/SiP等の開示は先端包装と完全同義でなく、HBM関連・先端の正確な売上額は未公表。モデル内の先端比率は独自代理推定。

technology_drivers

内容を開く

1: 2.5D/3D異種集積・FC/WLP/SiP
2: HBM関連パッケージ・テストの需要波及
3: 従来Wirebondと車載・産業
4: USI EMS電子機器組立

company_segment_elimination

ASE ATM operations view can include transactions with EMS and must not be simply added; use only consolidated external revenue packaging/testing/EMS/others in Q3 statement (sum=2441.61億TWD).

競争力の詳細

advantages: 世界的後工程基盤、顧客認証とテスト設備、材料・設計を含むTurnkey、主要地域での生産網。
weaknesses: 顧客集中、設備償却、技術陳腐化、台湾地政学、電力・水・人件費、USD/TWD変動。
sbc: 2026Q1子会社含むSBC費用NT$338.594m (3.38594億TWD)、H1 restricted stock unearned benefits expense NT$338.567mは同一概念の部分表示で別加算しない。予測SBCは営業費用に含んでおり純利益へ戻さない。
acquisition: EugenLight 65.47%を2026年1月取得、少数株主利益はNCIとして控除。現場利益を子会社外部売上に重複計上しない。

業界の詳細

cycle

先端需要加速・AI設備投資集中と、従来型封止/EMSの単価・稼働率下振れを分離して予測。

capex

competition

内容を開く

1: Amkor
2: JCET
3: TSMC CoWoS等内製・競合/顧客補完
4: 各種OSAT
5: EMS peers

constraints

内容を開く

1: 台湾海峡リスク
2: HBM向け半導体サイクル
3: 設備リードタイム
4: 物流・電源・水
5: China/US輸出制限
6: 顧客の内製化・競合設備能力

財務・資本配分の詳細

reported_2026_Q3_9months_TWD_oku

内容を開く

期間末

2026-09-30

released_on

2026-10-29

reporting_basis

unaudited Taiwan-endorsed IFRS

nine_months_revenue

6088.87

nine_months_operating_income

717.65

nine_months_pretax

765.68

nine_months_tax

126.32

nine_months_consolidated_profit

639.36

nine_months_NCI_profit

17.43

nine_months_parent_profit

621.93

nine_months_CFO

1338.63

nine_months_cash_equipment_capex

2497.92

Q3_revenue

2441.61

Q3_operating_income

331.42

Q3_parent_profit

269.96

Q3_nci_profit

8.83

Q3_basic_weighted_average_shares

4403114522

Q3_diluted_weighted_average_shares

4532143664

Q3_EPS_TWD

6.13

Q3_diluted_EPS_TWD

5.84

parent_equity

4228.34

noncontrolling_equity

310.88

total_equity

4539.22

cash

884.21

other_current_financial_assets

195.17

total_reported_interest_bearing_debt

4064.61

sum_visible_interest_bearing_components

3944.03

debt_definition_gap

120.58

reported_debt_visible_breakdown_oku

内容を開く

short_borrowings: 704.28
current_longterm_debts_bonds_and_loans: 51.41
bonds_payable_noncurrent: 422.01
longterm_bank_and_bills: 2766.33

unidentified_debt_oku

120.58

unidentified_debt_status

Q3 issuer total interest debt includes 120.58 oku more than separately printed summary headings; no verified classification, carried separately inside (not on top of) reported total.

net_debt_before_current_financial_assets

3180.4

net_debt_after_current_financial_assets

2985.23

balance_sheet_total_assets

12447.85

balance_sheet_total_liabilities

7908.63

parent_profit_after_SBC

はい

noncontrolling_interests_already_excluded_from_parent_profit

はい

reported_q3_segments_external_TWD_oku

内容を開く

packaging: 1221.73
testing: 263.02
ems: 929.97
others: 26.89
consolidated: 2441.61

reported_9m_segments_external_TWD_oku

内容を開く

packaging: 3105.41
testing: 710.08
ems: 2197.69
others: 75.69
consolidated: 6088.87

reported_H1_treasury_and_SBC

内容を開く

treasury_subsidiary_shares_2026_06_30: 72941000
accounting_treasury_cost_TWD_oku: 19.59107
subsidiary_treasury_market_fair_value_2026_06_30_TWD_oku: 496.00224
forfeitable_unearned_benefits_SBC_expense_6months_TWD_oku: 3.38567
complete_consolidated_H1_SBC_expense_TWD_oku: 未確認
comment: H1の非稼得報酬評価はSBC総額全体とは限らずQ1のSBCに機械的加算しない。

bond_2026_details

内容を開く

parent_cb_ISIN

XS3462009369

USD_face

1000000000

fixed_conversion_fx_USD_TWD

32.388

conversion_price_initial_TWD

927.2

bond_maturity

2031-08-10

conversion_period_start

2026-11-11

conversion_period_last_date

2031-07-31

model_conversion_date_conditional

2031-07-24

model_cash_redemption_settlement_assumed

2031-08-11

early_put_date

2029-08-10

zero_coupon

はい

principal_at_contract_fx_TWD_oku

323.88

initial_converted_new_shares_if_all

34930975

2031_adjusted_conversion_shares

scenario bond_events.derived from cumulative forecast cash dividends, 1pct deferred threshold and proxy 30-day market value

Q3_bonds_payable_total_TWD_oku

422.01

June_domestic_bonds_carrying_proxy_TWD_oku

149.85

Sept_parent_cb_liability_book_proxy_oku

272.16

Sept_parent_cb_liability_book_low_high_proxy_oku

1: 220
2: 315

unconfirmed_conversion_option_in_2026_09_30_equity_oku

未確認

unconfirmed_embedded_derivative_or_equity_split

未確認

do_not_recredit_initial_conversion_option

はい

cash_dividend_conversion_price_formula

NCP=OCP*(M-C)/M (M contractual market value before ex-date; C cash per share), cumulative 1pct threshold and carry-forward

cash_redemption_currency_linked_formula

Settlement Equivalent USD=USD principal*(32.3880 / Prevailing Rate on rate calculation date), 5 business days before payment. TWD economic equivalent=USD principal*32.3880

early_redemption_legal_notes

Holder put 2029-08-10; delisting, change of control protections; company cleanup call if over 90% redeemed/converted; conversion closed periods and notices restrict actual feasible dates

parent_cb_exact_Sept_book_oku

未確認

no_double_count

old_USI_RMB_convertible

2026-01にUSISHのRMB債は転換・残額償還。親会社3711株式と誤認しない。転換によるUSI子会社株主比率/NCIに反映済みの9/30報告残高を出発点とする。

q3_cb_book_value_sensitivity_recomputed_all_ledgers

内容を開く

as_of_2026_09_30_CB_book_proxy_oku

220

weighted_value_per_share_TWD

202.943841

weighted_expected_IRR

0.001871163

weighted_holder_PV_oku

8960.27802

delta_vs_central_price_TWD

-0.337883

by_scenario

内容を開く

bull

present_value_per_TW_share_TWD: 441.0476483
bond_2029_2031_scenario_settlement_book_oku: 322.826569
bond_book_early_put_gain_loss_oku: 0

mild_bull

present_value_per_TW_share_TWD: 278.5661843
bond_2029_2031_scenario_settlement_book_oku: 323.3240225
bond_book_early_put_gain_loss_oku: 0.029262

base

present_value_per_TW_share_TWD: 185.0471759
bond_2029_2031_scenario_settlement_book_oku: 323.8214761
bond_book_early_put_gain_loss_oku: 0.0585239

mild_bear

present_value_per_TW_share_TWD: 62.4276007
bond_2029_2031_scenario_settlement_book_oku: 281.0989972
bond_book_early_put_gain_loss_oku: 42.7810028

bear

present_value_per_TW_share_TWD: 9.8866028
bond_2029_2031_scenario_settlement_book_oku: 281.0989972
bond_book_early_put_gain_loss_oku: 42.7810028

内容を開く

as_of_2026_09_30_CB_book_proxy_oku

272.16

weighted_value_per_share_TWD

203.281724

weighted_expected_IRR

0.001989287

weighted_holder_PV_oku

8975.1960536

delta_vs_central_price_TWD

by_scenario

内容を開く

bull

present_value_per_TW_share_TWD: 441.4003554
bond_2029_2031_scenario_settlement_book_oku: 323.3555155
bond_book_early_put_gain_loss_oku: 0

mild_bull

present_value_per_TW_share_TWD: 278.9306937
bond_2029_2031_scenario_settlement_book_oku: 323.6031887
bond_book_early_put_gain_loss_oku: 0.014569

base

present_value_per_TW_share_TWD: 185.4140221
bond_2029_2031_scenario_settlement_book_oku: 323.850862
bond_book_early_put_gain_loss_oku: 0.029138

mild_bear

present_value_per_TW_share_TWD: 62.7114221
bond_2029_2031_scenario_settlement_book_oku: 302.5801014
bond_book_early_put_gain_loss_oku: 21.2998986

bear

present_value_per_TW_share_TWD: 10.0850934
bond_2029_2031_scenario_settlement_book_oku: 302.5801014
bond_book_early_put_gain_loss_oku: 21.2998986

内容を開く

as_of_2026_09_30_CB_book_proxy_oku

315

weighted_value_per_share_TWD

203.559241

weighted_expected_IRR

0.002086307

weighted_holder_PV_oku

8987.4488731

delta_vs_central_price_TWD

0.277517

by_scenario

内容を開く

bull

present_value_per_TW_share_TWD: 441.6901013
bond_2029_2031_scenario_settlement_book_oku: 323.7899493
bond_book_early_put_gain_loss_oku: 0

mild_bull

present_value_per_TW_share_TWD: 279.2300756
bond_2029_2031_scenario_settlement_book_oku: 323.8324732
bond_book_early_put_gain_loss_oku: 0.0025014

base

present_value_per_TW_share_TWD: 185.7153199
bond_2029_2031_scenario_settlement_book_oku: 323.8749972
bond_book_early_put_gain_loss_oku: 0.0050028

mild_bear

present_value_per_TW_share_TWD: 62.94453
bond_2029_2031_scenario_settlement_book_oku: 320.2229408
bond_book_early_put_gain_loss_oku: 3.6570592

bear

present_value_per_TW_share_TWD: 10.2481174
bond_2029_2031_scenario_settlement_book_oku: 320.2229408
bond_book_early_put_gain_loss_oku: 3.6570592

book_sensitivity_method

sensitivity_limitation

This is only an accounting allocation sensitivity, NOT independently inferred market option fair value nor a verified 2026 Q3 note classification.

calendar_maturity_weekend_status

Contractual 2031-08-10 is a Sunday; 2031-08-11 is model cash-settlement business day assumption, not an issuer settlement notice.

interest_bearing_debt_reconciliation

内容を開く

日付: 2026-09-30
reported_total_oku: 4064.61
visible_sum_oku: 3944.03
unidentified_inside_total_oku: 120.58
計算式: 704.28+51.41+422.01+2766.33+120.58=4064.61
double_count_control: The 120.58 is part of 4064.61, not an extra addition; carried unclassified every year inside balance sheet total debt.

post_q3_2026_initial_bridge

内容を開く

2026_Q4_revenue_model_oku

2400

Q4_parent_profit_model_oku

210

Q4_parent_SBC_equity_credit_model_oku

3.5

Q4_CFO_model_oku

650

Q4_equipment_capex_model_oku

700

Q4_bank_debt_net_draw_model_oku

Q4_day_count

2026_10_01_to_2026_11_06_inclusive_days

2026_11_07_to_2026_12_31_inclusive_days

base_date_equity_proxy_oku

4314.2041304

base_date_cash_proxy_oku

884.21

base_date_debt_proxy_oku

4085.7968027

base_date_nci_proxy_oku

314.378913

base_date_book_not_verified

はい

actual_post_Sept_capital_transactions

未確認

q4_2026_day_bridge

内容を開く

q4_full_days

q3_end

2026-09-30

pre_valuation_period_inclusive

1: 2026-10-01
2: 2026-11-06

pre_valuation_days

post_valuation_period_inclusive

1: 2026-11-07
2: 2026-12-31

post_valuation_days

sum_days

base_date_2026_11_06_eod

はい

net_2026_Q4_profit_and_stock_comp_expense

Q4の利益は報告IFRS利益を模した予測。親会社SBC資本繰入額は2026Q4予測として純利益とは別に簿価へ加算。

model_clean_surplus_policy

model_cash_policy

convertible_forecast_key_method

FX_reference_date

2026-11-06

USD_TWD_CBC

32.768

tax_policy

全CFは台湾普通株主段階の源泉税前。ETF EWT実効控除率、米国・日本投資家税は未確認のため控除しない。

dividend_calendar_history

内容を開く

2026_declared_pre_base_dividend: 6.6
2026_ex_dividend_observed_secondary: 2026-07-03
2026_payment_date_observed_secondary: 2026-07-31
excluded_after_2026_11_06: はい
2027_and_later_declared_as_of_base: いいえ

terminal_sbc_economic_sensitivity

内容を開く

key: bull
future_awards_policy_period: 2037 onward
annual_free_restricted_shares_fixed: 1500000
annual_cash_option_shares_fixed: 2200000
one_year_new_share_count: 3700000
share_neutral_issuer_fair_market_buyback_terminal_company_oku: 46674.6385259
without_future_market_buyback_fixed_annual_dilution_company_value_at_2036_oku: 46642.9556944
without_buyback_valuation_formula: Σ[t=1..500] 2037_distributable_cash*(1+g)^(t-1)*(N_2036/(N_2036+3.7m*t))/(1+k)^t; residual after 500 years negligible
without_buyback_economic_shares_2037: 4443359935
without_buyback_economic_shares_2046: 4476659935
with_market_buyback_125pct_fair_terminal_company_oku: 46537.8632832
share_neutral_old_holder_synthetic_PV_oku: 15626.5633755
no_buyback_old_holder_synthetic_PV_oku: 15615.9560352
price_effect_no_buyback_TWD: -0.240249
price_effect_25pct_buyback_premium_TWD: -1.037157
mutually_exclusive: NO-buyback dilution scenario does not also subtract market repurchase cash; neutral scenario buys same issued number and does not impose perpetual dilution again.

内容を開く

key: mild_bull
future_awards_policy_period: 2037 onward
annual_free_restricted_shares_fixed: 1500000
annual_cash_option_shares_fixed: 2200000
one_year_new_share_count: 3700000
share_neutral_issuer_fair_market_buyback_terminal_company_oku: 26893.5207247
without_future_market_buyback_fixed_annual_dilution_company_value_at_2036_oku: 26874.6275096
without_buyback_valuation_formula: Σ[t=1..500] 2037_distributable_cash*(1+g)^(t-1)*(N_2036/(N_2036+3.7m*t))/(1+k)^t; residual after 500 years negligible
without_buyback_economic_shares_2037: 4455702762
without_buyback_economic_shares_2046: 4489002762
with_market_buyback_125pct_fair_terminal_company_oku: 26822.1884306
share_neutral_old_holder_synthetic_PV_oku: 8978.9273156
no_buyback_old_holder_synthetic_PV_oku: 8972.6194466
price_effect_no_buyback_TWD: -0.142869
price_effect_25pct_buyback_premium_TWD: -0.539408
mutually_exclusive: NO-buyback dilution scenario does not also subtract market repurchase cash; neutral scenario buys same issued number and does not impose perpetual dilution again.

内容を開く

key: base
future_awards_policy_period: 2037 onward
annual_free_restricted_shares_fixed: 1500000
annual_cash_option_shares_fixed: 2200000
one_year_new_share_count: 3700000
share_neutral_issuer_fair_market_buyback_terminal_company_oku: 16079.1423285
without_future_market_buyback_fixed_annual_dilution_company_value_at_2036_oku: 16067.4914629
without_buyback_valuation_formula: Σ[t=1..500] 2037_distributable_cash*(1+g)^(t-1)*(N_2036/(N_2036+3.7m*t))/(1+k)^t; residual after 500 years negligible
without_buyback_economic_shares_2037: 4454351493
without_buyback_economic_shares_2046: 4487651493
with_market_buyback_125pct_fair_terminal_company_oku: 16040.6092671
share_neutral_old_holder_synthetic_PV_oku: 5369.9656948
no_buyback_old_holder_synthetic_PV_oku: 5366.0746447
price_effect_no_buyback_TWD: -0.088129
price_effect_25pct_buyback_premium_TWD: -0.291472
mutually_exclusive: NO-buyback dilution scenario does not also subtract market repurchase cash; neutral scenario buys same issued number and does not impose perpetual dilution again.

内容を開く

key: mild_bear
future_awards_policy_period: 2037 onward
annual_free_restricted_shares_fixed: 1500000
annual_cash_option_shares_fixed: 2200000
one_year_new_share_count: 3700000
share_neutral_issuer_fair_market_buyback_terminal_company_oku: 4933.7037009
without_future_market_buyback_fixed_annual_dilution_company_value_at_2036_oku: 4930.0285165
without_buyback_valuation_formula: Σ[t=1..500] 2037_distributable_cash*(1+g)^(t-1)*(N_2036/(N_2036+3.7m*t))/(1+k)^t; residual after 500 years negligible
without_buyback_economic_shares_2037: 4454351493
without_buyback_economic_shares_2046: 4487651493
with_market_buyback_125pct_fair_terminal_company_oku: 4923.1761417
share_neutral_old_holder_synthetic_PV_oku: 1647.7134838
no_buyback_old_holder_synthetic_PV_oku: 1646.4860791
price_effect_no_buyback_TWD: -0.0278
price_effect_25pct_buyback_premium_TWD: -0.079633
mutually_exclusive: NO-buyback dilution scenario does not also subtract market repurchase cash; neutral scenario buys same issued number and does not impose perpetual dilution again.

内容を開く

key: bear
future_awards_policy_period: 2037 onward
annual_free_restricted_shares_fixed: 1500000
annual_cash_option_shares_fixed: 2200000
one_year_new_share_count: 3700000
share_neutral_issuer_fair_market_buyback_terminal_company_oku: 282.6191504
without_future_market_buyback_fixed_annual_dilution_company_value_at_2036_oku: 282.4051328
without_buyback_valuation_formula: Σ[t=1..500] 2037_distributable_cash*(1+g)^(t-1)*(N_2036/(N_2036+3.7m*t))/(1+k)^t; residual after 500 years negligible
without_buyback_economic_shares_2037: 4454351493
without_buyback_economic_shares_2046: 4487651493
with_market_buyback_125pct_fair_terminal_company_oku: 282.0655069
share_neutral_old_holder_synthetic_PV_oku: 94.3865731
no_buyback_old_holder_synthetic_PV_oku: 94.3150974
price_effect_no_buyback_TWD: -0.001619
price_effect_25pct_buyback_premium_TWD: -0.004188
mutually_exclusive: NO-buyback dilution scenario does not also subtract market repurchase cash; neutral scenario buys same issued number and does not impose perpetual dilution again.

terminal_perpetuity_policy

評価根拠の詳細

twse_official_price: 527
株価基準日: 2026-11-06
volume_twse: 43145321
reference_issued_shares: 4488092493
proxy_economic_shares: 4415151493
market_cap_proxy_oku: 23267.848368
weighted_issuer_terminal_oku_separate: 19125.9733279
weighted_old_holder_terminal_oku: 18985.3112772
weighted_old_holder_payout_oku: 4711.7338817
weighted_old_holder_pv_oku: 8975.1960536
theoretical_value_per_share_TWD: 203.281724
gap_pct: -61.426618
discount_k: 0.115
weighted_expected_holder_xirr: 0.001989287
year_count_actual_36525: 10.001368925394
days_exact: 3653
market_multiple_used: いいえ
10y_economic_reference: old non-selling one share, synthetic rescaled by starting proxy denominator; terminal not in timed_cashflows
ADS_not_doubled: はい

分析基準とデータ

価格・単価

527

株数

4415151493

株価の出所

TWSE 2026-11-06 official 3711 close NT$527.00, volume 43,145,321

株価基準日

2026-11-06

株数の出所

2026-09-30 6-K total shares 4,488,092,493 including subsidiary holdings, less 2026-06-30 detailed filing subsidiary treasury 72,941,000; date mixed proxy, not confirmed 2026-11-06 exact

shares_as_of_proxy

2026-09-30 shares + 2026-06-30 treasury

issued_including_subsidiary_held_shares_2026_09_30

4488092493

subsidiary_treasury_shares_2026_06_30

72941000

subsidiary_treasury_shares_2026_09_30

未確認

shares_exact_2026_11_06

未確認

理由

11月6日当日発行・潜在株数、および9月末・11月6日の子会社保有株残高を一次資料で厳密照合できない。2026Q3の加重平均4,403,114,522株は期末株数ではない。

additional_ADS_share_count

one_NYSE_ASX_ADS_equals_TW_ordinary_shares

reference_FX_USD_TWD_2026_11_06

32.768

FX_primary

https://www.cbc.gov.tw/en/lp-700-2.html

ADS_ordinary_equivalence_note

ASX ADR 1口=台湾普通株2株。NYSE USD終値は台北13:30 CSTより後の取引。換算は参考にとどめ、NYSE分の発行株加算を禁止。

share_denominator_sensitivity

内容を開く

using_issued_all_shares: 4488092493
using_proxied_subsidiary_treasury_exclusion: 4415151493
difference_share_count: 72941000
reference_issue: 子会社持株は会計上自己株。配当・議決権の扱いは一般株式と異なり得るため外部受取株数で試算。

検証上の留意点

schema_compatibility

aiv-2-eu-pilot fields for Taiwan local price and monetary amounts in 億TWD, shares in physical shares; horizons cashflow_method overrides older 5yr lump rule.

time_axis

内容を開く

start: 2026-11-06
end: 2036-11-06
days: 3653
act_36525_years: 10.001368925394
stubs: 2026-11-07 through 2026-12-31 inclusive =55/92 Q4 days (2026-11-06 closing date excluded); full calendar years 2027–2035 (9 years); 2036-01-01 through 2036-11-06 inclusive =311/366 leap-year days (endpoint INCLUDED). Terminal valuation date itself remains 2036-11-06. 2036-11-07 to Dec31 excluded.
total_scenario_periods: 55
initial_stub_days: 55
initial_stub_q4_denominator_days: 92
initial_fraction_q4: 0.597826086957
final_stub_days: 311
final_stub_fy_denominator_days: 366
final_fraction_fy: 0.849726775956
full_middle_calendar_days: 3287
day_partition_sum_check: 3653
full_fy_rows_2027_to_2035: 45
reference_fy2036_rows: 5

monetary_unit

億TWD; all dates local Taiwan time; price TWD/one local ordinary share.

company_reported

内容を開く

Q3_revenue_oku: 2441.61
Q3_parent_net_oku: 269.96
Q3_parent_equity_oku: 4228.34
NCI_oku: 310.88
現金（億）: 884.21
debt_oku: 4064.61
subsidiary_held_treasury_6mo_shares: 72941000

segment_reconciliation

2026 9M packaging 3105.41+testing710.08+EMS2197.69+other75.69=6088.87, intercompany eliminated. Advanced vs legacy split is analyst estimate only.

accounting_equity_bridge

E_owner_end = E_owner_base + ΣNI_owner_after_SBC + ΣOCI + ΣSBC_owner_equity_credit + Σpaid_employee_options + ΣCB_book_liability_on_conversion − Σissuer_dividend − Σissuer_buyback.

company_vs_holder

payout_oku = sum of positive dated dividends for one non-selling share multiplied by N0 shares; it is NOT issuer dividend+buyback−issuance. Issuer buyback only changes company equity and denominator, not non-tendering holder cash.

terminal_value_rule

2036-11-06 TTM parent NI after SBC -> 2037 NI less needed reinvestment plus one parent SBC noncash addback plus option cash proceeds minus actual market cost of repurchasing same 3.7m shares to neutralize awards; solve implicit justified value. No simultaneous future dilution and full cash buyback charge; debt and NCI already accounted in NI.

bond_no_double_count

Q3 CB liability is inside reported total interest debt; initial option allocated to equity or derivatives is not separately confirmed and MUST NOT be credited again. At 2029 put or 2031 residual maturity, pay Settlement Equivalent USD based on fixed TWD 32.388 and prospective prevailing FX; refinancing replaces liability once. Conversion modeled 2031-07-24 within legal period, parent equity receives remaining liability book only, shares computed at cumulatively dividend-adjusted strike. Unknown Q3 debt gap 120.58 oku remains inside total as separate bucket.

earnings_and_NCI

Reported parent profit is already after subsidiary minority profit. Subsidiary RMB convertible was settled in Jan2026 and ensuing minority stake is in Q3 balance-sheet NCI; no second deduction.

SBC_no_double_count

IFRS net retains SBC expense. Through 2036 restricted 1.5m and paid-option 2.2m new shares per full year are in denominator and company equity/cash. Starting 2037 assume 3.7m market purchases annually to neutralize dilution: net+sbc_parent_non_cash_credit+option_cash - gross market_buyback_cash - growth reinvestment. Terminal never simultaneously subtracts dilution plus same future repurchase. NCI SBC addback is not assigned to parent.

sub_treasury

Subsidiaries hold proxy72,941,000 shares (last detailed June2026), not a regular public-market buyback. 9/30 exact and Nov6 outstanding shares unknown, sensitivity documented.

provisional_dividend_dates

2027–2036 first Friday July ex, last Friday July payment, prior business day at least 30 days before ex for zero cash recheck; NONE announced on 2026-11-06.

withholding

Tax before TWSE local shareholder withholding. EWT effective dividend tax unknown; US and Japanese investor tax omitted.

expected_IRR_not_weighted_scenario_IRR

Expected cash-flow IRR 0.001989287 vs probability-weighted scenario IRR reference -0.031816193; different statistics.

scenario_prob_sum

weighted_present_value_reconciliation

内容を開く

weighted_PV_oku: 8975.1960536
weighted_terminal_PV_oku: 6391.5226528
weighted_dividend_PV_oku: 2583.6734008
difference_oku: -2.0E-8

uncertain

内容を開く

item: 2026-11-06 real issued shares and subsidiary treasury
値: 未確認
理由: 2026 9/30 total reported shares and 6/30 treasury detail only; 11/6 exact unverified.

item: 2026 Q3 full reviewed IFRS footnote SBC and CB liability split
値: 未確認
理由: Oct29 company summary unaudited; full 9mo review/share-based balance and CB option carry split not confirmed by base date.

item: 2026Q4 audited actual
値: 未確認
理由: as of date 2026-11-06 not published; opening balance interpolation is projection.

item: 2027–2036 declared dividends and ex dates
値: 未確認
理由: not yet declared; use only assumed dates and zero cash recheck events.

item: 2029 CB put and 2031 conversion exercise fraction
値: 未確認
理由: bondholder choices depend on future share price, contract adjustment and credit; scenario assumptions only.

item: 2029 and 2031 exchange rates and future CB conversion price adjustments
値: 未確認
理由: unknown; contractual fixed FX32.388 and modeled future Prevailing Rate, provisional market price M and dividends, cumulative CP adjustment and 1pct threshold are now in bond schedules; actual issuer notices and final terms unknown.

item: EWT ETF effective after withholding/dividend tax
値: 未確認
理由: not verified for ETF domicile, treaty and fund-specific arrangements; modeled pre-tax.

item: 2036 realized cash, debt, NCI and terminal valuation
値: 未確認
理由: all contingent forward-looking projections.

bond_contract_confirmations

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prospectus_conversion_last: 2031-07-31
model_safe_conversion_date: 2031-07-24
maturity: 2031-08-10
2029_put: 2029-08-10
currency_linked_settlement: USD payable = USD face*32.3880/future prevailing rate
dividend_adjustment: CPnew=CPold*(M-C)/M and 1pct cumulative adjustment threshold, modeled proxy M

algorithm_validation

内容を開く

five_scenarios: 5
total_part_period_rows: 55
unidentified_Q3_debt_remains_inside_total: はい
contract_conversion_date_within_period: はい
terminal_2037_employee_shares_neutralised: はい
scenario_11_periods_each: はい
10_dividend_cashflows_each: はい
no_terminal_in_timed_cashflows: はい
book_cash_debt_nci_share_rollforward_pass: はい
timestamps_in_0_to_10_00137: はい
probability_sum_one: はい
bond_equity_debt_cash_conservation_pass: はい
date_split_55_3287_311_pass: はい

SBC_2037_dilution_and_cash_compensation_check

内容を開く

adopted

cash_market_repurchase_share_neutral_2037_and_beyond

future_parent_ordinary_SBC_expense_remains_in_reported_NI

はい

parent_noncash_SBC_addback_once_in_terminal_FCFE

はい

future_company_market_buyback_shares_equal_restricted_plus_paid_option_shares

はい

future_additional_ownership_dilution_charged_in_main_terminal

いいえ

no_repurchase_dilution_risk_sensitivity_provided

はい

employee_share_transfer_status

FORECAST, not pre-2036 confirmed grants or vesting

2037_per_case_sensitivities

内容を開く

key: bull
future_awards_policy_period: 2037 onward
annual_free_restricted_shares_fixed: 1500000
annual_cash_option_shares_fixed: 2200000
one_year_new_share_count: 3700000
share_neutral_issuer_fair_market_buyback_terminal_company_oku: 46674.6385259
without_future_market_buyback_fixed_annual_dilution_company_value_at_2036_oku: 46642.9556944
without_buyback_valuation_formula: Σ[t=1..500] 2037_distributable_cash*(1+g)^(t-1)*(N_2036/(N_2036+3.7m*t))/(1+k)^t; residual after 500 years negligible
without_buyback_economic_shares_2037: 4443359935
without_buyback_economic_shares_2046: 4476659935
with_market_buyback_125pct_fair_terminal_company_oku: 46537.8632832
share_neutral_old_holder_synthetic_PV_oku: 15626.5633755
no_buyback_old_holder_synthetic_PV_oku: 15615.9560352
price_effect_no_buyback_TWD: -0.240249
price_effect_25pct_buyback_premium_TWD: -1.037157
mutually_exclusive: NO-buyback dilution scenario does not also subtract market repurchase cash; neutral scenario buys same issued number and does not impose perpetual dilution again.

内容を開く

key: mild_bull
future_awards_policy_period: 2037 onward
annual_free_restricted_shares_fixed: 1500000
annual_cash_option_shares_fixed: 2200000
one_year_new_share_count: 3700000
share_neutral_issuer_fair_market_buyback_terminal_company_oku: 26893.5207247
without_future_market_buyback_fixed_annual_dilution_company_value_at_2036_oku: 26874.6275096
without_buyback_valuation_formula: Σ[t=1..500] 2037_distributable_cash*(1+g)^(t-1)*(N_2036/(N_2036+3.7m*t))/(1+k)^t; residual after 500 years negligible
without_buyback_economic_shares_2037: 4455702762
without_buyback_economic_shares_2046: 4489002762
with_market_buyback_125pct_fair_terminal_company_oku: 26822.1884306
share_neutral_old_holder_synthetic_PV_oku: 8978.9273156
no_buyback_old_holder_synthetic_PV_oku: 8972.6194466
price_effect_no_buyback_TWD: -0.142869
price_effect_25pct_buyback_premium_TWD: -0.539408
mutually_exclusive: NO-buyback dilution scenario does not also subtract market repurchase cash; neutral scenario buys same issued number and does not impose perpetual dilution again.

内容を開く

key: base
future_awards_policy_period: 2037 onward
annual_free_restricted_shares_fixed: 1500000
annual_cash_option_shares_fixed: 2200000
one_year_new_share_count: 3700000
share_neutral_issuer_fair_market_buyback_terminal_company_oku: 16079.1423285
without_future_market_buyback_fixed_annual_dilution_company_value_at_2036_oku: 16067.4914629
without_buyback_valuation_formula: Σ[t=1..500] 2037_distributable_cash*(1+g)^(t-1)*(N_2036/(N_2036+3.7m*t))/(1+k)^t; residual after 500 years negligible
without_buyback_economic_shares_2037: 4454351493
without_buyback_economic_shares_2046: 4487651493
with_market_buyback_125pct_fair_terminal_company_oku: 16040.6092671
share_neutral_old_holder_synthetic_PV_oku: 5369.9656948
no_buyback_old_holder_synthetic_PV_oku: 5366.0746447
price_effect_no_buyback_TWD: -0.088129
price_effect_25pct_buyback_premium_TWD: -0.291472
mutually_exclusive: NO-buyback dilution scenario does not also subtract market repurchase cash; neutral scenario buys same issued number and does not impose perpetual dilution again.

内容を開く

key: mild_bear
future_awards_policy_period: 2037 onward
annual_free_restricted_shares_fixed: 1500000
annual_cash_option_shares_fixed: 2200000
one_year_new_share_count: 3700000
share_neutral_issuer_fair_market_buyback_terminal_company_oku: 4933.7037009
without_future_market_buyback_fixed_annual_dilution_company_value_at_2036_oku: 4930.0285165
without_buyback_valuation_formula: Σ[t=1..500] 2037_distributable_cash*(1+g)^(t-1)*(N_2036/(N_2036+3.7m*t))/(1+k)^t; residual after 500 years negligible
without_buyback_economic_shares_2037: 4454351493
without_buyback_economic_shares_2046: 4487651493
with_market_buyback_125pct_fair_terminal_company_oku: 4923.1761417
share_neutral_old_holder_synthetic_PV_oku: 1647.7134838
no_buyback_old_holder_synthetic_PV_oku: 1646.4860791
price_effect_no_buyback_TWD: -0.0278
price_effect_25pct_buyback_premium_TWD: -0.079633
mutually_exclusive: NO-buyback dilution scenario does not also subtract market repurchase cash; neutral scenario buys same issued number and does not impose perpetual dilution again.

内容を開く

key: bear
future_awards_policy_period: 2037 onward
annual_free_restricted_shares_fixed: 1500000
annual_cash_option_shares_fixed: 2200000
one_year_new_share_count: 3700000
share_neutral_issuer_fair_market_buyback_terminal_company_oku: 282.6191504
without_future_market_buyback_fixed_annual_dilution_company_value_at_2036_oku: 282.4051328
without_buyback_valuation_formula: Σ[t=1..500] 2037_distributable_cash*(1+g)^(t-1)*(N_2036/(N_2036+3.7m*t))/(1+k)^t; residual after 500 years negligible
without_buyback_economic_shares_2037: 4454351493
without_buyback_economic_shares_2046: 4487651493
with_market_buyback_125pct_fair_terminal_company_oku: 282.0655069
share_neutral_old_holder_synthetic_PV_oku: 94.3865731
no_buyback_old_holder_synthetic_PV_oku: 94.3150974
price_effect_no_buyback_TWD: -0.001619
price_effect_25pct_buyback_premium_TWD: -0.004188
mutually_exclusive: NO-buyback dilution scenario does not also subtract market repurchase cash; neutral scenario buys same issued number and does not impose perpetual dilution again.

warning

Do not compare parent share compensation expense with full group issuance where subsidiary shares/NCI also differ. Parent credit fraction .72 is a declared proxy.

bond_2026_reverified

内容を開く

original_primary_prospectus_URL

https://links.sgx.com/FileOpen/ASE%20Technology%20Holding%20Co.%2C%20Ltd.%20-%20Offering%20Memorandum.ashx?App=Prospectus&FileID=70711

発行済み

2026-08-10

conversion_start

2026-11-11

contract_last_conversion

2031-07-31

forecast_conversion_date

2031-07-24

contract_maturity_date

2031-08-10

2029_holder_put

2029-08-10

dividend_adjustment_formula

NCP=OCP*(M-C)/M with cumulative 1% threshold, rounding at two decimals

prevailing_fx

contract spot fixing 11am Taipei time at rate calculation date five business days before USD amount due

USD_cash

USD original principal * 32.3880 / settlement prevailing TWD per USD

2031_maturity_cash_settlement_date_assumed

2031-08-11 due weekend, not company confirmed

equity_option_double_credit

いいえ

initial_option_or_embedded_derivative_classification_verified

いいえ

estimated_CB_book_2026_09_30_central_oku

272.16

book_range_oku

1: 220
2: 315

cash_dividend_and_option_closed_period_must_be_rechecked

はい

debt_2026_q3_missing_component_rolling

内容を開く

report_date

2026-09-30

reported_total_interest_debt_oku

4064.61

visible_component_oku

内容を開く

short_term: 704.28
LT_current: 51.41
LT_bond: 422.01
LT_loans_bills: 2766.33

unidentified_component_oku

120.58

classification_primary_not_confirmed

はい

within_total_not_added_again

はい

forecast_unknown_bucket_constant_oku

120.58

continuity_checked_all_periods

はい

recomputed_prior_to_release

はい

v3_calendar_boundary_correction

内容を開く

result: all scenarios rerun from day-level assumptions including financing and share dates
as_of_2026_11_06_closing_before_post_valuation_earning: はい
q4_2026_days_total: 92
prevaluation_2026_10_01_to_11_06_inclusive_days: 37
postvaluation_2026_11_07_to_12_31_inclusive_days: 55
initial_stub_fraction: 0.597826086957
middle_2027_to_2035_days: 3287
terminal_2036_01_01_to_11_06_inclusive_days: 311
terminal_stub_fraction: 0.849726775956
sum_days: 3653
last_2036_horizon_day_included: はい
first_2026_11_06_horizon_day_excluded: はい
2036_11_07_to_12_31_post_horizon_days_excluded: 55
2036_TTM_parent_NI_formula: NI_FY2035*55/365 + NI_2036_Jan1_to_Nov6_311days
2037_NI_and_reinvestment: Use 2036-11-06 last 12-month NI -> 2037 12 month-equivalent forward (1+g), minus growth reinvestment and expected 2037 market buyback compensation; no 311-day horizon NI incorrectly used as full-year.

v3_vs_v2_quantitative_reconciliation

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baseline_version

ASE 3711 timed holder v2

revised_version

ASE 3711 timed holder v3 day boundaries

理由

v2 period includes Nov6 twice in pre+post and excludes final Nov6; v3 starts Nov7, ends Nov6 inclusive

old_price_TWD

203.231633

new_price_TWD

203.281724

price_change_TWD

0.050091

old_weighted_PV_oku

8972.9844841

new_weighted_PV_oku

8975.1960536

old_expected_IRR

0.001959213

new_expected_IRR

0.001989287

initial_stub

previous_days: 56
corrected_days: 55
q4_total_days: 92

final_stub

previous_days: 310
corrected_days: 311
leap_year_total_days: 366

net_total_calendar_days

3653

per_case_recalculation

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scenario: bull
prob: 12.00%
initial_days_v2: 56
initial_days_v3: 55
initial_2026_net_profit_old_oku: 127.826087
initial_2026_net_profit_new_oku: 125.5434783
initial_2026_sbc_expense_old_oku: 2.9826087
initial_2026_sbc_expense_new_oku: 2.9293478
initial_2026_CB_interest_old_oku: 1.6317296
initial_2026_CB_interest_new_oku: 1.6025915
initial_2026_equity_ending_old_oku: 4444.1606522
initial_2026_equity_ending_new_oku: 4441.84
initial_2026_cash_ending_old_oku: 884.21
initial_2026_cash_ending_new_oku: 884.21
final_days_v2: 310
final_days_v3: 311
final_2036_operating_profit_old_oku: 4494.495804
final_2036_operating_profit_new_oku: 4508.994177
final_2036_net_profit_old_oku: 3512.681904
final_2036_net_profit_new_oku: 3524.02342
final_2036_sbc_expense_old_oku: 36.020478
final_2036_sbc_expense_new_oku: 36.136673
final_2036_ending_equity_old_oku: 17862.156242
final_2036_ending_equity_new_oku: 17871.1495343
final_2036_ending_cash_old_oku: 1653.8434684
final_2036_ending_cash_new_oku: 1653.8434684
final_2036_ending_debt_old_oku: 8678.137919
final_2036_ending_debt_new_oku: 8670.2433636
final_2036_ending_nci_old_oku: 731.3992156
final_2036_ending_nci_new_oku: 731.5330048
ending_shares_old: 4439684255
ending_shares_new: 4439659935
2037_sustainable_cash_old_oku: 3405.7012459
2037_sustainable_cash_new_oku: 3407.2486124
2037_growth_reinvestment_old_oku: 804.4397263
2037_growth_reinvestment_new_oku: 804.8092309
2037_buyback_compensation_old_oku: 40.5136196
2037_buyback_compensation_new_oku: 40.5322489
holder_dividends_old_oku: 7504.8504629
holder_dividends_new_oku: 7504.8904338
holder_terminal_old_oku: 46395.644612
holder_terminal_new_oku: 46416.9785502
holder_PV_old_oku: 19481.290586
holder_PV_new_oku: 19488.4943828
one_share_value_old_TWD: 441.2371946
one_share_value_new_TWD: 441.4003554
IRR_old: 0.09364522
IRR_new: 0.09368973

内容を開く

scenario: mild_bull
prob: 23.00%
initial_days_v2: 56
initial_days_v3: 55
initial_2026_net_profit_old_oku: 127.826087
initial_2026_net_profit_new_oku: 125.5434783
initial_2026_sbc_expense_old_oku: 2.9826087
initial_2026_sbc_expense_new_oku: 2.9293478
initial_2026_CB_interest_old_oku: 1.6317296
initial_2026_CB_interest_new_oku: 1.6025915
initial_2026_equity_ending_old_oku: 4444.1606522
initial_2026_equity_ending_new_oku: 4441.84
initial_2026_cash_ending_old_oku: 884.21
initial_2026_cash_ending_new_oku: 884.21
final_days_v2: 310
final_days_v3: 311
final_2036_operating_profit_old_oku: 2928.262186
final_2036_operating_profit_new_oku: 2937.708193
final_2036_net_profit_old_oku: 2207.648882
final_2036_net_profit_new_oku: 2214.781008
final_2036_sbc_expense_old_oku: 28.296515
final_2036_sbc_expense_new_oku: 28.387794
final_2036_ending_equity_old_oku: 13451.7865846
final_2036_ending_equity_new_oku: 13456.6525942
final_2036_ending_cash_old_oku: 1299.2055925
final_2036_ending_cash_new_oku: 1299.2055925
final_2036_ending_debt_old_oku: 8685.6110403
final_2036_ending_debt_new_oku: 8679.8651454
final_2036_ending_nci_old_oku: 648.3505916
final_2036_ending_nci_new_oku: 648.4161249
ending_shares_old: 4452010333
ending_shares_new: 4452002762
2037_sustainable_cash_old_oku: 2150.7047351
2037_sustainable_cash_new_oku: 2151.481658
2037_growth_reinvestment_old_oku: 500.2472499
2037_growth_reinvestment_new_oku: 500.4304903
2037_buyback_compensation_old_oku: 23.1247323
2037_buyback_compensation_new_oku: 23.1331253
holder_dividends_old_oku: 6223.7863431
holder_dividends_new_oku: 6223.8260069
holder_terminal_old_oku: 26661.2342282
holder_terminal_new_oku: 26670.9107175
holder_PV_old_oku: 12311.9335769
holder_PV_new_oku: 12315.2126892
one_share_value_old_TWD: 278.8564242
one_share_value_new_TWD: 278.9306937
IRR_old: 0.03831333
IRR_new: 0.03834599

内容を開く

scenario: base
prob: 40.00%
initial_days_v2: 56
initial_days_v3: 55
initial_2026_net_profit_old_oku: 127.826087
initial_2026_net_profit_new_oku: 125.5434783
initial_2026_sbc_expense_old_oku: 2.9826087
initial_2026_sbc_expense_new_oku: 2.9293478
initial_2026_CB_interest_old_oku: 1.6317296
initial_2026_CB_interest_new_oku: 1.6025915
initial_2026_equity_ending_old_oku: 4444.1606522
initial_2026_equity_ending_new_oku: 4441.84
initial_2026_cash_ending_old_oku: 884.21
initial_2026_cash_ending_new_oku: 884.21
final_days_v2: 310
final_days_v3: 311
final_2036_operating_profit_old_oku: 1950.475848
final_2036_operating_profit_new_oku: 1956.767706
final_2036_net_profit_old_oku: 1413.144223
final_2036_net_profit_new_oku: 1417.713792
final_2036_sbc_expense_old_oku: 23.109535
final_2036_sbc_expense_new_oku: 23.184082
final_2036_ending_equity_old_oku: 10710.768687
final_2036_ending_equity_new_oku: 10713.1117046
final_2036_ending_cash_old_oku: 1061.0506785
final_2036_ending_cash_new_oku: 1061.0506785
final_2036_ending_debt_old_oku: 7437.0798544
final_2036_ending_debt_new_oku: 7432.3542565
final_2036_ending_nci_old_oku: 584.5045243
final_2036_ending_nci_new_oku: 584.5221557
ending_shares_old: 4450651493
ending_shares_new: 4450651493
2037_sustainable_cash_old_oku: 1414.5784355
2037_sustainable_cash_new_oku: 1414.9645249
2037_growth_reinvestment_old_oku: 284.8420602
2037_growth_reinvestment_new_oku: 284.9211997
2037_buyback_compensation_old_oku: 13.7243865
2037_buyback_compensation_new_oku: 13.7281324
holder_dividends_old_oku: 5045.8382882
holder_dividends_new_oku: 5045.875438
holder_terminal_old_oku: 15946.536911
holder_terminal_new_oku: 15950.8892955
holder_PV_old_oku: 8184.8245976
holder_PV_new_oku: 8186.309966
one_share_value_old_TWD: 185.3803796
one_share_value_new_TWD: 185.4140221
IRR_old: -0.0113389
IRR_new: -0.01131582

内容を開く

scenario: mild_bear
prob: 18.00%
initial_days_v2: 56
initial_days_v3: 55
initial_2026_net_profit_old_oku: 127.826087
initial_2026_net_profit_new_oku: 125.5434783
initial_2026_sbc_expense_old_oku: 2.9826087
initial_2026_sbc_expense_new_oku: 2.9293478
initial_2026_CB_interest_old_oku: 1.6317296
initial_2026_CB_interest_new_oku: 1.6025915
initial_2026_equity_ending_old_oku: 4444.1606522
initial_2026_equity_ending_new_oku: 4441.84
initial_2026_cash_ending_old_oku: 884.21
initial_2026_cash_ending_new_oku: 884.21
final_days_v2: 310
final_days_v3: 311
final_2036_operating_profit_old_oku: 829.027562
final_2036_operating_profit_new_oku: 831.701844
final_2036_net_profit_old_oku: 465.480187
final_2036_net_profit_new_oku: 466.996586
final_2036_sbc_expense_old_oku: 16.880399
final_2036_sbc_expense_new_oku: 16.934852
final_2036_ending_equity_old_oku: 8486.8880965
final_2036_ending_equity_new_oku: 8486.1965099
final_2036_ending_cash_old_oku: 775.0462939
final_2036_ending_cash_new_oku: 775.0462939
final_2036_ending_debt_old_oku: 6547.8095525
final_2036_ending_debt_new_oku: 6545.4413816
final_2036_ending_nci_old_oku: 482.0044056
final_2036_ending_nci_new_oku: 481.9601791
ending_shares_old: 4450651493
ending_shares_new: 4450651493
2037_sustainable_cash_old_oku: 483.4815535
2037_sustainable_cash_new_oku: 483.5029627
2037_growth_reinvestment_old_oku: 90.4172768
2037_growth_reinvestment_new_oku: 90.4214483
2037_buyback_compensation_old_oku: 4.1711223
2037_buyback_compensation_new_oku: 4.171307
holder_dividends_old_oku: 1816.9469726
holder_dividends_new_oku: 1816.9803881
holder_terminal_old_oku: 4894.1339834
holder_terminal_new_oku: 4894.3507024
holder_PV_old_oku: 2768.7141338
holder_PV_new_oku: 2768.8042901
one_share_value_old_TWD: 62.7093801
one_share_value_new_TWD: 62.7114221
IRR_old: -0.12865338
IRR_new: -0.12864959

内容を開く

scenario: bear
prob: 7.00%
initial_days_v2: 56
initial_days_v3: 55
initial_2026_net_profit_old_oku: 127.826087
initial_2026_net_profit_new_oku: 125.5434783
initial_2026_sbc_expense_old_oku: 2.9826087
initial_2026_sbc_expense_new_oku: 2.9293478
initial_2026_CB_interest_old_oku: 1.6317296
initial_2026_CB_interest_new_oku: 1.6025915
initial_2026_equity_ending_old_oku: 4444.1606522
initial_2026_equity_ending_new_oku: 4441.84
initial_2026_cash_ending_old_oku: 884.21
initial_2026_cash_ending_new_oku: 884.21
final_days_v2: 310
final_days_v3: 311
final_2036_operating_profit_old_oku: 271.210195
final_2036_operating_profit_new_oku: 272.085067
final_2036_net_profit_old_oku: 8.663848
final_2036_net_profit_new_oku: 8.70968
final_2036_sbc_expense_old_oku: 12.216774
final_2036_sbc_expense_new_oku: 12.256183
final_2036_ending_equity_old_oku: 6535.0144919
final_2036_ending_equity_new_oku: 6532.8826965
final_2036_ending_cash_old_oku: 700
final_2036_ending_cash_new_oku: 700
final_2036_ending_debt_old_oku: 5647.8130194
final_2036_ending_debt_new_oku: 5646.2014264
final_2036_ending_nci_old_oku: 417.6516574
final_2036_ending_nci_new_oku: 417.5731038
ending_shares_old: 4450651493
ending_shares_new: 4450651493
2037_sustainable_cash_old_oku: 30.0401375
2037_sustainable_cash_new_oku: 29.9576299
2037_growth_reinvestment_old_oku: 2.0157836
2037_growth_reinvestment_new_oku: 2.0044435
2037_buyback_compensation_old_oku: 0.2377198
2037_buyback_compensation_new_oku: 0.2370669
holder_dividends_old_oku: 489.4139673
holder_dividends_new_oku: 489.434328
holder_terminal_old_oku: 281.1370426
holder_terminal_new_oku: 280.3648782
holder_PV_old_oku: 445.5215419
holder_PV_new_oku: 445.27215
one_share_value_old_TWD: 10.0907419
one_share_value_new_TWD: 10.0850934
IRR_old: -0.34548803
IRR_new: -0.34564692

source_confirmed_unchanged_from_v2

The Oct 29 2026 Q3 SEC Form 6-K historical figures stay unchanged; calendar correction affects model estimates only.

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