2801:TWSEChang Hwa Commercial Bank, Ltd. Analysis

Chang Hwa Commercial Bank trades at a price‑to‑earnings ratio of 13.5, notably below the industry average of 16.8, and its price‑to‑book of 1.06 suggests the stock is barely above book value. The bank delivers a solid dividend yield of 2.46% with a comfortable payout ratio of roughly 33%, indicating dividend sustainability. Financially, the institution shows a healthy operating margin of 53% and a respectable ROE of 8.7%, while its low beta of 0.27 and modest 30‑day volatility of 11.7% point to limited price swings. However, operating cash flow is negative and the max drawdown sits at –7.8%, underscoring some liquidity concerns.
Technical indicators show the stock price at 20.3 TWD, just above the identified support of 20.15 TWD and below the resistance of 21.45 TWD. The 20‑day SMA (20.72) and 50‑day SMA (20.81) sit above the current price, the RSI is at 38 (bordering oversold), and the MACD histogram is negative, all hinting at a short‑term neutral to slightly bearish bias despite increasing volume and an “Extreme Greed” market sentiment (fear‑greed index 91.6).