ROE與股價報酬率的關係

by byronyen

以下這段話摘自「窮查理的普通常識」:「如果某家企業40年來的資本報酬率是6%,你持有它的股票40年,那麼你的報酬率不會跟6%有太大的差別,即使你最早購買時,該股票的價格比帳面價值低很多。相反的,如果一家企業在過去2、30年間的資本報酬率是18%,即使你當時花了很高的價錢去買它的股票,你最終得報的回報也會非常可觀。」這段話的意思是,股票長期投資的訣竅,在於找出可以每年持續繳出高ROE、具長期競爭力的好公司,然後長期持有它的股票。

以下表格取自台灣經濟新報資料庫(TEJ),內容是台灣上市櫃公司自2004年至2019年這15年間的股票平均報酬率,以及15年間公司平均ROE之間的關係。以下幾點說明:

1.取15年期間的原因是,台灣股票市場的歷史不像美國那樣長,所以要是期間抓太長,例如30年,掛牌公司的家數會太少;若期間抓太短,例如5年,ROE和股票報酬率的關係又不容易顯現(15年其實也算短,「窮查理」所說的40年比較符合大樣本的定義)。這次共取得980家公司ROE與股票報酬率資料。

2.這980家公司按照其平均ROE分類如下表:

 平均ROE 15%以上平均ROE 10%-15%平均ROE 0%-10%平均ROE 是負的
家數121168451240
股票平均 報酬率15.39%11.38%6.46%-3.94%

整體而言,平均ROE與股票平均報酬率之間有很好的近似關係,至少就分類後的群組平均數是如此。

3.需要注意的是,畢竟ROE是資產負債表的帳面數字,而股票平均報酬率是計算期間股價的漲跌幅度,所以期間越長,它們之間的關係才會越近似,因為我們的假設是,長期下來最能代表股價驅動力量的財務指標是ROE。另個要注意的是,計算平均ROE時是用15年期間,每年ROE的幾何平均數(但有個避免負值影響的小技巧,就是每年ROE都先加1,計算出平均數後再減1)。然而計算股票平均報酬率時,是直接拿頭(2004年底股價)及尾(2019年底股價)去計算幾何平均數。所以頭、尾的股價影響會較每年的ROE來的大。舉例而言,個別公司可能因為公司或是產業特殊因素影響,以致那兩個時間點的股價有較大幅度的波動,這可能使平均ROE與股票平均報酬率之間的關係失真。

4.之前說過,我個人的長期投資定義是要持有5年以上,所以合理的評估ROE期間也要有5年資料對吧?不論如何,當要挑選適合長期投資的股票時,長期平均ROE都應該只是財務分析的起點而已。找出長期具有高ROE(因為投資的目的是要打敗大盤,所以理應挑選10%,甚至15%以上平均ROE)的公司後,應該再利用杜邦方程式這個工具將個別公司的財報做徹底的分析。

5.之前提過個人認為具有長期競爭力的公司是三個圓圈:人、產業、財務數字的交集,所以財務數字只是其中之一,但從財務數字出發的好處是,它可以快速過濾體質差的公司(表現在低、甚至是負的ROE上面)。有人可能會問,ROE由負翻正的公司其股價應該會有更大的漲幅,沒錯,但是因為是長期投資,低ROE的公司表示其公司管理或是產業有結構性的問題,所以除非對那些公司的狀況有深刻的認識,否則從ROE公司開始著手還是比較保險的做法。

代號公司平均ROE平均報酬率
1565精華34.04%19.99%
3008大立光31.81%25.79%
2912統一超29.64%16.85%
2707晶華28.61%9.55%
5904寶雅28.30%35.33%
5534長虹27.39%16.87%
3213茂訊27.17%16.60%
1723中碳26.93%11.75%
1707葡萄王26.71%26.86%
2542興富發26.45%20.66%
3034聯詠25.95%15.24%
2548華固25.36%18.32%
8299群聯24.99%22.17%
5903全家24.13%15.70%
6206飛捷24.11%15.59%
3045台灣大23.97%11.47%
8083瑞穎23.79%21.86%
2330台積電23.77%21.41%
1477聚陽23.76%17.86%
5508永信建23.58%12.44%
1476儒鴻23.47%33.51%
2915潤泰全23.36%11.84%
6203海韻電23.20%18.24%
2348海悅22.70%-6.62%
6146耕興22.64%21.35%
9910豐泰22.49%22.79%
2385群光22.32%17.17%
9940信義22.01%9.54%
2395研華21.92%18.31%
2207和泰車21.88%21.60%
6277宏正21.83%10.59%
2474可成21.76%15.22%
1808潤隆21.56%26.84%
1232大統益21.39%21.06%
6202盛群21.29%12.48%
8081致新21.14%22.42%
6263普萊德21.12%10.29%
9914美利達21.09%24.76%
6121新普21.03%18.82%
5519隆大20.51%17.74%
8016矽創20.34%12.65%
2227裕日車20.26%12.38%
2454聯發科20.20%14.19%
3211順達20.10%15.62%
6224聚鼎20.07%16.23%
9951皇田19.79%10.61%
3030德律19.77%15.46%
9921巨大19.42%17.32%
2404漢唐19.42%22.70%
1537廣隆19.39%21.31%
6279胡連19.34%13.53%
9930中聯資源19.34%12.82%
9945潤泰新19.09%18.20%
6239力成19.07%11.17%
3044健鼎19.05%15.28%
1227佳格18.70%23.82%
1521大億18.64%9.54%
1733五鼎18.28%7.91%
4105東洋18.26%16.10%
2383台光電18.25%26.18%
6192巨路18.22%13.81%
2545皇翔18.12%11.02%
5471松翰18.11%11.79%
2308台達電18.09%15.01%
2439美律18.02%13.27%
3090日電貿18.01%22.07%
2498宏達電17.88%-0.99%
2450神腦17.83%11.62%
6176瑞儀17.82%12.89%
8091翔名17.76%14.44%
9942茂順17.76%10.35%
9917中保科17.68%11.30%
5312寶島科17.67%15.59%
8050廣積17.57%12.62%
6210慶生17.57%22.20%
2360致茂17.54%19.30%
5388中磊17.41%15.54%
5489彩富17.38%10.42%
5474聰泰17.38%28.81%
5007三星17.20%10.79%
2451創見17.16%7.62%
6213聯茂17.12%22.89%
3022威強電17.07%9.25%
5522遠雄16.96%11.75%
5209新鼎16.92%21.22%
6143振曜16.84%17.52%
4908前鼎16.77%18.92%
2464盟立16.75%15.24%
1527鑽全16.67%2.62%
9941裕融16.55%16.47%
2441超豐16.50%14.09%
2420新巨16.46%14.22%
5706鳳凰16.45%13.74%
2105正新16.34%10.55%
6505台塑化16.26%7.70%
2317鴻海16.24%7.69%
5530龍巖16.23%19.18%
2103台橡16.21%10.49%
6189豐藝16.14%12.55%
5490同亨16.07%5.04%
6115鎰勝16.07%14.66%
6278台表科16.04%25.79%
6230超眾15.98%17.70%
3023信邦15.97%23.45%
4126太醫15.78%15.72%
6285啟碁15.69%14.06%
5434崇越15.63%14.50%
3010華立15.48%10.16%
8070長華*15.46%-2.51%
9927泰銘15.35%7.57%
5392應華15.34%6.77%
4401東隆興15.33%12.41%
2612中航15.30%7.62%
1535中宇15.22%14.54%
9943好樂迪15.21%11.68%
8103瀚荃15.15%10.94%
2354鴻準15.07%7.24%
6269台郡15.03%19.88%
4107邦特15.03%23.23%
6128上福15.02%11.05%
6123上奇15.01%22.12%
5439高技14.96%20.09%
5403中菲14.93%18.46%
5203訊連14.91%9.40%
2428興勤14.89%18.74%
5531鄉林14.84%9.76%
6166凌華14.84%17.34%
5511德昌14.83%20.86%
2373震旦行14.82%15.70%
2382廣達14.74%9.29%
4904遠傳14.71%8.43%
2606裕民14.69%4.81%
6231系微14.68%20.16%
6261久元14.60%9.94%
4205中華食14.53%20.72%
2015豐興14.51%10.05%
8072陞泰14.48%0.68%
3042晶技14.37%19.28%
1216統一14.20%16.91%
2850新產14.20%12.61%
6223旺矽14.13%9.43%
9937全國13.97%10.53%
5347世界13.84%16.82%
3209全科13.82%13.84%
1530亞崴13.80%5.80%
8042金山電13.73%10.62%
2605新興13.68%2.08%
1323永裕13.63%15.55%
9933中鼎13.61%11.30%
2347聯強13.57%8.13%
2379瑞昱13.54%19.83%
1301台塑13.49%9.87%
5015華祺13.39%13.28%
1233天仁13.39%8.89%
2397友通13.32%18.41%
5525順天13.24%9.57%
1730花仙子13.20%20.90%
6216居易13.19%4.49%
6160欣技13.18%-4.96%
6605帝寶13.16%0.03%
5609中菲行13.15%19.64%
6207雷科13.14%8.98%
8099大世科13.11%10.94%
9938百和13.04%15.32%
6184大豐電13.03%12.35%
2458義隆13.02%18.70%
2433互盛電13.02%17.91%
8942森鉅13.00%9.83%
2357華碩12.92%6.43%
6154順發12.88%3.86%
4535至興12.84%2.46%
1736喬山12.84%9.56%
3231緯創12.80%14.99%
4721美琪瑪12.78%10.63%
4119旭富12.74%21.26%
2108南帝12.74%21.25%
4305世坤12.72%14.50%
6177達麗12.71%19.67%
2351順德12.69%14.96%
8917欣泰12.68%14.20%
5493三聯12.68%15.78%
9904寶成12.66%6.64%
6205詮欣12.65%10.17%
2524京城12.61%4.56%
2823中壽12.56%6.88%
5533皇鼎12.56%12.29%
1702南僑12.55%15.60%
6147頎邦12.53%11.15%
2327國巨12.52%20.16%
3033威健12.50%11.22%
8039台虹12.50%11.69%
6245立端12.49%14.20%
3036文曄12.47%15.36%
8938明安12.44%4.26%
2345智邦12.44%25.27%
9925新保12.40%12.06%
2106建大12.40%9.47%
3035智原12.38%2.88%
1307三芳12.36%7.15%
6138茂達12.34%11.90%
8076伍豐12.29%8.18%
4528江興鍛12.17%13.56%
2495普安12.14%-2.53%
1326台化12.14%8.18%
2485兆赫12.12%4.64%
9924福興12.07%8.99%
6218豪勉12.06%7.00%
1442名軒12.03%7.43%
2456奇力新11.97%17.44%
2393億光11.96%7.47%
5371中光電11.94%6.39%
5438東友11.91%2.99%
1540喬福11.91%9.78%
5356協益11.90%13.44%
1303南亞11.88%8.11%
4416三圓11.85%18.21%
1717長興11.84%13.18%
6292迅德11.83%14.51%
6185幃翔11.81%6.61%
4909新復興11.78%1.94%
1726永記11.76%8.59%
6151晉倫11.75%11.12%
4417金洲11.72%16.44%
2423固緯11.72%10.98%
2617台航11.71%2.87%
6108競國11.71%7.86%
1215卜蜂11.67%22.23%
2509全坤建11.67%14.02%
3189景碩11.64%8.65%
5478智冠11.61%8.76%
3311閎暉11.59%-1.65%
3060銘異11.57%-4.60%
5464霖宏11.55%6.06%
9926新海11.50%15.84%
2462良得電11.48%13.55%
6257矽格11.48%12.16%
2536宏普11.42%7.01%
2412中華電11.35%9.18%
2904匯僑11.34%11.90%
1525江申11.34%12.47%
4527方土霖11.32%10.45%
2459敦吉11.27%10.84%
2455全新11.26%22.75%
6274台燿11.22%19.21%
5425台半11.20%14.99%
2324仁寶11.19%3.61%
2374佳能11.16%4.50%
1507永大11.08%12.58%
8908欣雄11.07%18.96%
1231聯華食11.06%18.33%
2546根基10.96%19.80%
1708東鹼10.95%12.57%
1532勤美10.95%8.38%
2301光寶科10.92%8.01%
1210大成10.88%21.74%
5016松和10.86%7.72%
6188廣明10.82%8.81%
2535達欣工10.80%12.25%
2476鉅祥10.77%6.92%
2488漢平10.66%7.49%
2355敬鵬10.66%9.17%
2881富邦金10.65%7.08%
2421建準10.62%17.66%
2480敦陽科10.58%16.55%
6204艾華10.52%11.83%
2832台產10.50%7.69%
4106雃博10.49%10.20%
3026禾伸堂10.49%11.54%
9911櫻花10.46%15.32%
8924大田10.44%4.30%
8054安國10.44%5.19%
4420光明10.41%10.51%
8021尖點10.38%9.90%
2493揚博10.38%15.60%
8383千附10.36%7.76%
3003健和興10.36%8.25%
2034允強10.30%8.70%
5483中美晶10.29%18.92%
3005神基10.16%13.90%
8374羅昇10.16%10.31%
1720生達10.14%11.15%
5013強新10.14%9.84%
8926台汽電10.13%14.32%
2534宏盛10.11%7.15%
9931欣高10.11%15.41%
9939宏全10.11%11.05%
2377微星10.10%20.48%
3015全漢10.09%8.56%
2387精元10.03%11.16%
6201亞弘電9.98%9.79%
3059華晶科9.98%7.47%
4120友華9.97%15.05%
2809京城銀9.95%8.33%
6609瀧澤科9.90%6.53%
2891中信金9.88%4.60%
5514三豐9.88%12.97%
8032光菱9.86%6.16%
1101台泥9.85%12.76%
6155鈞寶9.82%6.62%
2467志聖9.79%11.22%
4506崇友9.79%17.03%
8043蜜望實9.78%7.98%
2002中鋼9.63%3.99%
9960邁達康9.59%9.21%
2006東和鋼鐵9.58%7.91%
3048益登9.56%6.07%
3217優群9.53%20.68%
6508惠光9.53%8.37%
3032偉訓9.49%13.17%
6227茂綸9.49%7.27%
2601益航9.45%2.91%
2616山隆9.44%11.70%
6194育富9.43%7.04%
2852第一保9.43%2.43%
8112至上9.43%12.45%
6183關貿9.40%15.13%
2851中再保9.39%9.45%
4722國精化9.39%12.42%
2511太子9.37%9.18%
6187萬潤9.33%11.66%
8905裕國9.32%6.36%
9918欣天然9.30%10.13%
4526東台9.30%0.06%
5604中連貨9.28%15.12%
6112聚碩9.27%22.28%
8074鉅橡9.25%6.54%
2841台開9.22%10.25%
1308亞聚9.20%9.85%
2608嘉里大榮9.19%12.15%
4104佳醫9.16%11.52%
9905大華9.12%5.88%
6221晉泰9.10%18.42%
2107厚生9.09%6.64%
1102亞泥9.06%13.19%
2356英業達8.98%11.15%
6282康舒8.98%5.54%
1519華城8.97%16.21%
6139亞翔8.95%2.53%
1710東聯8.94%2.17%
1312國喬8.93%4.50%
1319東陽8.90%2.64%
3028增你強8.85%9.54%
5211蒙恬8.83%1.45%
3380明泰8.83%6.34%
5305敦南8.80%7.32%
4532瑞智8.78%4.07%
1402遠東新8.69%6.92%
2101南港8.65%10.39%
2886兆豐金8.65%7.91%
2492華新科8.59%18.55%
9105泰金寶-DR8.56%10.33%
2414精技8.54%13.38%
1725元禎8.44%7.32%
8916光隆8.44%17.35%
8354冠好8.38%5.89%
6126信音8.37%14.43%
1513中興電8.36%13.84%
2376技嘉8.35%12.13%
2892第一金8.31%6.53%
2880華南金8.31%5.46%
2908特力8.31%7.41%
2538基泰8.28%10.16%
6208日揚8.26%9.17%
1541錩泰8.26%12.47%
2884玉山金8.26%8.95%
4123晟德8.24%23.26%
2392正崴8.22%4.02%
6196帆宣8.20%14.57%
2615萬海8.18%3.98%
2882國泰金8.17%1.99%
2520冠德8.14%13.39%
1236宏亞8.11%5.13%
1229聯華8.07%17.65%
6153嘉聯益8.04%2.77%
3260威剛8.01%4.18%
3017奇鋐8.00%12.20%
3037欣興7.99%12.96%
1615大山7.93%11.20%
5515建國7.92%7.69%
1709和益7.89%8.50%
3083網龍7.83%6.05%
2417圓剛7.78%12.07%
2430燦坤7.77%3.78%
3002歐格7.72%3.97%
5469瀚宇博7.72%11.37%
6197佳必琪7.66%4.62%
2489瑞軒7.65%5.90%
2449京元電子7.63%9.99%
5608四維航7.62%-5.97%
5426振發7.60%10.43%
1304台聚7.54%9.04%
1314中石化7.53%4.80%
6215和椿7.52%1.79%
1724台硝7.50%5.78%
5009榮剛7.49%3.94%
1503士電7.46%8.94%
2365昆盈7.39%0.98%
5487通泰7.39%10.67%
8923時報7.37%6.96%
1727中華化7.31%6.84%
2477美隆電7.29%5.25%
3062建漢7.25%1.62%
6136富爾特7.25%8.57%
4706大恭7.24%9.53%
1451年興7.19%-2.61%
2313華通7.18%12.11%
6122擎邦7.17%6.66%
2478大毅7.17%12.99%
6229研通7.16%8.02%
3114好德7.15%6.14%
2905三商7.12%11.04%
2501國建7.11%3.58%
2104國際中橡7.08%11.67%
2027大成鋼7.06%8.04%
6158禾昌7.02%6.83%
2820華票7.01%9.17%
2903遠百7.00%8.44%
9934成霖6.99%0.94%
5349先豐6.97%11.66%
1531高林股6.95%-0.42%
3055蔚華科6.95%7.53%
1504東元6.94%11.79%
5460同協6.92%4.30%
2472立隆電6.91%14.23%
2910統領6.88%2.87%
6214精誠6.86%12.86%
4306炎洲6.86%8.43%
4711永純6.82%8.62%
9944新麗6.79%4.50%
1434福懋6.79%10.95%
5212凌網6.76%11.82%
2013中鋼構6.76%8.41%
1203味王6.76%10.83%
8930青鋼6.76%9.41%
6220岳豐6.74%11.21%
2855統一證6.74%5.09%
2419仲琦6.73%13.05%
6173信昌電6.63%15.63%
6266泰詠6.62%9.17%
4533協易機6.61%3.54%
3029零壹6.61%16.62%
3236千如6.55%9.36%
5512力麒6.51%7.12%
2328廣宇6.49%1.76%
3014聯陽6.48%17.32%
6237驊訊6.47%4.61%
8931大汽電6.47%12.37%
2460建通6.44%3.07%
4906正文6.44%-0.53%
1712興農6.43%12.12%
6217中探針6.41%8.60%
3006晶豪科6.37%1.21%
2031新光鋼6.34%3.36%
1305華夏6.31%6.00%
6191精成科6.28%3.42%
8936國統6.28%8.19%
5443均豪6.26%11.12%
1313聯成6.25%6.07%
1439中和6.22%10.65%
2887台新金6.21%1.44%
2340光磊6.20%10.08%
1201味全6.20%4.31%
6180橘子6.16%12.00%
2706第一店6.16%6.02%
3289宜特6.12%8.14%
3040遠見6.09%9.35%
6164華興6.07%3.52%
8928鉅明6.07%11.75%
9908大台北6.06%11.42%
1104環泥6.05%9.50%
8096擎亞6.01%4.49%
2399映泰6.00%4.33%
1904正隆5.99%11.50%
2029盛餘5.96%-0.27%
3031佰鴻5.91%1.31%
5520力泰5.91%13.10%
6141柏承5.91%6.88%
1614三洋電5.91%8.16%
1711永光5.87%6.87%
1533車王電5.84%5.31%
1452宏益5.84%11.46%
4720德淵5.80%5.32%
2461光群雷5.79%1.83%
1473台南5.78%0.48%
1522堤維西5.77%2.47%
2457飛宏5.77%3.35%
4113聯上5.76%5.87%
5102富強5.76%7.45%
5201凱衛5.76%6.74%
2362藍天5.76%11.50%
2547日勝生5.75%-0.93%
4111濟生5.75%6.96%
1701中化5.73%7.32%
2890永豐金5.68%2.37%
2436偉詮電5.62%7.18%
2359所羅門5.62%7.62%
1909榮成5.53%8.71%
3041揚智5.53%1.65%
2702華園5.43%5.02%
1234黑松5.42%10.04%
1410南染5.41%12.09%
2483百容5.38%6.29%
2889國票金5.37%6.77%
6284佳邦5.35%6.95%
1225福懋油5.33%15.34%
1603華電5.32%9.89%
2442新美齊5.32%0.56%
4207環泰5.31%4.94%
1517利奇5.28%3.66%
6275元山5.28%4.12%
1109信大5.24%8.00%
2206三陽工業5.24%7.58%
3047訊舟5.23%11.96%
6270倍微5.21%2.06%
6104創惟5.19%15.02%
1325恒大5.19%23.06%
2885元大金5.17%4.79%
3218大學光5.14%19.54%
9907統一實5.09%4.14%
8261富鼎5.04%6.87%
2010春源5.03%2.75%
1536和大5.01%16.41%
6161捷波5.00%10.39%
3266昇陽4.98%-2.45%
2883開發金4.98%0.64%
2468華經4.96%9.33%
2367燿華4.95%9.20%
1907永豐餘4.94%5.02%
2030彰源4.94%0.78%
1722台肥4.94%6.74%
8069元太4.94%8.33%
3052夆典4.92%10.29%
3013晟銘電4.90%3.00%
2527宏璟4.80%8.70%
1612宏泰4.79%6.90%
2845遠東銀4.78%0.13%
3058立德4.76%5.81%
2012春雨4.75%5.47%
8929富堡4.72%18.36%
4905台聯電4.70%17.63%
3171新洲4.66%4.58%
1315達新4.66%17.49%
1906寶隆4.64%7.28%
1905華紙4.62%-0.76%
5603陸海4.61%4.18%
1436華友聯4.58%10.63%
2906高林4.56%8.14%
2020美亞4.53%5.31%
2701萬企4.52%4.67%
4716大立4.46%6.98%
2338光罩4.41%9.54%
1528恩德4.41%5.47%
8921沈氏4.40%8.92%
6509聚和4.39%6.21%
4714永捷4.36%5.52%
2471資通4.36%8.34%
2613中櫃4.35%3.49%
2607榮運4.30%2.31%
2486一詮4.26%4.11%
1463強盛4.26%7.60%
6234高僑4.24%-1.82%
5704老爺知4.22%3.47%
2704國賓4.20%4.55%
2204中華4.17%0.53%
5516雙喜4.17%3.87%
2888新光金4.17%-4.51%
2505國揚4.16%6.19%
1416廣豐4.10%5.85%
1731美吾華4.07%6.73%
2415錩新4.05%7.76%
1409新纖3.96%4.99%
6005群益證3.88%4.12%
1470大統新創3.88%11.29%
1714和桐3.87%4.36%
2332友訊3.86%0.73%
2316楠梓電3.84%6.57%
4513福裕3.83%1.35%
1465偉全3.82%10.77%
1809中釉3.81%4.12%
3019亞光3.81%-3.33%
1474弘裕3.77%3.90%
5452佶優3.75%0.04%
6168宏齊3.73%1.65%
1324地球3.65%3.88%
1806冠軍3.60%0.95%
2401凌陽3.60%-5.83%
1742台蠟3.55%6.73%
1735日勝化3.52%4.32%
2911麗嬰房3.49%-1.11%
6120達運3.47%-3.38%
6190萬泰科3.45%5.20%
2801彰銀3.44%4.40%
6182合晶3.43%11.42%
4303信立3.43%15.64%
2484希華3.40%7.38%
6603富強鑫3.39%2.69%
2303聯電3.38%6.09%
8088品安3.38%0.70%
1235興泰3.37%11.79%
1103嘉泥3.35%3.45%
6021大慶證3.33%5.75%
1737臺鹽3.29%1.68%
1419新紡3.26%9.67%
1713國化3.26%5.91%
1310台苯3.25%1.12%
1440南紡3.24%3.30%
1514亞力3.23%13.23%
3025星通3.23%7.03%
4129聯合3.21%8.80%
2901欣欣3.21%4.47%
1605華新3.19%3.21%
8940新天地3.19%0.94%
2514龍邦3.18%2.23%
1718中纖3.15%-1.46%
8047星雲3.13%0.80%
2453凌群3.08%6.75%
9949琉園3.06%1.35%
9955佳龍3.04%1.54%
1539巨庭3.01%8.54%
8049晶采2.98%6.87%
4121優盛2.97%1.58%
6020大展證2.94%1.32%
1444力麗2.92%8.17%
2033佳大2.92%2.43%
1611中電2.88%5.28%
6175立敦2.85%7.61%
2032新鋼2.84%-0.78%
2353宏碁2.82%-0.14%
3016嘉晶2.81%13.73%
6124業強2.81%3.29%
1219福壽2.77%11.05%
4510高鋒2.77%5.00%
5607遠雄港2.73%3.76%
2506太設2.72%9.40%
2369菱生2.67%2.65%
2482連宇2.64%-2.42%
5353台林2.59%8.78%
2402毅嘉2.59%-2.60%
6163華電網2.51%10.38%
8105凌巨2.47%2.23%
6142友勁2.47%-1.58%
6133金橋2.45%-2.45%
2331精英2.43%1.15%
1609大亞2.40%5.57%
1464得力2.38%10.19%
2448晶電2.31%2.74%
1108幸福2.30%3.98%
1218泰山2.27%8.81%
6140訊達2.27%11.04%
1457宜進2.25%5.55%
1608華榮2.24%4.36%
6209今國光2.20%-1.69%
2102泰豐2.16%4.34%
5410國眾2.16%15.69%
1734杏輝2.15%8.83%
8927北基2.15%2.80%
1220台榮2.13%7.20%
1618合機2.12%1.65%
2024志聯2.11%4.56%
2836高雄銀2.09%-2.51%
2497怡利電2.07%1.88%
2515中工2.06%3.74%
2812台中銀2.06%0.59%
6170統振2.03%4.25%
3226至寶電1.99%5.51%
1526日馳1.96%8.18%
1524耿鼎1.94%-1.78%
2009第一銅1.92%0.49%
3027盛達1.92%5.18%
1802台玻1.91%-1.31%
2023燁輝1.89%0.02%
9919康那香1.88%10.32%
5521工信1.87%2.77%
6118建達1.85%4.47%
2838聯邦銀1.83%1.10%
6129普誠1.83%-4.89%
9103美德醫療-DR1.75%19.73%
5601台聯櫃1.74%9.39%
1454台富1.74%5.23%
6265方土昶1.67%0.50%
1515力山1.61%14.36%
1467南緯1.58%5.77%
2481強茂1.58%7.17%
6171亞銳士1.52%8.85%
3038全台1.49%2.33%
1732毛寶1.47%6.45%
1617榮星1.47%3.56%
2201裕隆1.44%-0.49%
1445大宇1.44%7.54%
1455集盛1.36%1.01%
2603長榮1.33%-0.18%
2913農林1.33%2.86%
1110東泥1.30%6.05%
4707磐亞1.30%-0.66%
2312金寶1.25%1.42%
2834臺企銀1.25%-0.72%
2611志信1.15%2.69%
4903聯光通1.14%6.38%
6016康和證1.14%0.99%
5210寶碩1.13%1.17%
6226光鼎1.12%0.02%
2368金像電1.09%10.36%
5498凱崴1.05%1.77%
5905南仁湖1.02%0.27%
6247淇譽電0.95%-0.91%
1447力鵬0.94%0.62%
4114健喬0.93%14.12%
2504國產0.90%9.72%
5306桂盟0.81%22.68%
2109華豐0.79%0.57%
1466聚隆0.73%9.00%
2618長榮航0.71%-2.37%
1437勤益控0.69%5.43%
6109亞元0.68%6.99%
1810和成0.66%0.82%
6125廣運0.66%10.14%
2543皇昌0.63%-1.11%
5014建錩0.62%-0.30%
2337旺宏0.55%5.69%
9950萬國通0.55%4.40%
3024憶聲0.53%-0.82%
4406新昕纖0.48%3.99%
5488松普0.47%1.66%
8937合騏0.42%-2.74%
1460宏遠0.39%1.62%
1459聯發0.38%1.96%
5344立衛0.37%8.83%
8932宏大0.34%8.53%
5213亞昕0.30%10.27%
4102永日0.29%9.03%
8034榮群0.29%1.65%
3232昱捷0.27%4.44%
1309台達化0.19%8.02%
2431聯昌0.17%3.56%
1414東和0.14%4.07%
6243迅杰0.13%4.29%
6015宏遠證0.10%0.20%
2426鼎元0.05%4.68%
1217愛之味0.03%0.10%
4109加捷生醫0.00%1.91%
6152百一-0.01%-4.68%
4523永彰-0.01%3.86%
5465富驊-0.04%-0.49%
3071協禧-0.16%5.00%
2344華邦電-0.20%2.00%
1423利華-0.21%6.10%
2409友達-0.40%-4.67%
5703亞都-0.42%1.37%
1721三晃-0.60%-0.23%
1213大飲-0.63%0.67%
9902台火-0.63%-0.36%
5328華容-0.67%4.65%
2305全友-0.74%2.74%
5484慧友-0.75%-7.87%
2499東貝-0.77%-100.00%
6117迎廣-0.86%3.06%
2466冠西電-0.88%10.70%
5340建榮-0.96%8.85%
3054立萬利-1.02%0.29%
6127九豪-1.17%6.82%
8093保銳-1.30%-0.51%
2017官田鋼-1.36%-3.13%
2427三商電-1.37%1.67%
5315光聯-1.46%-2.53%
2516新建-1.48%-1.93%
5202力新-1.50%5.01%
9912偉聯-1.53%-1.16%
3067全域-1.66%3.08%
2405浩鑫-1.69%-4.15%
4534慶騰-1.69%-5.48%
5450南良-1.74%6.30%
8111立碁-1.76%2.23%
3011今皓-1.80%-6.35%
5529志嘉-1.83%-0.63%
1432大魯閣-1.86%-3.43%
1417嘉裕-1.89%2.90%
3188鑫龍騰-1.92%-0.22%
8092建暐-2.00%-5.04%
1316上曜-2.03%3.28%
2408南亞科-2.08%-11.96%
5398慕康生醫-2.10%8.88%
2530華建-2.12%7.57%
5383金利-2.16%4.80%
3050鈺德-2.18%0.85%
2014中鴻-2.21%-4.70%
1616億泰-2.32%-3.86%
1446宏和-2.33%9.16%
8906花王-2.35%4.94%
5523豐謙-2.36%0.94%
8934衡平-2.39%-12.92%
1321大洋-2.40%6.87%
3224三顧-2.41%10.28%
2329華泰-2.51%1.20%
5355佳總-2.54%-0.27%
6134萬旭-2.55%-0.44%
2425承啟-2.55%2.16%
2375凱美-2.69%2.66%
4609唐鋒-2.74%3.95%
2413環科-2.85%3.08%
6233旺玖-2.86%-2.56%
5481新華-2.96%-1.49%
5457宣德-3.06%16.55%
2539櫻花建-3.08%5.99%
2390云辰-3.18%5.63%
8087華鎂鑫-3.27%-3.38%
5432達威-3.60%-10.79%
3057喬鼎-3.63%-4.45%
3049和鑫-3.65%-6.35%
6116彩晶-4.14%-4.16%
2444兆勁-4.18%-0.05%
2380虹光-4.26%-5.73%
1903士紙-4.49%5.11%
5820日盛金-4.52%-4.16%
2022聚亨-4.82%-8.73%
2358廷鑫-4.86%-0.59%
5381合正-4.99%-10.11%
6199天品-5.02%-3.53%
6264富裔-5.03%-13.50%
5351鈺創-5.04%-2.63%
1468昶和-5.12%-0.68%
5302太欣-5.21%-3.02%
2614東森-5.21%-0.12%
3056總太-5.23%10.80%
6113亞矽-5.36%0.94%
2302麗正-5.50%1.37%
6150撼訊-5.62%5.67%
6167久正-5.84%-4.24%
8068全達-5.95%9.53%
2323中環-5.99%-8.33%
6283淳安-6.00%2.74%
9935慶豐富-6.06%4.51%
6212理銘-6.27%12.61%
1604聲寶-6.34%5.66%
2610華航-6.38%-5.30%
6148驊宏資-6.47%3.48%
2352佳世達-6.47%-4.09%
2440太空梭-6.51%-0.58%
8084巨虹-6.55%8.78%
1506正道-6.68%1.73%
4503金雨-6.69%-3.92%
1435中福-6.71%6.03%
5314世紀-6.78%-2.39%
6165捷泰-6.87%10.26%
8085福華-6.88%-5.07%
6169昱泉-6.98%3.09%
9929秋雨-6.98%2.58%
6156松上-7.00%-14.33%
2705六福-7.02%-2.58%
8071能率網通-7.35%-6.47%
6179亞通-7.36%3.95%
5309系統電-7.47%5.55%
1781合世-7.49%-7.36%
2363矽統-7.54%-3.57%
8933愛地雅-7.55%1.32%
1413宏洲-7.85%-1.83%
1453大將-7.93%-2.54%
9906欣巴巴-7.98%16.06%
2007燁興-8.29%-9.88%
2406國碩-8.32%-1.95%
2314台揚-8.69%-2.97%
1441大東-8.93%1.08%
6186新潤-9.19%5.03%
3207耀勝-9.39%-1.60%
6114久威-9.84%-13.24%
8067志旭-9.86%-8.76%
6228全譜-10.16%-4.00%
4108懷特-10.89%1.16%
4529淳紳-10.96%-4.21%
8935邦泰-11.31%-6.86%
1471首利-11.36%-7.43%
2424隴華-11.53%-5.99%
6244茂迪-11.66%-0.89%
6144得利影-11.84%-5.69%
2025千興-12.11%-9.89%
8101華冠-12.16%-10.08%
2349錸德-12.16%-12.87%
6235華孚-12.17%-7.96%
5364力麗店-12.70%-15.73%
2609陽明-12.79%-8.16%
4530宏易-13.05%-5.15%
2816旺旺保-13.34%-12.25%
3066李洲-13.54%-5.81%
6276安鈦克-13.58%-0.12%
5701劍湖山-13.64%-11.65%
2443億麗-13.75%-6.94%
5475德宏-13.88%-11.45%
6198凌泰-14.02%-3.39%
3144新揚科-14.48%-2.67%
4414如興-14.52%-5.18%
8080永利聯合-14.64%-5.93%
2491吉祥全-14.77%-8.44%
3701大眾控-14.77%-15.51%
5348系通-14.87%0.85%
4502健信-15.07%-3.42%
4702中美實-15.24%-4.07%
2028威致-15.28%-2.84%
1472三洋紡-15.94%-3.30%
2540愛山林-16.61%1.12%
2321東訊-16.82%-11.23%
4712南璋-17.25%0.53%
2465麗臺-17.36%-9.34%
6172互億-17.54%-3.15%
6111大宇資-17.66%5.26%
5206坤悅-17.97%4.14%
1538正峰-18.01%-18.27%
8066來思達-18.13%-11.72%
2371大同-18.27%-3.75%
3089元炬-18.51%0.16%
5324士開-18.76%-3.63%
2528皇普-18.79%5.43%
3046建碁-19.48%-11.09%
4304勝昱-19.65%-16.34%
4131晶宇-19.67%-4.32%
1529樂士-19.95%-7.19%
2496卓越-19.99%-4.60%
1449佳和-20.10%-4.58%
5345天揚-20.11%-7.43%
3219倚強股份-20.35%-0.41%
5902德記-20.45%-2.98%
2364倫飛-20.65%-8.58%
6195詩肯-21.04%9.38%
8097常珵-23.80%-15.43%
8941關中-24.28%-13.12%
1512瑞利-24.28%-2.55%
2342茂矽-24.57%-6.49%
2434統懋-24.67%-7.26%
2388威盛-24.96%-4.97%
4419元勝-25.56%-1.48%
5455昇益-26.66%-9.80%
4402福大-27.08%-6.74%
9928中視-27.28%-16.74%
5468凱鈺-27.95%-11.03%
5011久陽-28.99%-14.95%
5386青雲-29.72%-6.09%
6294智基-30.75%-4.58%
3043科風-32.15%-5.46%
2429銘旺科-32.55%-18.23%
4413飛寶企業-33.90%-10.48%
6291沛亨-34.21%-8.71%
8077洛碁-36.35%-21.06%
6225天瀚-37.45%-15.27%
1475台灣業旺-47.38%-14.92%
5205中茂-49.66%-7.97%
6236康呈-53.81%-13.17%
6240松崗-64.09%-18.96%
6103合邦-129.54%-22.99%
6287元隆-151.66%-12.12%
3086華義-157.06%-10.90%
6289華上-161.55%-17.00%
6242立康-162.98%-12.45%
6222上揚-167.95%-9.60%
1443立益-171.94%0.95%
1456怡華-172.51%-5.31%
6259百徽-174.34%-15.76%
5321友銓-176.57%-12.72%
6219富旺-177.10%-6.82%
3085新零售-177.26%-10.49%
1418東華-177.76%-8.23%
5301寶得利-178.22%-8.72%
6130星寶國際-178.22%-20.21%
2438翔耀-178.25%-14.37%
3051力特-178.31%-19.23%
4907富宇-179.43%2.10%
5310天剛-179.58%-2.42%
6248沛波-179.99%-5.22%
1516川飛-180.55%-5.99%
5304鼎創達-180.96%-17.58%
6246臺龍-184.63%-11.98%
6131鈞泰-185.07%-11.70%
6241易通展-185.33%-6.61%
6101寬魚國際-185.70%-0.80%
1438三地開發-186.49%16.37%
2008高興昌-186.54%-1.66%
3064泰偉-187.32%-3.66%
6174安碁-187.49%-5.46%
2849安泰銀-187.62%-0.96%
2537聯上發-188.77%-0.57%
8277商丞-193.35%-14.45%
3018同開-193.62%-7.19%
3252海灣-220.43%-16.71%
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