DDM Analysis: 6510.TWO

Valuation Snapshot

Stable Growth	$264.37 - $397.01	$327.16
Multi-Stage	$513.54 - $565.29	$538.91
Blended Fair Value	$433.03
Current Price	$1,925.00
Upside	-77.50%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-45.07%	0.00%	0.50	11.72	13.56	11.97	9.97	9.97	0.00	0.00	0.00	0.00
YoY Growth	-	-	-95.74%	-13.60%	13.33%	20.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.08%	2.29%	2.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,034.43
(-) Cash Dividends Paid (M)	255.75
(=) Cash Retained (M)	778.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	206.89	129.30	77.58
Cash Retained (M)	778.67	778.67	778.67
(-) Cash Required (M)	-206.89	-129.30	-77.58
(=) Excess Retained (M)	571.79	649.37	701.09
(/) Shares Outstanding (M)	32.88	32.88	32.88
(=) Excess Retained per Share	17.39	19.75	21.32
LTM Dividend per Share	7.78	7.78	7.78
(+) Excess Retained per Share	17.39	19.75	21.32
(=) Adjusted Dividend	25.17	27.53	29.10
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$264.37	$327.16	$397.01
Upside / Downside	-86.27%	-83.00%	-79.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,034.43	1,024.08	1,013.84	1,003.70	993.66	983.73	1,013.24
Payout Ratio	24.72%	37.78%	50.83%	63.89%	76.94%	90.00%	92.50%
Projected Dividends (M)	255.75	386.89	515.38	641.26	764.57	885.36	937.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	356.83	360.47	364.11
Year 2 PV (M)	438.39	447.38	456.47
Year 3 PV (M)	503.08	518.63	534.51
Year 4 PV (M)	553.20	576.13	599.76
Year 5 PV (M)	590.81	621.57	653.61
PV of Terminal Value (M)	14,441.24	15,193.23	15,976.23
Equity Value (M)	16,883.55	17,717.42	18,584.68
Shares Outstanding (M)	32.88	32.88	32.88
Fair Value	$513.54	$538.91	$565.29
Upside / Downside	-73.32%	-72.00%	-70.63%

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Chunghwa Precision Test Tech. Co., Ltd. (6510.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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