DDM Analysis: 1714.TW

Valuation Snapshot

Stable Growth	$3.98 - $6.17	$5.00
Multi-Stage	$9.20 - $10.13	$9.65
Blended Fair Value	$7.33
Current Price	$7.94
Upside	-7.74%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.64%	0.00%	0.30	0.10	0.42	0.71	0.00	0.15	0.31	0.00	0.00	0.00
YoY Growth	-	-	200.00%	-76.20%	-39.96%	0.00%	-100.00%	-50.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.59%	1.15%	4.72%	6.75%	0.00%	2.50%	4.57%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	423.53
(-) Cash Dividends Paid (M)	201.29
(=) Cash Retained (M)	222.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	84.71	52.94	31.76
Cash Retained (M)	222.25	222.25	222.25
(-) Cash Required (M)	-84.71	-52.94	-31.76
(=) Excess Retained (M)	137.54	169.30	190.48
(/) Shares Outstanding (M)	998.45	998.45	998.45
(=) Excess Retained per Share	0.14	0.17	0.19
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.14	0.17	0.19
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.98	$5.00	$6.17
Upside / Downside	-49.87%	-37.07%	-22.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	423.53	419.30	415.10	410.95	406.84	402.77	414.86
Payout Ratio	47.53%	56.02%	64.52%	73.01%	81.51%	90.00%	92.50%
Projected Dividends (M)	201.29	234.89	267.81	300.04	331.60	362.50	383.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	218.63	220.86	223.09
Year 2 PV (M)	232.00	236.76	241.57
Year 3 PV (M)	241.93	249.41	257.04
Year 4 PV (M)	248.86	259.17	269.80
Year 5 PV (M)	253.21	266.40	280.12
PV of Terminal Value (M)	7,990.86	8,406.96	8,840.22
Equity Value (M)	9,185.48	9,639.56	10,111.85
Shares Outstanding (M)	998.45	998.45	998.45
Fair Value	$9.20	$9.65	$10.13
Upside / Downside	15.87%	21.59%	27.55%

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Ho Tung Chemical Corp. (1714.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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