DDM Analysis: 3019.TW

Valuation Snapshot

Stable Growth	$149.09 - $377.24	$224.65
Multi-Stage	$170.43 - $186.72	$178.42
Blended Fair Value	$201.54
Current Price	$158.50
Upside	27.15%
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	-4.91%	4.97%	1.78	1.88	3.68	1.00	1.99	2.29	1.59	1.00	1.88	1.32
YoY Growth	-	-	-5.26%	-48.98%	270.00%	-50.00%	-13.04%	43.75%	60.00%	-46.96%	42.28%	20.33%
Dividend Yield	-	-	1.30%	2.90%	5.58%	1.26%	2.23%	3.75%	1.64%	0.97%	3.62%	4.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,914.02
(-) Cash Dividends Paid (M)	1,116.98
(=) Cash Retained (M)	797.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	382.80	239.25	143.55
Cash Retained (M)	797.04	797.04	797.04
(-) Cash Required (M)	-382.80	-239.25	-143.55
(=) Excess Retained (M)	414.24	557.79	653.49
(/) Shares Outstanding (M)	282.33	282.33	282.33
(=) Excess Retained per Share	1.47	1.98	2.31
LTM Dividend per Share	3.96	3.96	3.96
(+) Excess Retained per Share	1.47	1.98	2.31
(=) Adjusted Dividend	5.42	5.93	6.27
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	2.93%	3.93%	4.93%
Fair Value	$149.09	$224.65	$377.24
Upside / Downside	-5.93%	41.74%	138.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,914.02	1,989.26	2,067.46	2,148.74	2,233.21	2,321.00	2,390.63
Payout Ratio	58.36%	64.69%	71.01%	77.34%	83.67%	90.00%	92.50%
Projected Dividends (M)	1,116.98	1,286.78	1,468.20	1,661.90	1,868.56	2,088.90	2,211.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	2.93%	3.93%	4.93%
Year 1 PV (M)	1,194.65	1,206.25	1,217.86
Year 2 PV (M)	1,265.49	1,290.20	1,315.14
Year 3 PV (M)	1,329.89	1,369.02	1,408.92
Year 4 PV (M)	1,388.20	1,442.94	1,499.28
Year 5 PV (M)	1,440.79	1,512.15	1,586.31
PV of Terminal Value (M)	41,497.77	43,553.12	45,689.12
Equity Value (M)	48,116.78	50,373.69	52,716.64
Shares Outstanding (M)	282.33	282.33	282.33
Fair Value	$170.43	$178.42	$186.72
Upside / Downside	7.53%	12.57%	17.81%

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Asia Optical Co., Inc. (3019.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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