DDM Analysis: 5880.TW

Valuation Snapshot

Stable Growth	$68.82 - $248.85	$218.15
Multi-Stage	$32.02 - $35.00	$33.48
Blended Fair Value	$125.82
Current Price	$24.65
Upside	410.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.28%	8.30%	0.61	0.45	0.87	0.72	0.70	0.60	0.58	0.57	0.21	0.34
YoY Growth	-	-	36.50%	-48.50%	20.00%	3.00%	16.73%	3.00%	3.00%	167.50%	-37.00%	22.41%
Dividend Yield	-	-	2.62%	1.81%	3.73%	2.82%	3.91%	3.97%	3.75%	4.24%	1.86%	3.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19,589.58
(-) Cash Dividends Paid (M)	10,656.95
(=) Cash Retained (M)	8,932.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,917.92	2,448.70	1,469.22
Cash Retained (M)	8,932.63	8,932.63	8,932.63
(-) Cash Required (M)	-3,917.92	-2,448.70	-1,469.22
(=) Excess Retained (M)	5,014.72	6,483.94	7,463.41
(/) Shares Outstanding (M)	15,655.57	15,655.57	15,655.57
(=) Excess Retained per Share	0.32	0.41	0.48
LTM Dividend per Share	0.68	0.68	0.68
(+) Excess Retained per Share	0.32	0.41	0.48
(=) Adjusted Dividend	1.00	1.09	1.16
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$68.82	$218.15	$248.85
Upside / Downside	179.20%	785.00%	909.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19,589.58	20,862.90	22,218.99	23,663.23	25,201.34	26,839.42	27,644.60
Payout Ratio	54.40%	61.52%	68.64%	75.76%	82.88%	90.00%	92.50%
Projected Dividends (M)	10,656.95	12,835.04	15,251.26	17,927.36	20,886.92	24,155.48	25,571.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	11,878.90	11,991.50	12,104.09
Year 2 PV (M)	13,063.63	13,312.45	13,563.63
Year 3 PV (M)	14,211.95	14,619.92	15,035.63
Year 4 PV (M)	15,324.65	15,913.99	16,520.17
Year 5 PV (M)	16,402.53	17,194.78	18,017.35
PV of Terminal Value (M)	430,384.45	451,172.18	472,755.50
Equity Value (M)	501,266.10	524,204.82	547,996.37
Shares Outstanding (M)	15,655.57	15,655.57	15,655.57
Fair Value	$32.02	$33.48	$35.00
Upside / Downside	29.89%	35.84%	42.00%

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Taiwan Cooperative Financial Holding Co., Ltd. (5880.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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