DDM Analysis: 6510.TWO

Valuation Snapshot

Stable Growth	$205.94 - $291.68	$248.28
Multi-Stage	$310.05 - $340.31	$324.89
Blended Fair Value	$286.58
Current Price	$1,925.00
Upside	-85.11%
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	9.98%	9.98%	9.98%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$205.94	$248.28	$291.68
Upside / Downside	-89.30%	-87.10%	-84.85%

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	9.98%	9.98%	9.98%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	348.24	351.79	355.34
Year 2 PV (M)	417.54	426.11	434.76
Year 3 PV (M)	467.62	482.08	496.84
Year 4 PV (M)	501.83	522.63	544.07
Year 5 PV (M)	523.05	550.29	578.65
PV of Terminal Value (M)	7,935.04	8,348.24	8,778.47
Equity Value (M)	10,193.32	10,681.13	11,188.13
Shares Outstanding (M)	32.88	32.88	32.88
Fair Value	$310.05	$324.89	$340.31
Upside / Downside	-83.89%	-83.12%	-82.32%

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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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