DDM Analysis: 5439.TWO

Valuation Snapshot

Stable Growth	$889.35 - $1,047.80	$981.94
Multi-Stage	$717.76 - $787.43	$751.95
Blended Fair Value	$866.95
Current Price	$238.50
Upside	263.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.63%	12.54%	4.10	3.30	3.60	2.31	2.13	2.59	1.85	1.68	1.26	1.34
YoY Growth	-	-	24.24%	-8.33%	55.72%	8.70%	-17.86%	40.00%	10.26%	33.33%	-6.25%	6.67%
Dividend Yield	-	-	2.32%	2.64%	5.39%	4.17%	3.35%	8.05%	3.58%	4.07%	4.16%	6.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	490.12
(-) Cash Dividends Paid (M)	381.20
(=) Cash Retained (M)	108.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	98.02	61.26	36.76
Cash Retained (M)	108.92	108.92	108.92
(-) Cash Required (M)	-98.02	-61.26	-36.76
(=) Excess Retained (M)	10.89	47.65	72.16
(/) Shares Outstanding (M)	93.03	93.03	93.03
(=) Excess Retained per Share	0.12	0.51	0.78
LTM Dividend per Share	4.10	4.10	4.10
(+) Excess Retained per Share	0.12	0.51	0.78
(=) Adjusted Dividend	4.21	4.61	4.87
WACC / Discount Rate	-1.02%	-1.02%	-1.02%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$889.35	$981.94	$1,047.80
Upside / Downside	272.89%	311.72%	339.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	490.12	521.98	555.91	592.04	630.52	671.51	691.65
Payout Ratio	77.78%	80.22%	82.67%	85.11%	87.56%	90.00%	92.50%
Projected Dividends (M)	381.20	418.74	459.55	503.89	552.06	604.35	639.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.02%	-1.02%	-1.02%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	419.06	423.04	427.01
Year 2 PV (M)	460.26	469.02	477.87
Year 3 PV (M)	505.06	519.56	534.33
Year 4 PV (M)	553.77	575.06	596.97
Year 5 PV (M)	606.70	636.00	666.43
PV of Terminal Value (M)	64,225.70	67,327.82	70,548.68
Equity Value (M)	66,770.55	69,950.51	73,251.28
Shares Outstanding (M)	93.03	93.03	93.03
Fair Value	$717.76	$751.95	$787.43
Upside / Downside	200.95%	215.28%	230.16%

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First Hi-tec Enterprise Co., Ltd. (5439.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener