DDM Analysis: 1409.TW

Valuation Snapshot

Stable Growth	$21.97 - $46.69	$31.22
Multi-Stage	$31.80 - $34.90	$33.32
Blended Fair Value	$32.27
Current Price	$14.15
Upside	128.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.34%	4.14%	0.56	1.02	1.43	1.12	0.56	0.87	0.51	0.25	0.25	0.44
YoY Growth	-	-	-45.00%	-28.57%	27.27%	100.00%	-35.29%	70.00%	100.00%	0.00%	-41.94%	17.48%
Dividend Yield	-	-	4.12%	6.44%	7.92%	5.35%	3.20%	8.66%	3.68%	2.64%	2.59%	4.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,925.57
(-) Cash Dividends Paid (M)	971.05
(=) Cash Retained (M)	954.53

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	385.11	240.70	144.42
Cash Retained (M)	954.53	954.53	954.53
(-) Cash Required (M)	-385.11	-240.70	-144.42
(=) Excess Retained (M)	569.41	713.83	810.11
(/) Shares Outstanding (M)	1,589.41	1,589.41	1,589.41
(=) Excess Retained per Share	0.36	0.45	0.51
LTM Dividend per Share	0.61	0.61	0.61
(+) Excess Retained per Share	0.36	0.45	0.51
(=) Adjusted Dividend	0.97	1.06	1.12
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	1.84%	2.84%	3.84%
Fair Value	$21.97	$31.22	$46.69
Upside / Downside	55.28%	120.61%	229.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,925.57	1,980.32	2,036.62	2,094.53	2,154.08	2,215.32	2,281.78
Payout Ratio	50.43%	58.34%	66.26%	74.17%	82.09%	90.00%	92.50%
Projected Dividends (M)	971.05	1,155.38	1,349.41	1,553.55	1,768.19	1,993.79	2,110.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	1.84%	2.84%	3.84%
Year 1 PV (M)	1,075.98	1,086.54	1,097.11
Year 2 PV (M)	1,170.31	1,193.40	1,216.73
Year 3 PV (M)	1,254.75	1,292.08	1,330.13
Year 4 PV (M)	1,329.97	1,382.98	1,437.56
Year 5 PV (M)	1,396.59	1,466.51	1,539.21
PV of Terminal Value (M)	44,323.30	46,542.51	48,849.74
Equity Value (M)	50,550.89	52,964.03	55,470.48
Shares Outstanding (M)	1,589.41	1,589.41	1,589.41
Fair Value	$31.80	$33.32	$34.90
Upside / Downside	124.77%	135.50%	146.64%

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Shinkong Synthetic Fibers Corporation (1409.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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