DDM Analysis: 2542.TW

Valuation Snapshot

Stable Growth	$70.18 - $264.88	$118.11
Multi-Stage	$71.97 - $78.93	$75.38
Blended Fair Value	$96.75
Current Price	$40.25
Upside	140.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-22.20%	5.29%	0.97	0.50	3.16	1.22	1.32	3.41	1.88	2.68	3.72	2.04
YoY Growth	-	-	95.03%	-84.22%	159.36%	-7.55%	-61.37%	81.40%	-30.00%	-27.81%	82.12%	251.76%
Dividend Yield	-	-	2.35%	1.43%	9.75%	3.75%	4.23%	12.94%	5.68%	9.17%	10.73%	6.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,244.22
(-) Cash Dividends Paid (M)	2,063.11
(=) Cash Retained (M)	3,181.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,048.84	655.53	393.32
Cash Retained (M)	3,181.11	3,181.11	3,181.11
(-) Cash Required (M)	-1,048.84	-655.53	-393.32
(=) Excess Retained (M)	2,132.26	2,525.58	2,787.79
(/) Shares Outstanding (M)	2,123.28	2,123.28	2,123.28
(=) Excess Retained per Share	1.00	1.19	1.31
LTM Dividend per Share	0.97	0.97	0.97
(+) Excess Retained per Share	1.00	1.19	1.31
(=) Adjusted Dividend	1.98	2.16	2.28
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	3.29%	4.29%	5.29%
Fair Value	$70.18	$118.11	$264.88
Upside / Downside	74.35%	193.45%	558.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,244.22	5,469.03	5,703.49	5,948.00	6,202.98	6,468.90	6,662.97
Payout Ratio	39.34%	49.47%	59.60%	69.74%	79.87%	90.00%	92.50%
Projected Dividends (M)	2,063.11	2,705.67	3,399.53	4,147.91	4,954.21	5,822.01	6,163.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	3.29%	4.29%	5.29%
Year 1 PV (M)	2,523.40	2,547.83	2,572.26
Year 2 PV (M)	2,956.93	3,014.47	3,072.55
Year 3 PV (M)	3,364.83	3,463.51	3,564.10
Year 4 PV (M)	3,748.16	3,895.44	4,047.02
Year 5 PV (M)	4,107.98	4,310.73	4,521.41
PV of Terminal Value (M)	136,108.20	142,825.86	149,806.19
Equity Value (M)	152,809.51	160,057.84	167,583.53
Shares Outstanding (M)	2,123.28	2,123.28	2,123.28
Fair Value	$71.97	$75.38	$78.93
Upside / Downside	78.80%	87.29%	96.09%

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Highwealth Construction Corp. (2542.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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