DDM Analysis: 3588.TW

Valuation Snapshot

Stable Growth	$11.67 - $17.82	$14.55
Multi-Stage	$14.81 - $16.21	$15.50
Blended Fair Value	$15.02
Current Price	$46.08
Upside	-67.40%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.93%	-12.88%	0.40	0.87	2.97	0.49	0.80	0.60	0.40	1.21	1.18	1.59
YoY Growth	-	-	-54.54%	-70.62%	504.82%	-38.54%	33.30%	49.56%	-66.93%	2.38%	-25.43%	0.83%
Dividend Yield	-	-	0.78%	0.84%	5.22%	0.40%	1.10%	3.17%	2.11%	6.02%	4.70%	6.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	74.39
(-) Cash Dividends Paid (M)	23.28
(=) Cash Retained (M)	51.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.88	9.30	5.58
Cash Retained (M)	51.12	51.12	51.12
(-) Cash Required (M)	-14.88	-9.30	-5.58
(=) Excess Retained (M)	36.24	41.82	45.54
(/) Shares Outstanding (M)	58.68	58.68	58.68
(=) Excess Retained per Share	0.62	0.71	0.78
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.62	0.71	0.78
(=) Adjusted Dividend	1.01	1.11	1.17
WACC / Discount Rate	9.87%	9.87%	9.87%
Growth Rate	1.08%	2.08%	3.08%
Fair Value	$11.67	$14.55	$17.82
Upside / Downside	-74.67%	-68.42%	-61.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	74.39	75.94	77.52	79.14	80.79	82.47	84.94
Payout Ratio	31.29%	43.03%	54.77%	66.52%	78.26%	90.00%	92.50%
Projected Dividends (M)	23.28	32.68	42.46	52.64	63.22	74.22	78.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.87%	9.87%	9.87%
Growth Rate	1.08%	2.08%	3.08%
Year 1 PV (M)	29.45	29.74	30.03
Year 2 PV (M)	34.49	35.18	35.87
Year 3 PV (M)	38.54	39.69	40.87
Year 4 PV (M)	41.72	43.39	45.12
Year 5 PV (M)	44.14	46.37	48.68
PV of Terminal Value (M)	680.61	714.95	750.66
Equity Value (M)	868.95	909.32	951.23
Shares Outstanding (M)	58.68	58.68	58.68
Fair Value	$14.81	$15.50	$16.21
Upside / Downside	-67.86%	-66.37%	-64.82%

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Leadtrend Technology Corporation (3588.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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