DDM Analysis: 9924.TW

Valuation Snapshot

Stable Growth	$36.21 - $59.48	$46.57
Multi-Stage	$69.72 - $76.44	$73.02
Blended Fair Value	$59.79
Current Price	$56.00
Upside	6.77%
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	4.56%	4.14%	3.03	2.93	2.43	2.63	2.63	2.43	2.02	2.83	2.83	2.02
YoY Growth	-	-	3.45%	20.83%	-7.69%	0.00%	8.33%	20.00%	-28.57%	0.00%	40.00%	0.00%
Dividend Yield	-	-	4.67%	4.31%	4.42%	4.81%	4.44%	5.38%	4.23%	6.14%	5.40%	3.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	600.32
(-) Cash Dividends Paid (M)	584.20
(=) Cash Retained (M)	16.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	120.06	75.04	45.02
Cash Retained (M)	16.12	16.12	16.12
(-) Cash Required (M)	-120.06	-75.04	-45.02
(=) Excess Retained (M)	-103.94	-58.92	-28.90
(/) Shares Outstanding (M)	186.44	186.44	186.44
(=) Excess Retained per Share	-0.56	-0.32	-0.16
LTM Dividend per Share	3.13	3.13	3.13
(+) Excess Retained per Share	-0.56	-0.32	-0.16
(=) Adjusted Dividend	2.58	2.82	2.98
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	-0.31%	0.69%	1.69%
Fair Value	$36.21	$46.57	$59.48
Upside / Downside	-35.34%	-16.85%	6.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	600.32	604.49	608.68	612.90	617.15	621.43	640.07
Payout Ratio	97.31%	95.85%	94.39%	92.93%	91.46%	90.00%	92.50%
Projected Dividends (M)	584.20	579.41	574.52	569.54	564.46	559.29	592.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	-0.31%	0.69%	1.69%
Year 1 PV (M)	537.20	542.59	547.98
Year 2 PV (M)	493.87	503.83	513.88
Year 3 PV (M)	453.92	467.72	481.79
Year 4 PV (M)	417.10	434.09	451.59
Year 5 PV (M)	383.17	402.78	423.18
PV of Terminal Value (M)	10,713.98	11,262.21	11,832.67
Equity Value (M)	12,999.24	13,613.22	14,251.09
Shares Outstanding (M)	186.44	186.44	186.44
Fair Value	$69.72	$73.02	$76.44
Upside / Downside	24.51%	30.39%	36.50%

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Taiwan Fu Hsing Industrial Co.,Ltd. (9924.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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