DDM Analysis: 3588.TW

Valuation Snapshot

Stable Growth	$17.63 - $31.70	$23.52
Multi-Stage	$26.94 - $29.58	$28.24
Blended Fair Value	$25.88
Current Price	$46.08
Upside	-43.84%
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	6.90%	6.90%	6.90%
Growth Rate	1.08%	2.08%	3.08%
Fair Value	$17.63	$23.52	$31.70
Upside / Downside	-61.73%	-48.95%	-31.21%

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	6.90%	6.90%	6.90%
Growth Rate	1.08%	2.08%	3.08%
Year 1 PV (M)	30.27	30.57	30.87
Year 2 PV (M)	36.43	37.16	37.89
Year 3 PV (M)	41.84	43.09	44.37
Year 4 PV (M)	46.55	48.42	50.34
Year 5 PV (M)	50.62	53.17	55.83
PV of Terminal Value (M)	1,375.08	1,444.46	1,516.61
Equity Value (M)	1,580.79	1,656.87	1,735.91
Shares Outstanding (M)	58.68	58.68	58.68
Fair Value	$26.94	$28.24	$29.58
Upside / Downside	-41.54%	-38.72%	-35.80%

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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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