DDM Analysis: 5511.TWO

Valuation Snapshot

Stable Growth	$751.65 - $1,629.01	$1,526.62
Multi-Stage	$247.38 - $270.71	$258.83
Blended Fair Value	$892.72
Current Price	$61.40
Upside	1,353.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	18.95%	0.00%	4.98	2.39	1.99	1.99	2.19	2.09	0.00	0.00	0.00	0.00
YoY Growth	-	-	108.33%	20.00%	0.00%	-9.09%	4.76%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	8.28%	3.34%	5.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	932.43
(-) Cash Dividends Paid (M)	431.07
(=) Cash Retained (M)	501.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	186.49	116.55	69.93
Cash Retained (M)	501.36	501.36	501.36
(-) Cash Required (M)	-186.49	-116.55	-69.93
(=) Excess Retained (M)	314.87	384.81	431.43
(/) Shares Outstanding (M)	113.83	113.83	113.83
(=) Excess Retained per Share	2.77	3.38	3.79
LTM Dividend per Share	3.79	3.79	3.79
(+) Excess Retained per Share	2.77	3.38	3.79
(=) Adjusted Dividend	6.55	7.17	7.58
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$751.65	$1,526.62	$1,629.01
Upside / Downside	1,124.18%	2,386.35%	2,553.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	932.43	993.04	1,057.59	1,126.33	1,199.54	1,277.51	1,315.84
Payout Ratio	46.23%	54.98%	63.74%	72.49%	81.25%	90.00%	92.50%
Projected Dividends (M)	431.07	546.02	674.09	816.50	974.58	1,149.76	1,217.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	508.26	513.08	517.90
Year 2 PV (M)	584.09	595.22	606.45
Year 3 PV (M)	658.57	677.47	696.74
Year 4 PV (M)	731.71	759.85	788.80
Year 5 PV (M)	803.55	842.36	882.66
PV of Terminal Value (M)	24,874.40	26,075.84	27,323.27
Equity Value (M)	28,160.58	29,463.83	30,815.80
Shares Outstanding (M)	113.83	113.83	113.83
Fair Value	$247.38	$258.83	$270.71
Upside / Downside	302.90%	321.55%	340.89%

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Te Chang Construction Co., Ltd. (5511.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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