Definitive Analysis
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Definitive Analysis

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Tong Hsing Electronic Industries, Ltd. (6271.TW)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$105.60 - $190.87$141.18
Multi-Stage$139.76 - $153.28$146.39
Blended Fair Value$143.79
Current Price$107.00
Upside34.38%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-12.75%-7.88%2.405.977.684.702.764.744.744.674.674.67
YoY Growth---59.85%-22.30%63.62%69.85%-41.67%0.00%1.50%0.00%0.00%-14.29%
Dividend Yield--2.17%3.97%5.03%1.89%1.58%3.86%4.11%3.32%3.08%4.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,561.21
(-) Cash Dividends Paid (M)501.74
(=) Cash Retained (M)1,059.47
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)312.24195.15117.09
Cash Retained (M)1,059.471,059.471,059.47
(-) Cash Required (M)-312.24-195.15-117.09
(=) Excess Retained (M)747.23864.32942.38
(/) Shares Outstanding (M)209.30209.30209.30
(=) Excess Retained per Share3.574.134.50
LTM Dividend per Share2.402.402.40
(+) Excess Retained per Share3.574.134.50
(=) Adjusted Dividend5.976.536.90
WACC / Discount Rate7.54%7.54%7.54%
Growth Rate1.79%2.79%3.79%
Fair Value$105.60$141.18$190.87
Upside / Downside-1.31%31.95%78.39%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,561.211,604.721,649.441,695.401,742.651,791.221,844.95
Payout Ratio32.14%43.71%55.28%66.86%78.43%90.00%92.50%
Projected Dividends (M)501.74701.43911.851,133.471,366.721,612.101,706.58

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.54%7.54%7.54%
Growth Rate1.79%2.79%3.79%
Year 1 PV (M)645.91652.26658.60
Year 2 PV (M)773.22788.49803.91
Year 3 PV (M)885.07911.41938.27
Year 4 PV (M)982.741,021.931,062.29
Year 5 PV (M)1,067.431,120.911,176.51
PV of Terminal Value (M)24,897.8126,145.1127,441.91
Equity Value (M)29,252.1930,640.1232,081.49
Shares Outstanding (M)209.30209.30209.30
Fair Value$139.76$146.39$153.28
Upside / Downside30.62%36.81%43.25%

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