DDM Analysis: 1409.TW

Valuation Snapshot

Stable Growth	$92.92 - $232.74	$218.04
Multi-Stage	$113.94 - $125.41	$119.56
Blended Fair Value	$168.80
Current Price	$14.15
Upside	1,092.94%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.34%	4.14%	0.56	1.02	1.43	1.12	0.56	0.87	0.51	0.25	0.25	0.44
YoY Growth	-	-	-45.00%	-28.57%	27.27%	100.00%	-35.29%	70.00%	100.00%	0.00%	-41.94%	17.48%
Dividend Yield	-	-	4.12%	6.44%	7.92%	5.35%	3.20%	8.66%	3.68%	2.64%	2.59%	4.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,925.57
(-) Cash Dividends Paid (M)	971.05
(=) Cash Retained (M)	954.53

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	385.11	240.70	144.42
Cash Retained (M)	954.53	954.53	954.53
(-) Cash Required (M)	-385.11	-240.70	-144.42
(=) Excess Retained (M)	569.41	713.83	810.11
(/) Shares Outstanding (M)	1,589.41	1,589.41	1,589.41
(=) Excess Retained per Share	0.36	0.45	0.51
LTM Dividend per Share	0.61	0.61	0.61
(+) Excess Retained per Share	0.36	0.45	0.51
(=) Adjusted Dividend	0.97	1.06	1.12
WACC / Discount Rate	2.91%	2.91%	2.91%
Growth Rate	1.84%	2.84%	3.84%
Fair Value	$92.92	$218.04	$232.74
Upside / Downside	556.64%	1,440.92%	1,544.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,925.57	1,980.32	2,036.62	2,094.53	2,154.08	2,215.32	2,281.78
Payout Ratio	50.43%	58.34%	66.26%	74.17%	82.09%	90.00%	92.50%
Projected Dividends (M)	971.05	1,155.38	1,349.41	1,553.55	1,768.19	1,993.79	2,110.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.91%	2.91%	2.91%
Growth Rate	1.84%	2.84%	3.84%
Year 1 PV (M)	1,111.84	1,122.76	1,133.68
Year 2 PV (M)	1,249.63	1,274.29	1,299.19
Year 3 PV (M)	1,384.45	1,425.63	1,467.63
Year 4 PV (M)	1,516.36	1,576.80	1,639.02
Year 5 PV (M)	1,645.39	1,727.77	1,813.42
PV of Terminal Value (M)	174,182.91	182,904.03	191,971.02
Equity Value (M)	181,090.58	190,031.28	199,323.96
Shares Outstanding (M)	1,589.41	1,589.41	1,589.41
Fair Value	$113.94	$119.56	$125.41
Upside / Downside	705.20%	744.95%	786.27%

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Financial Statements

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Shinkong Synthetic Fibers Corporation (1409.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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