DDM Analysis: 3592.TW

Valuation Snapshot

Stable Growth	$906.38 - $4,353.98	$1,964.27
Multi-Stage	$501.68 - $547.81	$524.33
Blended Fair Value	$1,244.30
Current Price	$366.00
Upside	239.97%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	20.44%	0.00%	15.02	40.53	44.48	9.16	6.98	5.93	0.00	0.00	0.00	0.00
YoY Growth	-	-	-62.93%	-8.89%	385.67%	31.24%	17.70%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.43%	8.44%	10.74%	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)	1,680.13
(-) Cash Dividends Paid (M)	1,153.00
(=) Cash Retained (M)	527.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	336.03	210.02	126.01
Cash Retained (M)	527.13	527.13	527.13
(-) Cash Required (M)	-336.03	-210.02	-126.01
(=) Excess Retained (M)	191.10	317.11	401.12
(/) Shares Outstanding (M)	76.74	76.74	76.74
(=) Excess Retained per Share	2.49	4.13	5.23
LTM Dividend per Share	15.02	15.02	15.02
(+) Excess Retained per Share	2.49	4.13	5.23
(=) Adjusted Dividend	17.51	19.16	20.25
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$906.38	$1,964.27	$4,353.98
Upside / Downside	147.64%	436.69%	1,089.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,680.13	1,789.34	1,905.64	2,029.51	2,161.43	2,301.92	2,370.98
Payout Ratio	68.63%	72.90%	77.18%	81.45%	85.73%	90.00%	92.50%
Projected Dividends (M)	1,153.00	1,304.44	1,470.69	1,653.04	1,852.89	2,071.73	2,193.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,201.60	1,212.99	1,224.38
Year 2 PV (M)	1,247.95	1,271.72	1,295.71
Year 3 PV (M)	1,292.11	1,329.20	1,366.99
Year 4 PV (M)	1,334.14	1,385.45	1,438.22
Year 5 PV (M)	1,374.12	1,440.49	1,509.40
PV of Terminal Value (M)	32,050.56	33,598.62	35,205.92
Equity Value (M)	38,500.48	40,238.47	42,040.63
Shares Outstanding (M)	76.74	76.74	76.74
Fair Value	$501.68	$524.33	$547.81
Upside / Downside	37.07%	43.26%	49.68%

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Financial Statements

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Sector

Raydium Semiconductor Corporation (3592.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener