DDM Analysis: 8936.TWO

Valuation Snapshot

Stable Growth	$66.41 - $147.25	$95.76
Multi-Stage	$56.37 - $61.58	$58.92
Blended Fair Value	$77.34
Current Price	$53.80
Upside	43.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	39.98%	2.87%	1.49	0.99	0.50	0.25	0.23	0.28	0.08	0.05	0.43	1.57
YoY Growth	-	-	50.00%	100.00%	100.00%	8.20%	-17.20%	264.16%	63.61%	-89.19%	-72.61%	40.00%
Dividend Yield	-	-	2.78%	1.24%	1.76%	1.13%	0.57%	2.04%	0.35%	0.25%	2.05%	5.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	848.01
(-) Cash Dividends Paid (M)	372.12
(=) Cash Retained (M)	475.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	169.60	106.00	63.60
Cash Retained (M)	475.89	475.89	475.89
(-) Cash Required (M)	-169.60	-106.00	-63.60
(=) Excess Retained (M)	306.29	369.89	412.29
(/) Shares Outstanding (M)	250.13	250.13	250.13
(=) Excess Retained per Share	1.22	1.48	1.65
LTM Dividend per Share	1.49	1.49	1.49
(+) Excess Retained per Share	1.22	1.48	1.65
(=) Adjusted Dividend	2.71	2.97	3.14
WACC / Discount Rate	8.79%	8.79%	8.79%
Growth Rate	4.52%	5.52%	6.52%
Fair Value	$66.41	$95.76	$147.25
Upside / Downside	23.44%	78.00%	173.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	848.01	894.79	944.16	996.25	1,051.21	1,109.20	1,142.48
Payout Ratio	43.88%	53.11%	62.33%	71.55%	80.78%	90.00%	92.50%
Projected Dividends (M)	372.12	475.18	588.48	712.84	849.13	998.28	1,056.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.79%	8.79%	8.79%
Growth Rate	4.52%	5.52%	6.52%
Year 1 PV (M)	432.66	436.80	440.94
Year 2 PV (M)	487.89	497.27	506.74
Year 3 PV (M)	538.11	553.71	569.60
Year 4 PV (M)	583.64	606.30	629.62
Year 5 PV (M)	624.77	655.24	686.88
PV of Terminal Value (M)	11,431.90	11,989.36	12,568.35
Equity Value (M)	14,098.98	14,738.68	15,402.13
Shares Outstanding (M)	250.13	250.13	250.13
Fair Value	$56.37	$58.92	$61.58
Upside / Downside	4.77%	9.52%	14.45%

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Kuo Toong International Co., Ltd. (8936.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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