DDM Analysis: 2890.TW

Valuation Snapshot

Stable Growth	$70.45 - $374.70	$139.65
Multi-Stage	$40.37 - $44.11	$42.20
Blended Fair Value	$90.93
Current Price	$25.00
Upside	263.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.30%	12.94%	0.72	0.56	0.70	0.61	0.61	0.56	0.43	0.28	0.34	0.37
YoY Growth	-	-	27.50%	-19.26%	14.29%	0.00%	10.06%	29.74%	50.44%	-16.39%	-7.24%	72.22%
Dividend Yield	-	-	3.34%	2.69%	4.55%	3.65%	5.23%	5.53%	4.01%	3.07%	4.17%	4.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	24,321.71
(-) Cash Dividends Paid (M)	11,544.12
(=) Cash Retained (M)	12,777.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,864.34	3,040.21	1,824.13
Cash Retained (M)	12,777.58	12,777.58	12,777.58
(-) Cash Required (M)	-4,864.34	-3,040.21	-1,824.13
(=) Excess Retained (M)	7,913.24	9,737.37	10,953.45
(/) Shares Outstanding (M)	12,908.94	12,908.94	12,908.94
(=) Excess Retained per Share	0.61	0.75	0.85
LTM Dividend per Share	0.89	0.89	0.89
(+) Excess Retained per Share	0.61	0.75	0.85
(=) Adjusted Dividend	1.51	1.65	1.74
WACC / Discount Rate	7.76%	7.76%	7.76%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$70.45	$139.65	$374.70
Upside / Downside	181.79%	458.59%	1,398.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	24,321.71	25,902.62	27,586.29	29,379.40	31,289.06	33,322.85	34,322.53
Payout Ratio	47.46%	55.97%	64.48%	72.99%	81.49%	90.00%	92.50%
Projected Dividends (M)	11,544.12	14,498.06	17,787.24	21,442.76	25,498.35	29,990.56	31,748.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.76%	7.76%	7.76%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	13,328.04	13,454.37	13,580.71
Year 2 PV (M)	15,032.16	15,318.48	15,607.50
Year 3 PV (M)	16,659.03	17,137.25	17,624.53
Year 4 PV (M)	18,211.14	18,911.49	19,631.85
Year 5 PV (M)	19,690.92	20,642.00	21,629.48
PV of Terminal Value (M)	438,172.87	459,336.78	481,310.69
Equity Value (M)	521,094.16	544,800.38	569,384.76
Shares Outstanding (M)	12,908.94	12,908.94	12,908.94
Fair Value	$40.37	$42.20	$44.11
Upside / Downside	61.47%	68.81%	76.43%

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Financial Statements

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SinoPac Financial Holdings Company Limited (2890.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener