DDM Analysis: 3114.TWO

Valuation Snapshot

Stable Growth	$21.69 - $33.54	$27.19
Multi-Stage	$49.51 - $54.49	$51.95
Blended Fair Value	$39.57
Current Price	$24.20
Upside	63.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.03%	0.00%	1.20	1.25	0.81	1.09	0.86	1.20	0.46	0.38	0.61	0.00
YoY Growth	-	-	-4.00%	53.11%	-25.00%	26.60%	-28.22%	160.00%	20.00%	-37.50%	0.00%	0.00%
Dividend Yield	-	-	4.78%	4.51%	3.12%	4.43%	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)	152.40
(-) Cash Dividends Paid (M)	78.16
(=) Cash Retained (M)	74.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.48	19.05	11.43
Cash Retained (M)	74.25	74.25	74.25
(-) Cash Required (M)	-30.48	-19.05	-11.43
(=) Excess Retained (M)	43.77	55.20	62.82
(/) Shares Outstanding (M)	65.25	65.25	65.25
(=) Excess Retained per Share	0.67	0.85	0.96
LTM Dividend per Share	1.20	1.20	1.20
(+) Excess Retained per Share	0.67	0.85	0.96
(=) Adjusted Dividend	1.87	2.04	2.16
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$21.69	$27.19	$33.54
Upside / Downside	-10.36%	12.36%	38.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	152.40	150.88	149.37	147.88	146.40	144.93	149.28
Payout Ratio	51.28%	59.03%	66.77%	74.51%	82.26%	90.00%	92.50%
Projected Dividends (M)	78.16	89.06	99.73	110.19	120.42	130.44	138.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	82.82	83.67	84.51
Year 2 PV (M)	86.26	88.03	89.82
Year 3 PV (M)	88.63	91.37	94.17
Year 4 PV (M)	90.08	93.82	97.66
Year 5 PV (M)	90.75	95.47	100.39
PV of Terminal Value (M)	2,792.10	2,937.49	3,088.87
Equity Value (M)	3,230.64	3,389.85	3,555.43
Shares Outstanding (M)	65.25	65.25	65.25
Fair Value	$49.51	$51.95	$54.49
Upside / Downside	104.58%	114.66%	125.15%

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Howteh Technology Co., Ltd. (3114.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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