DDM Analysis: 9907.TW

Valuation Snapshot

Stable Growth	$16.13 - $26.89	$20.87
Multi-Stage	$28.59 - $31.36	$29.94
Blended Fair Value	$25.41
Current Price	$17.90
Upside	41.95%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.59%	-7.44%	0.30	1.48	1.00	0.53	0.00	0.47	0.50	0.38	0.32	0.45
YoY Growth	-	-	-79.73%	48.00%	88.68%	0.00%	-100.00%	-6.00%	31.58%	18.75%	-28.89%	-30.77%
Dividend Yield	-	-	1.76%	10.16%	5.18%	2.93%	0.00%	5.87%	3.84%	2.90%	2.04%	3.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,176.03
(-) Cash Dividends Paid (M)	1,531.77
(=) Cash Retained (M)	644.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	435.21	272.00	163.20
Cash Retained (M)	644.25	644.25	644.25
(-) Cash Required (M)	-435.21	-272.00	-163.20
(=) Excess Retained (M)	209.05	372.25	481.05
(/) Shares Outstanding (M)	1,580.57	1,580.57	1,580.57
(=) Excess Retained per Share	0.13	0.24	0.30
LTM Dividend per Share	0.97	0.97	0.97
(+) Excess Retained per Share	0.13	0.24	0.30
(=) Adjusted Dividend	1.10	1.20	1.27
WACC / Discount Rate	6.94%	6.94%	6.94%
Growth Rate	0.10%	1.10%	2.10%
Fair Value	$16.13	$20.87	$26.89
Upside / Downside	-9.88%	16.61%	50.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,176.03	2,199.98	2,224.20	2,248.69	2,273.45	2,298.48	2,367.43
Payout Ratio	70.39%	74.31%	78.24%	82.16%	86.08%	90.00%	92.50%
Projected Dividends (M)	1,531.77	1,634.91	1,740.12	1,847.46	1,956.95	2,068.63	2,189.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.94%	6.94%	6.94%
Growth Rate	0.10%	1.10%	2.10%
Year 1 PV (M)	1,513.75	1,528.87	1,543.99
Year 2 PV (M)	1,491.77	1,521.72	1,551.98
Year 3 PV (M)	1,466.42	1,510.81	1,556.08
Year 4 PV (M)	1,438.21	1,496.55	1,556.65
Year 5 PV (M)	1,407.63	1,479.35	1,553.98
PV of Terminal Value (M)	37,863.20	39,792.62	41,799.90
Equity Value (M)	45,180.98	47,329.93	49,562.58
Shares Outstanding (M)	1,580.57	1,580.57	1,580.57
Fair Value	$28.59	$29.94	$31.36
Upside / Downside	59.69%	67.29%	75.18%

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Ton Yi Industrial Corp. (9907.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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