DDM Analysis: 4303.TWO

Valuation Snapshot

Stable Growth	$141.84 - $220.01	$178.02
Multi-Stage	$317.55 - $350.20	$333.55
Blended Fair Value	$255.79
Current Price	$63.58
Upside	302.31%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	1.79%	0.00%	1.17	0.00	0.94	0.27	1.07	1.07	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	253.57%	-75.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.73%	0.00%	6.41%	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)	1,187.76
(-) Cash Dividends Paid (M)	91.80
(=) Cash Retained (M)	1,095.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	237.55	148.47	89.08
Cash Retained (M)	1,095.96	1,095.96	1,095.96
(-) Cash Required (M)	-237.55	-148.47	-89.08
(=) Excess Retained (M)	858.40	947.49	1,006.87
(/) Shares Outstanding (M)	78.59	78.59	78.59
(=) Excess Retained per Share	10.92	12.06	12.81
LTM Dividend per Share	1.17	1.17	1.17
(+) Excess Retained per Share	10.92	12.06	12.81
(=) Adjusted Dividend	12.09	13.22	13.98
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$141.84	$178.02	$220.01
Upside / Downside	123.08%	180.00%	246.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,187.76	1,175.88	1,164.12	1,152.48	1,140.95	1,129.54	1,163.43
Payout Ratio	7.73%	24.18%	40.64%	57.09%	73.55%	90.00%	92.50%
Projected Dividends (M)	91.80	284.36	473.07	657.97	839.12	1,016.59	1,076.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	264.67	267.37	270.07
Year 2 PV (M)	409.82	418.23	426.72
Year 3 PV (M)	530.53	546.94	563.68
Year 4 PV (M)	629.75	655.85	682.75
Year 5 PV (M)	710.10	747.08	785.58
PV of Terminal Value (M)	22,409.84	23,576.77	24,791.82
Equity Value (M)	24,954.71	26,212.24	27,520.62
Shares Outstanding (M)	78.59	78.59	78.59
Fair Value	$317.55	$333.55	$350.20
Upside / Downside	399.45%	424.62%	450.80%

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HsinLi Chemical Industrial Corp. (4303.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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