DDM Analysis: 4546.TWO

Valuation Snapshot

Stable Growth	$37.19 - $50.86	$44.12
Multi-Stage	$122.19 - $135.63	$128.77
Blended Fair Value	$86.44
Current Price	$90.90
Upside	-4.90%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-35.25%	0.00%	0.80	0.00	0.00	0.00	7.03	7.03	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.89%	0.00%	0.00%	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)	252.66
(-) Cash Dividends Paid (M)	27.02
(=) Cash Retained (M)	225.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	50.53	31.58	18.95
Cash Retained (M)	225.64	225.64	225.64
(-) Cash Required (M)	-50.53	-31.58	-18.95
(=) Excess Retained (M)	175.11	194.06	206.69
(/) Shares Outstanding (M)	33.79	33.79	33.79
(=) Excess Retained per Share	5.18	5.74	6.12
LTM Dividend per Share	0.80	0.80	0.80
(+) Excess Retained per Share	5.18	5.74	6.12
(=) Adjusted Dividend	5.98	6.54	6.92
WACC / Discount Rate	6.10%	6.10%	6.10%
Growth Rate	-8.61%	-7.61%	-6.61%
Fair Value	$37.19	$44.12	$50.86
Upside / Downside	-59.09%	-51.46%	-44.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	252.66	233.44	215.69	199.28	184.13	170.12	175.23
Payout Ratio	10.69%	26.56%	42.42%	58.28%	74.14%	90.00%	92.50%
Projected Dividends (M)	27.02	61.99	91.49	116.14	136.51	153.11	162.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.10%	6.10%	6.10%
Growth Rate	-8.61%	-7.61%	-6.61%
Year 1 PV (M)	57.80	58.43	59.06
Year 2 PV (M)	79.52	81.27	83.04
Year 3 PV (M)	94.12	97.24	100.43
Year 4 PV (M)	103.14	107.73	112.47
Year 5 PV (M)	107.86	113.89	120.18
PV of Terminal Value (M)	3,685.92	3,892.04	4,107.27
Equity Value (M)	4,128.36	4,350.60	4,582.46
Shares Outstanding (M)	33.79	33.79	33.79
Fair Value	$122.19	$128.77	$135.63
Upside / Downside	34.42%	41.66%	49.21%

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Chaheng Precision Co., Ltd. (4546.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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