DDM Analysis: 6510.TWO

Valuation Snapshot

Stable Growth	$252.07 - $373.80	$310.22
Multi-Stage	$462.45 - $508.78	$485.16
Blended Fair Value	$397.69
Current Price	$1,925.00
Upside	-79.34%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-45.07%	0.00%	0.50	11.72	13.56	11.97	9.97	9.97	0.00	0.00	0.00	0.00
YoY Growth	-	-	-95.74%	-13.60%	13.33%	20.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.08%	2.29%	2.38%	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)	1,034.43
(-) Cash Dividends Paid (M)	255.75
(=) Cash Retained (M)	778.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	206.89	129.30	77.58
Cash Retained (M)	778.67	778.67	778.67
(-) Cash Required (M)	-206.89	-129.30	-77.58
(=) Excess Retained (M)	571.79	649.37	701.09
(/) Shares Outstanding (M)	32.88	32.88	32.88
(=) Excess Retained per Share	17.39	19.75	21.32
LTM Dividend per Share	7.78	7.78	7.78
(+) Excess Retained per Share	17.39	19.75	21.32
(=) Adjusted Dividend	25.17	27.53	29.10
WACC / Discount Rate	7.79%	7.79%	7.79%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$252.07	$310.22	$373.80
Upside / Downside	-86.91%	-83.88%	-80.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,034.43	1,024.08	1,013.84	1,003.70	993.66	983.73	1,013.24
Payout Ratio	24.72%	37.78%	50.83%	63.89%	76.94%	90.00%	92.50%
Projected Dividends (M)	255.75	386.89	515.38	641.26	764.57	885.36	937.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.79%	7.79%	7.79%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	355.32	358.94	362.57
Year 2 PV (M)	434.70	443.61	452.62
Year 3 PV (M)	496.73	512.09	527.77
Year 4 PV (M)	543.92	566.46	589.70
Year 5 PV (M)	578.44	608.56	639.93
PV of Terminal Value (M)	12,794.54	13,460.79	14,154.50
Equity Value (M)	15,203.65	15,950.46	16,727.08
Shares Outstanding (M)	32.88	32.88	32.88
Fair Value	$462.45	$485.16	$508.78
Upside / Downside	-75.98%	-74.80%	-73.57%

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Chunghwa Precision Test Tech. Co., Ltd. (6510.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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