DDM Analysis: 3013.TW

Valuation Snapshot

Stable Growth	$78.68 - $179.89	$114.66
Multi-Stage	$55.79 - $60.96	$58.33
Blended Fair Value	$86.49
Current Price	$118.00
Upside	-26.70%
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	9.90%	0.00%	0.38	0.28	0.06	0.23	0.23	0.24	0.41	0.41	0.26	0.00
YoY Growth	-	-	33.33%	359.55%	-72.66%	0.00%	-4.30%	-42.47%	0.00%	59.17%	0.00%	0.00%
Dividend Yield	-	-	0.35%	0.46%	0.28%	1.69%	1.57%	2.10%	2.28%	2.02%	1.17%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	797.97
(-) Cash Dividends Paid (M)	123.08
(=) Cash Retained (M)	674.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	159.59	99.75	59.85
Cash Retained (M)	674.89	674.89	674.89
(-) Cash Required (M)	-159.59	-99.75	-59.85
(=) Excess Retained (M)	515.30	575.14	615.04
(/) Shares Outstanding (M)	207.45	207.45	207.45
(=) Excess Retained per Share	2.48	2.77	2.96
LTM Dividend per Share	0.59	0.59	0.59
(+) Excess Retained per Share	2.48	2.77	2.96
(=) Adjusted Dividend	3.08	3.37	3.56
WACC / Discount Rate	9.63%	9.63%	9.63%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$78.68	$114.66	$179.89
Upside / Downside	-33.32%	-2.83%	52.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	797.97	849.84	905.08	963.91	1,026.57	1,093.29	1,126.09
Payout Ratio	15.42%	30.34%	45.25%	60.17%	75.08%	90.00%	92.50%
Projected Dividends (M)	123.08	257.84	409.59	579.98	770.80	983.96	1,041.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.63%	9.63%	9.63%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	232.99	235.20	237.41
Year 2 PV (M)	334.45	340.82	347.25
Year 3 PV (M)	427.94	440.22	452.74
Year 4 PV (M)	513.92	533.68	554.01
Year 5 PV (M)	592.82	621.45	651.18
PV of Terminal Value (M)	9,470.85	9,928.30	10,403.25
Equity Value (M)	11,572.96	12,099.66	12,645.83
Shares Outstanding (M)	207.45	207.45	207.45
Fair Value	$55.79	$58.33	$60.96
Upside / Downside	-52.72%	-50.57%	-48.34%

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Chenming Electronic Tech. Corp. (3013.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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