DDM Analysis: 6271.TW

Valuation Snapshot

Stable Growth	$105.60 - $190.86	$141.18
Multi-Stage	$139.75 - $153.27	$146.38
Blended Fair Value	$143.78
Current Price	$107.00
Upside	34.37%
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	-12.75%	-7.88%	2.40	5.97	7.68	4.70	2.76	4.74	4.74	4.67	4.67	4.67
YoY Growth	-	-	-59.85%	-22.30%	63.62%	69.85%	-41.67%	0.00%	1.50%	0.00%	0.00%	-14.29%
Dividend Yield	-	-	2.17%	3.97%	5.03%	1.89%	1.58%	3.86%	4.11%	3.32%	3.08%	4.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,561.21
(-) Cash Dividends Paid (M)	501.74
(=) Cash Retained (M)	1,059.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	312.24	195.15	117.09
Cash Retained (M)	1,059.47	1,059.47	1,059.47
(-) Cash Required (M)	-312.24	-195.15	-117.09
(=) Excess Retained (M)	747.23	864.32	942.38
(/) Shares Outstanding (M)	209.30	209.30	209.30
(=) Excess Retained per Share	3.57	4.13	4.50
LTM Dividend per Share	2.40	2.40	2.40
(+) Excess Retained per Share	3.57	4.13	4.50
(=) Adjusted Dividend	5.97	6.53	6.90
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	1.79%	2.79%	3.79%
Fair Value	$105.60	$141.18	$190.86
Upside / Downside	-1.31%	31.94%	78.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,561.21	1,604.72	1,649.44	1,695.40	1,742.65	1,791.22	1,844.95
Payout Ratio	32.14%	43.71%	55.28%	66.86%	78.43%	90.00%	92.50%
Projected Dividends (M)	501.74	701.43	911.85	1,133.47	1,366.72	1,612.10	1,706.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	1.79%	2.79%	3.79%
Year 1 PV (M)	645.91	652.25	658.60
Year 2 PV (M)	773.22	788.49	803.90
Year 3 PV (M)	885.07	911.41	938.27
Year 4 PV (M)	982.73	1,021.93	1,062.28
Year 5 PV (M)	1,067.42	1,120.90	1,176.49
PV of Terminal Value (M)	24,896.32	26,143.55	27,440.28
Equity Value (M)	29,250.68	30,638.53	32,079.82
Shares Outstanding (M)	209.30	209.30	209.30
Fair Value	$139.75	$146.38	$153.27
Upside / Downside	30.61%	36.81%	43.24%

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Tong Hsing Electronic Industries, Ltd. (6271.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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