DDM Analysis: 4532.TW

Valuation Snapshot

Stable Growth	$20.85 - $33.03	$26.41
Multi-Stage	$38.93 - $42.71	$40.78
Blended Fair Value	$33.59
Current Price	$24.35
Upside	37.96%
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	-3.77%	-3.06%	1.00	0.90	0.70	0.71	0.51	1.22	1.78	2.23	1.51	1.88
YoY Growth	-	-	11.11%	28.60%	-0.99%	39.99%	-58.33%	-31.56%	-20.36%	48.32%	-20.00%	37.33%
Dividend Yield	-	-	3.31%	3.62%	3.72%	3.94%	2.35%	8.17%	6.99%	7.33%	4.56%	7.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,022.35
(-) Cash Dividends Paid (M)	742.73
(=) Cash Retained (M)	279.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	204.47	127.79	76.68
Cash Retained (M)	279.62	279.62	279.62
(-) Cash Required (M)	-204.47	-127.79	-76.68
(=) Excess Retained (M)	75.15	151.83	202.95
(/) Shares Outstanding (M)	497.86	497.86	497.86
(=) Excess Retained per Share	0.15	0.30	0.41
LTM Dividend per Share	1.49	1.49	1.49
(+) Excess Retained per Share	0.15	0.30	0.41
(=) Adjusted Dividend	1.64	1.80	1.90
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	-0.66%	0.34%	1.34%
Fair Value	$20.85	$26.41	$33.03
Upside / Downside	-14.38%	8.44%	35.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,022.35	1,025.81	1,029.28	1,032.77	1,036.27	1,039.78	1,070.97
Payout Ratio	72.65%	76.12%	79.59%	83.06%	86.53%	90.00%	92.50%
Projected Dividends (M)	742.73	780.84	819.20	857.81	896.68	935.80	990.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	-0.66%	0.34%	1.34%
Year 1 PV (M)	721.36	728.62	735.88
Year 2 PV (M)	699.16	713.30	727.59
Year 3 PV (M)	676.35	696.98	718.02
Year 4 PV (M)	653.14	679.84	707.35
Year 5 PV (M)	629.71	662.05	695.71
PV of Terminal Value (M)	16,000.24	16,821.95	17,677.09
Equity Value (M)	19,379.95	20,302.74	21,261.64
Shares Outstanding (M)	497.86	497.86	497.86
Fair Value	$38.93	$40.78	$42.71
Upside / Downside	59.86%	67.47%	75.38%

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Rechi Precision Co., Ltd. (4532.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener