DDM Analysis: 9907.TW

Valuation Snapshot

Stable Growth	$12.73 - $19.52	$15.89
Multi-Stage	$19.43 - $21.26	$20.33
Blended Fair Value	$18.11
Current Price	$17.90
Upside	1.18%
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	-8.59%	-7.44%	0.30	1.48	1.00	0.53	0.00	0.47	0.50	0.38	0.32	0.45
YoY Growth	-	-	-79.73%	48.00%	88.68%	0.00%	-100.00%	-6.00%	31.58%	18.75%	-28.89%	-30.77%
Dividend Yield	-	-	1.76%	10.16%	5.18%	2.93%	0.00%	5.87%	3.84%	2.90%	2.04%	3.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,176.03
(-) Cash Dividends Paid (M)	1,531.77
(=) Cash Retained (M)	644.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	435.21	272.00	163.20
Cash Retained (M)	644.25	644.25	644.25
(-) Cash Required (M)	-435.21	-272.00	-163.20
(=) Excess Retained (M)	209.05	372.25	481.05
(/) Shares Outstanding (M)	1,580.57	1,580.57	1,580.57
(=) Excess Retained per Share	0.13	0.24	0.30
LTM Dividend per Share	0.97	0.97	0.97
(+) Excess Retained per Share	0.13	0.24	0.30
(=) Adjusted Dividend	1.10	1.20	1.27
WACC / Discount Rate	8.76%	8.76%	8.76%
Growth Rate	0.10%	1.10%	2.10%
Fair Value	$12.73	$15.89	$19.52
Upside / Downside	-28.90%	-11.21%	9.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,176.03	2,199.98	2,224.20	2,248.69	2,273.45	2,298.48	2,367.43
Payout Ratio	70.39%	74.31%	78.24%	82.16%	86.08%	90.00%	92.50%
Projected Dividends (M)	1,531.77	1,634.91	1,740.12	1,847.46	1,956.95	2,068.63	2,189.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.76%	8.76%	8.76%
Growth Rate	0.10%	1.10%	2.10%
Year 1 PV (M)	1,488.31	1,503.17	1,518.04
Year 2 PV (M)	1,442.05	1,471.00	1,500.25
Year 3 PV (M)	1,393.72	1,435.91	1,478.94
Year 4 PV (M)	1,343.94	1,398.45	1,454.61
Year 5 PV (M)	1,293.25	1,359.15	1,427.71
PV of Terminal Value (M)	23,753.71	24,964.14	26,223.42
Equity Value (M)	30,714.97	32,131.83	33,602.97
Shares Outstanding (M)	1,580.57	1,580.57	1,580.57
Fair Value	$19.43	$20.33	$21.26
Upside / Downside	8.56%	13.57%	18.77%

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Financial Statements

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Ton Yi Industrial Corp. (9907.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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