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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | NT$ 1.61 - NT$ 1.86 | NT$ 1.76 |
| Adjusted Dividend Yield | 2.4% - 2.8% | 2.6% |
| Perpetuity Growth Rate | 6.3% - 6.8% | 6.5% |
| Discount Rate | 11.9% - 9.9% | 10.9% |
| Fair Value | NT$ 30.44 - NT$ 63.65 | NT$ 42.90 |
| Upside | -54.6% - -5.1% | -36.1% |
| Calculate Adjusted Dividend | ||||||||
| (TWD in millions) | Latest | Notes | ||||||
| Net Income To Common | 88 | |||||||
| (-) Cash Dividends Paid | (40) | |||||||
| (=) Cash Retained | 48 | 54.6% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 88 | 88 | 88 | |||||
| (=) Cash Required | 18 | 11 | 7 | |||||
| Cash Retained | 48 | 48 | 48 | |||||
| (-) Cash Required | (18) | (11) | (7) | |||||
| (=) Excess Retained | 30 | 37 | 41 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (TWD) | 30 | 37 | 41 | |||||
| (/) Shares Outstanding | 43.6 | 43.6 | 43.6 | |||||
| (=) Excess Retained per Share | 0.70 | 0.85 | 0.95 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.91 | 0.91 | 0.91 | |||||
| (+) Excess Retained per Share | 0.70 | 0.85 | 0.95 | |||||
| Adjusted Dividend | 1.61 | 1.76 | 1.86 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 1.76 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 9.9% | 10.4% | 10.9% | 11.4% | 11.9% | |||
| 4.5% | 34.27 | 31.35 | 28.89 | 26.79 | 24.97 | |||
| 5.5% | 42.50 | 38.14 | 34.59 | 31.65 | 29.17 | |||
| 6.5% | 55.62 | 48.44 | 42.90 | 38.50 | 34.92 | |||
| 7.5% | 79.77 | 65.90 | 56.14 | 48.89 | 43.31 | |||
| 8.5% | 139.07 | 101.99 | 80.52 | 66.51 | 56.66 | |||