DDM Analysis: 688333.SS

Valuation Snapshot

Stable Growth	$20.42 - $55.09	$31.38
Multi-Stage	$13.58 - $14.86	$14.21
Blended Fair Value	$22.79
Current Price	$76.33
Upside	-70.14%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	41.95%	0.00%	0.17	0.12	0.04	0.06	0.05	0.03	0.02	0.00	0.01	0.00
YoY Growth	-	-	39.70%	202.37%	-28.31%	16.01%	64.04%	27.59%	0.00%	-100.00%	0.00%	0.00%
Dividend Yield	-	-	0.23%	0.21%	0.05%	0.10%	0.11%	0.17%	0.10%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	233.49
(-) Cash Dividends Paid (M)	9.10
(=) Cash Retained (M)	224.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	46.70	29.19	17.51
Cash Retained (M)	224.39	224.39	224.39
(-) Cash Required (M)	-46.70	-29.19	-17.51
(=) Excess Retained (M)	177.69	195.20	206.88
(/) Shares Outstanding (M)	271.89	271.89	271.89
(=) Excess Retained per Share	0.65	0.72	0.76
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.65	0.72	0.76
(=) Adjusted Dividend	0.69	0.75	0.79
WACC / Discount Rate	9.05%	9.05%	9.05%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$20.42	$31.38	$55.09
Upside / Downside	-73.25%	-58.89%	-27.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	233.49	248.67	264.83	282.05	300.38	319.91	329.50
Payout Ratio	3.90%	21.12%	38.34%	55.56%	72.78%	90.00%	92.50%
Projected Dividends (M)	9.10	52.52	101.54	156.71	218.62	287.92	304.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.05%	9.05%	9.05%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	47.71	48.16	48.61
Year 2 PV (M)	83.79	85.38	86.99
Year 3 PV (M)	117.47	120.84	124.27
Year 4 PV (M)	148.86	154.59	160.48
Year 5 PV (M)	178.09	186.70	195.63
PV of Terminal Value (M)	3,116.19	3,266.70	3,422.98
Equity Value (M)	3,692.11	3,862.37	4,038.96
Shares Outstanding (M)	271.89	271.89	271.89
Fair Value	$13.58	$14.21	$14.86
Upside / Downside	-82.21%	-81.39%	-80.54%

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Sector

Xi'an Bright Laser Technologies Co.,Ltd. (688333.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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