DDM Analysis: 688596.SS

Valuation Snapshot

Stable Growth	$79.25 - $194.14	$181.94
Multi-Stage	$28.31 - $30.99	$29.63
Blended Fair Value	$105.78
Current Price	$43.37
Upside	143.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	56.35%	54.23%	0.38	0.09	0.17	0.10	0.02	0.04	0.09	0.02	0.00	0.01
YoY Growth	-	-	321.96%	-47.29%	79.93%	292.30%	-40.49%	-51.72%	415.95%	323.59%	-63.14%	109.53%
Dividend Yield	-	-	0.98%	0.24%	0.49%	0.49%	0.16%	0.12%	0.26%	0.00%	0.01%	0.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	267.40
(-) Cash Dividends Paid (M)	105.24
(=) Cash Retained (M)	162.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	53.48	33.42	20.05
Cash Retained (M)	162.16	162.16	162.16
(-) Cash Required (M)	-53.48	-33.42	-20.05
(=) Excess Retained (M)	108.68	128.73	142.10
(/) Shares Outstanding (M)	273.92	273.92	273.92
(=) Excess Retained per Share	0.40	0.47	0.52
LTM Dividend per Share	0.38	0.38	0.38
(+) Excess Retained per Share	0.40	0.47	0.52
(=) Adjusted Dividend	0.78	0.85	0.90
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$79.25	$181.94	$194.14
Upside / Downside	82.73%	319.50%	347.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	267.40	284.78	303.29	323.00	344.00	366.36	377.35
Payout Ratio	39.36%	49.49%	59.61%	69.74%	79.87%	90.00%	92.50%
Projected Dividends (M)	105.24	140.93	180.80	225.27	274.76	329.72	349.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	131.03	132.28	133.52
Year 2 PV (M)	156.31	159.29	162.29
Year 3 PV (M)	181.08	186.28	191.58
Year 4 PV (M)	205.36	213.26	221.38
Year 5 PV (M)	229.14	240.21	251.70
PV of Terminal Value (M)	6,853.13	7,184.14	7,527.82
Equity Value (M)	7,756.06	8,115.46	8,488.29
Shares Outstanding (M)	273.92	273.92	273.92
Fair Value	$28.31	$29.63	$30.99
Upside / Downside	-34.71%	-31.69%	-28.55%

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Shanghai GenTech Co., Ltd. (688596.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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