DDM Analysis: 300896.SZ

Valuation Snapshot

Stable Growth	$254.75 - $966.66	$742.09
Multi-Stage	$124.24 - $135.68	$129.86
Blended Fair Value	$435.97
Current Price	$181.55
Upside	140.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	61.86%	0.00%	1.66	3.33	1.51	1.40	0.00	0.15	0.16	0.07	0.00	0.00
YoY Growth	-	-	-50.25%	121.14%	8.00%	0.00%	-100.00%	-9.42%	145.65%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.92%	1.33%	0.38%	0.41%	0.00%	0.11%	0.12%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,465.35
(-) Cash Dividends Paid (M)	1,145.42
(=) Cash Retained (M)	319.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	293.07	183.17	109.90
Cash Retained (M)	319.93	319.93	319.93
(-) Cash Required (M)	-293.07	-183.17	-109.90
(=) Excess Retained (M)	26.86	136.76	210.03
(/) Shares Outstanding (M)	301.47	301.47	301.47
(=) Excess Retained per Share	0.09	0.45	0.70
LTM Dividend per Share	3.80	3.80	3.80
(+) Excess Retained per Share	0.09	0.45	0.70
(=) Adjusted Dividend	3.89	4.25	4.50
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$254.75	$742.09	$966.66
Upside / Downside	40.32%	308.75%	432.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,465.35	1,560.59	1,662.03	1,770.06	1,885.12	2,007.65	2,067.88
Payout Ratio	78.17%	80.53%	82.90%	85.27%	87.63%	90.00%	92.50%
Projected Dividends (M)	1,145.42	1,256.80	1,377.83	1,509.28	1,651.99	1,806.89	1,912.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,162.36	1,173.37	1,184.39
Year 2 PV (M)	1,178.52	1,200.97	1,223.63
Year 3 PV (M)	1,193.94	1,228.22	1,263.14
Year 4 PV (M)	1,208.63	1,255.11	1,302.92
Year 5 PV (M)	1,222.61	1,281.66	1,342.97
PV of Terminal Value (M)	31,487.80	33,008.67	34,587.75
Equity Value (M)	37,453.86	39,148.00	40,904.80
Shares Outstanding (M)	301.47	301.47	301.47
Fair Value	$124.24	$129.86	$135.68
Upside / Downside	-31.57%	-28.47%	-25.26%

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Imeik Technology Development Co.,Ltd. (300896.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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