DDM Analysis: 688355.SS

Valuation Snapshot

Stable Growth	$4.58 - $7.22	$5.79
Multi-Stage	$10.03 - $11.01	$10.51
Blended Fair Value	$8.15
Current Price	$19.30
Upside	-57.77%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	5.56%	0.00%	0.46	0.07	0.42	0.01	0.03	0.35	0.42	0.01	0.00	0.00
YoY Growth	-	-	531.13%	-82.58%	3,302.42%	-53.51%	-92.46%	-16.06%	3,978.94%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.52%	0.51%	1.50%	0.05%	0.10%	1.29%	1.53%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	57.25
(-) Cash Dividends Paid (M)	56.61
(=) Cash Retained (M)	0.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.45	7.16	4.29
Cash Retained (M)	0.64	0.64	0.64
(-) Cash Required (M)	-11.45	-7.16	-4.29
(=) Excess Retained (M)	-10.81	-6.51	-3.65
(/) Shares Outstanding (M)	123.98	123.98	123.98
(=) Excess Retained per Share	-0.09	-0.05	-0.03
LTM Dividend per Share	0.46	0.46	0.46
(+) Excess Retained per Share	-0.09	-0.05	-0.03
(=) Adjusted Dividend	0.37	0.40	0.43
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	-1.35%	-0.35%	0.65%
Fair Value	$4.58	$5.79	$7.22
Upside / Downside	-76.25%	-69.99%	-62.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	57.25	57.05	56.85	56.65	56.44	56.24	57.93
Payout Ratio	98.88%	97.10%	95.33%	93.55%	91.78%	90.00%	92.50%
Projected Dividends (M)	56.61	55.40	54.19	52.99	51.80	50.62	53.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	-1.35%	-0.35%	0.65%
Year 1 PV (M)	51.45	51.97	52.49
Year 2 PV (M)	46.74	47.69	48.65
Year 3 PV (M)	42.45	43.75	45.08
Year 4 PV (M)	38.53	40.12	41.76
Year 5 PV (M)	34.97	36.78	38.66
PV of Terminal Value (M)	1,029.26	1,082.50	1,137.92
Equity Value (M)	1,243.40	1,302.81	1,364.56
Shares Outstanding (M)	123.98	123.98	123.98
Fair Value	$10.03	$10.51	$11.01
Upside / Downside	-48.04%	-45.55%	-42.97%

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Suzhou Mingzhi Technology Co., Ltd. (688355.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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