DDM Analysis: 300613.SZ

Valuation Snapshot

Stable Growth	$14.42 - $35.53	$21.54
Multi-Stage	$10.03 - $10.96	$10.49
Blended Fair Value	$16.01
Current Price	$52.38
Upside	-69.43%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	44.49%	19.28%	0.15	0.22	0.20	0.05	0.04	0.02	0.05	0.05	0.00	0.00
YoY Growth	-	-	-31.82%	10.55%	327.81%	28.92%	51.50%	-47.75%	-5.06%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	0.26%	0.64%	0.28%	0.08%	0.07%	0.09%	0.21%	0.14%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	154.01
(-) Cash Dividends Paid (M)	29.49
(=) Cash Retained (M)	124.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.80	19.25	11.55
Cash Retained (M)	124.52	124.52	124.52
(-) Cash Required (M)	-30.80	-19.25	-11.55
(=) Excess Retained (M)	93.72	105.27	112.97
(/) Shares Outstanding (M)	235.17	235.17	235.17
(=) Excess Retained per Share	0.40	0.45	0.48
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.40	0.45	0.48
(=) Adjusted Dividend	0.52	0.57	0.61
WACC / Discount Rate	9.33%	9.33%	9.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.42	$21.54	$35.53
Upside / Downside	-72.47%	-58.87%	-32.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	154.01	164.02	174.68	186.04	198.13	211.01	217.34
Payout Ratio	19.15%	33.32%	47.49%	61.66%	75.83%	90.00%	92.50%
Projected Dividends (M)	29.49	54.65	82.95	114.71	150.24	189.91	201.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.33%	9.33%	9.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	49.51	49.98	50.45
Year 2 PV (M)	68.10	69.40	70.70
Year 3 PV (M)	85.32	87.77	90.26
Year 4 PV (M)	101.25	105.14	109.15
Year 5 PV (M)	115.96	121.56	127.37
PV of Terminal Value (M)	1,938.40	2,032.02	2,129.23
Equity Value (M)	2,358.54	2,465.87	2,577.17
Shares Outstanding (M)	235.17	235.17	235.17
Fair Value	$10.03	$10.49	$10.96
Upside / Downside	-80.85%	-79.98%	-79.08%

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Shanghai Fullhan Microelectronics Co., Ltd. (300613.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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