DDM Analysis: 600562.SS

Valuation Snapshot

Stable Growth	$9.62 - $20.54	$13.69
Multi-Stage	$6.84 - $7.49	$7.16
Blended Fair Value	$10.42
Current Price	$34.42
Upside	-69.71%
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	69.88%	16.90%	0.15	0.13	0.13	0.11	0.01	0.01	0.04	0.06	0.05	0.04
YoY Growth	-	-	10.18%	3.43%	14.88%	847.01%	14.11%	-74.65%	-25.28%	17.49%	23.49%	22.54%
Dividend Yield	-	-	0.72%	0.94%	0.79%	0.71%	0.08%	0.08%	0.22%	0.32%	0.19%	0.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	634.00
(-) Cash Dividends Paid (M)	2.66
(=) Cash Retained (M)	631.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	126.80	79.25	47.55
Cash Retained (M)	631.33	631.33	631.33
(-) Cash Required (M)	-126.80	-79.25	-47.55
(=) Excess Retained (M)	504.53	552.08	583.78
(/) Shares Outstanding (M)	1,245.98	1,245.98	1,245.98
(=) Excess Retained per Share	0.40	0.44	0.47
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.40	0.44	0.47
(=) Adjusted Dividend	0.41	0.45	0.47
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$9.62	$13.69	$20.54
Upside / Downside	-72.05%	-60.23%	-40.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	634.00	675.21	719.09	765.84	815.61	868.63	894.69
Payout Ratio	0.42%	18.34%	36.25%	54.17%	72.08%	90.00%	92.50%
Projected Dividends (M)	2.66	123.81	260.69	414.84	587.93	781.77	827.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	111.53	112.59	113.65
Year 2 PV (M)	211.56	215.59	219.65
Year 3 PV (M)	303.28	311.98	320.85
Year 4 PV (M)	387.20	402.10	417.41
Year 5 PV (M)	463.82	486.22	509.48
PV of Terminal Value (M)	7,051.04	7,391.60	7,745.21
Equity Value (M)	8,528.42	8,920.08	9,326.25
Shares Outstanding (M)	1,245.98	1,245.98	1,245.98
Fair Value	$6.84	$7.16	$7.49
Upside / Downside	-80.11%	-79.20%	-78.25%

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Glarun Technology Co.,Ltd (600562.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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