DDM Analysis: 688019.SS

Valuation Snapshot

Stable Growth	$31.65 - $45.33	$38.35
Multi-Stage	$48.72 - $53.59	$51.11
Blended Fair Value	$44.73
Current Price	$228.44
Upside	-80.42%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.24	0.21	0.11	0.10	0.12	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	14.51%	96.94%	6.54%	-18.97%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%
Dividend Yield	-	-	0.19%	0.25%	0.11%	0.11%	0.20%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	749.40
(-) Cash Dividends Paid (M)	61.77
(=) Cash Retained (M)	687.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	149.88	93.67	56.20
Cash Retained (M)	687.63	687.63	687.63
(-) Cash Required (M)	-149.88	-93.67	-56.20
(=) Excess Retained (M)	537.75	593.95	631.42
(/) Shares Outstanding (M)	163.60	163.60	163.60
(=) Excess Retained per Share	3.29	3.63	3.86
LTM Dividend per Share	0.38	0.38	0.38
(+) Excess Retained per Share	3.29	3.63	3.86
(=) Adjusted Dividend	3.66	4.01	4.24
WACC / Discount Rate	9.35%	9.35%	9.35%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$31.65	$38.35	$45.33
Upside / Downside	-86.15%	-83.21%	-80.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	749.40	741.90	734.48	727.14	719.87	712.67	734.05
Payout Ratio	8.24%	24.59%	40.95%	57.30%	73.65%	90.00%	92.50%
Projected Dividends (M)	61.77	182.46	300.74	416.63	530.17	641.40	679.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.35%	9.35%	9.35%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	165.18	166.87	168.55
Year 2 PV (M)	246.47	251.52	256.63
Year 3 PV (M)	309.10	318.66	328.41
Year 4 PV (M)	356.08	370.84	386.05
Year 5 PV (M)	389.99	410.29	431.44
PV of Terminal Value (M)	6,504.47	6,843.17	7,195.84
Equity Value (M)	7,971.28	8,361.35	8,766.92
Shares Outstanding (M)	163.60	163.60	163.60
Fair Value	$48.72	$51.11	$53.59
Upside / Downside	-78.67%	-77.63%	-76.54%

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Anji Microelectronics Technology (Shanghai) Co., Ltd. (688019.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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