DDM Analysis: 688109.SS

Valuation Snapshot

Stable Growth	$5.06 - $7.20	$6.11
Multi-Stage	$8.03 - $8.80	$8.41
Blended Fair Value	$7.26
Current Price	$100.60
Upside	-92.78%
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	-1.50%	0.00%	0.26	0.00	0.37	0.48	0.22	0.28	0.17	0.00	0.22	0.00
YoY Growth	-	-	0.00%	-100.00%	-23.07%	112.25%	-19.67%	69.44%	0.00%	-100.00%	0.00%	0.00%
Dividend Yield	-	-	0.98%	0.00%	1.43%	1.70%	0.42%	0.45%	0.27%	0.00%	0.36%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	66.73
(-) Cash Dividends Paid (M)	29.46
(=) Cash Retained (M)	37.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.35	8.34	5.00
Cash Retained (M)	37.26	37.26	37.26
(-) Cash Required (M)	-13.35	-8.34	-5.00
(=) Excess Retained (M)	23.92	28.92	32.26
(/) Shares Outstanding (M)	88.85	88.85	88.85
(=) Excess Retained per Share	0.27	0.33	0.36
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.27	0.33	0.36
(=) Adjusted Dividend	0.60	0.66	0.69
WACC / Discount Rate	9.65%	9.65%	9.65%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.06	$6.11	$7.20
Upside / Downside	-94.98%	-93.93%	-92.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	66.73	66.06	65.40	64.75	64.10	63.46	65.36
Payout Ratio	44.16%	53.33%	62.49%	71.66%	80.83%	90.00%	92.50%
Projected Dividends (M)	29.46	35.23	40.87	46.40	51.81	57.11	60.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.65%	9.65%	9.65%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	31.80	32.13	32.45
Year 2 PV (M)	33.31	34.00	34.69
Year 3 PV (M)	34.14	35.20	36.27
Year 4 PV (M)	34.42	35.85	37.32
Year 5 PV (M)	34.25	36.04	37.89
PV of Terminal Value (M)	545.46	573.87	603.44
Equity Value (M)	713.39	747.07	782.06
Shares Outstanding (M)	88.85	88.85	88.85
Fair Value	$8.03	$8.41	$8.80
Upside / Downside	-92.02%	-91.64%	-91.25%

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Pinming Technology Co., Ltd. (688109.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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