DDM Analysis: 688718.SS

Valuation Snapshot

Stable Growth	$1.38 - $1.95	$1.66
Multi-Stage	$2.00 - $2.20	$2.10
Blended Fair Value	$1.88
Current Price	$15.00
Upside	-87.47%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	74.30%	0.00%	0.12	0.00	0.00	0.01	0.27	0.01	0.01	0.01	0.00	0.00
YoY Growth	-	-	11,576.63%	2.10%	-86.84%	-97.22%	3,591.76%	24.48%	-43.41%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.06%	0.01%	0.01%	0.04%	0.67%	0.02%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	35.80
(-) Cash Dividends Paid (M)	1.21
(=) Cash Retained (M)	34.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.16	4.48	2.69
Cash Retained (M)	34.59	34.59	34.59
(-) Cash Required (M)	-7.16	-4.48	-2.69
(=) Excess Retained (M)	27.43	30.11	31.90
(/) Shares Outstanding (M)	170.66	170.66	170.66
(=) Excess Retained per Share	0.16	0.18	0.19
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.16	0.18	0.19
(=) Adjusted Dividend	0.17	0.18	0.19
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.38	$1.66	$1.95
Upside / Downside	-90.83%	-88.94%	-87.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	35.80	35.44	35.09	34.74	34.39	34.05	35.07
Payout Ratio	3.39%	20.71%	38.03%	55.36%	72.68%	90.00%	92.50%
Projected Dividends (M)	1.21	7.34	13.35	19.23	25.00	30.64	32.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	6.61	6.68	6.74
Year 2 PV (M)	10.82	11.04	11.26
Year 3 PV (M)	14.03	14.46	14.91
Year 4 PV (M)	16.42	17.10	17.80
Year 5 PV (M)	18.12	19.06	20.05
PV of Terminal Value (M)	275.68	290.03	304.98
Equity Value (M)	341.67	358.37	375.74
Shares Outstanding (M)	170.66	170.66	170.66
Fair Value	$2.00	$2.10	$2.20
Upside / Downside	-86.65%	-86.00%	-85.32%

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Wave Cyber (Shanghai) Co., Ltd. (688718.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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