DDM Analysis: 688080.SS

Valuation Snapshot

Stable Growth	$38.21 - $81.52	$54.36
Multi-Stage	$27.18 - $29.73	$28.43
Blended Fair Value	$41.39
Current Price	$56.80
Upside	-27.12%
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	150.70%	0.00%	0.18	0.10	0.10	0.11	0.14	0.00	0.00	0.01	0.00	0.00
YoY Growth	-	-	76.12%	0.27%	-12.52%	-19.98%	7,910.97%	-27.40%	-65.76%	329.61%	0.00%	0.00%
Dividend Yield	-	-	0.37%	0.28%	0.23%	0.29%	0.53%	0.00%	0.00%	0.01%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	149.06
(-) Cash Dividends Paid (M)	0.45
(=) Cash Retained (M)	148.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.81	18.63	11.18
Cash Retained (M)	148.61	148.61	148.61
(-) Cash Required (M)	-29.81	-18.63	-11.18
(=) Excess Retained (M)	118.79	129.97	137.43
(/) Shares Outstanding (M)	73.71	73.71	73.71
(=) Excess Retained per Share	1.61	1.76	1.86
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	1.61	1.76	1.86
(=) Adjusted Dividend	1.62	1.77	1.87
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$38.21	$54.36	$81.52
Upside / Downside	-32.73%	-4.30%	43.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	149.06	158.75	169.07	180.06	191.76	204.22	210.35
Payout Ratio	0.30%	18.24%	36.18%	54.12%	72.06%	90.00%	92.50%
Projected Dividends (M)	0.45	28.96	61.17	97.45	138.18	183.80	194.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	26.09	26.34	26.58
Year 2 PV (M)	49.64	50.59	51.54
Year 3 PV (M)	71.24	73.28	75.36
Year 4 PV (M)	91.00	94.49	98.09
Year 5 PV (M)	109.03	114.30	119.77
PV of Terminal Value (M)	1,656.75	1,736.77	1,819.85
Equity Value (M)	2,003.74	2,095.76	2,191.20
Shares Outstanding (M)	73.71	73.71	73.71
Fair Value	$27.18	$28.43	$29.73
Upside / Downside	-52.14%	-49.94%	-47.66%

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Beijing InHand Networks Technology Co., Ltd. (688080.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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