DDM Analysis: 688138.SS

Valuation Snapshot

Stable Growth	$120.30 - $141.73	$132.82
Multi-Stage	$91.30 - $100.20	$95.67
Blended Fair Value	$114.24
Current Price	$32.98
Upside	246.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	65.26%	29.84%	0.23	0.14	0.08	0.11	0.08	0.02	0.01	0.01	0.00	0.02
YoY Growth	-	-	59.11%	81.07%	-25.43%	33.96%	328.29%	67.38%	4.20%	229.20%	-81.71%	5.25%
Dividend Yield	-	-	0.88%	0.79%	0.34%	0.71%	0.46%	0.10%	0.06%	0.00%	0.00%	0.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	195.30
(-) Cash Dividends Paid (M)	76.93
(=) Cash Retained (M)	118.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	39.06	24.41	14.65
Cash Retained (M)	118.37	118.37	118.37
(-) Cash Required (M)	-39.06	-24.41	-14.65
(=) Excess Retained (M)	79.31	93.96	103.72
(/) Shares Outstanding (M)	274.04	274.04	274.04
(=) Excess Retained per Share	0.29	0.34	0.38
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.29	0.34	0.38
(=) Adjusted Dividend	0.57	0.62	0.66
WACC / Discount Rate	0.09%	0.09%	0.09%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$120.30	$132.82	$141.73
Upside / Downside	264.76%	302.73%	329.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	195.30	207.99	221.51	235.91	251.24	267.57	275.60
Payout Ratio	39.39%	49.51%	59.63%	69.76%	79.88%	90.00%	92.50%
Projected Dividends (M)	76.93	102.98	132.10	164.56	200.69	240.81	254.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.09%	0.09%	0.09%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	101.92	102.89	103.85
Year 2 PV (M)	129.39	131.86	134.34
Year 3 PV (M)	159.54	164.11	168.78
Year 4 PV (M)	192.56	199.96	207.58
Year 5 PV (M)	228.68	239.73	251.20
PV of Terminal Value (M)	24,208.77	25,378.07	26,592.11
Equity Value (M)	25,020.86	26,216.62	27,457.87
Shares Outstanding (M)	274.04	274.04	274.04
Fair Value	$91.30	$95.67	$100.20
Upside / Downside	176.85%	190.08%	203.81%

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Shenzhen Qingyi Photomask Limited (688138.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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