DDM Analysis: 688025.SS

Valuation Snapshot

Stable Growth	$93.28 - $489.58	$186.90
Multi-Stage	$51.69 - $56.55	$54.08
Blended Fair Value	$120.49
Current Price	$141.37
Upside	-14.77%
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	67.72%	45.45%	0.37	0.29	0.33	0.16	0.23	0.03	0.21	0.02	0.01	0.06
YoY Growth	-	-	26.57%	-11.71%	102.03%	-30.50%	745.86%	-86.48%	827.13%	113.89%	-82.75%	590.36%
Dividend Yield	-	-	0.64%	0.58%	0.63%	0.34%	0.66%	0.07%	0.35%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	233.18
(-) Cash Dividends Paid (M)	41.21
(=) Cash Retained (M)	191.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	46.64	29.15	17.49
Cash Retained (M)	191.98	191.98	191.98
(-) Cash Required (M)	-46.64	-29.15	-17.49
(=) Excess Retained (M)	145.34	162.83	174.49
(/) Shares Outstanding (M)	94.72	94.72	94.72
(=) Excess Retained per Share	1.53	1.72	1.84
LTM Dividend per Share	0.44	0.44	0.44
(+) Excess Retained per Share	1.53	1.72	1.84
(=) Adjusted Dividend	1.97	2.15	2.28
WACC / Discount Rate	7.73%	7.73%	7.73%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$93.28	$186.90	$489.58
Upside / Downside	-34.02%	32.21%	246.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	233.18	248.34	264.48	281.67	299.98	319.48	329.07
Payout Ratio	17.67%	32.14%	46.60%	61.07%	75.53%	90.00%	92.50%
Projected Dividends (M)	41.21	79.81	123.26	172.01	226.59	287.53	304.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.73%	7.73%	7.73%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	73.39	74.08	74.78
Year 2 PV (M)	104.22	106.21	108.21
Year 3 PV (M)	133.75	137.59	141.50
Year 4 PV (M)	162.01	168.24	174.65
Year 5 PV (M)	189.05	198.18	207.66
PV of Terminal Value (M)	4,233.34	4,437.81	4,650.11
Equity Value (M)	4,895.76	5,122.11	5,356.91
Shares Outstanding (M)	94.72	94.72	94.72
Fair Value	$51.69	$54.08	$56.55
Upside / Downside	-63.44%	-61.75%	-60.00%

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Shenzhen JPT Opto-Electronics Co., Ltd. (688025.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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