DDM Analysis: 002090.SZ

Valuation Snapshot

Stable Growth	$2.31 - $3.76	$2.96
Multi-Stage	$2.72 - $2.98	$2.85
Blended Fair Value	$2.91
Current Price	$11.41
Upside	-74.54%
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	13.50%	5.80%	0.09	0.03	0.02	0.09	0.03	0.05	0.09	0.09	0.09	0.08
YoY Growth	-	-	257.84%	5.18%	-74.98%	276.46%	-46.88%	-46.67%	0.00%	2.63%	11.47%	52.85%
Dividend Yield	-	-	0.97%	0.26%	0.18%	1.11%	0.32%	0.54%	0.67%	0.74%	0.65%	0.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	82.17
(-) Cash Dividends Paid (M)	29.16
(=) Cash Retained (M)	53.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.43	10.27	6.16
Cash Retained (M)	53.01	53.01	53.01
(-) Cash Required (M)	-16.43	-10.27	-6.16
(=) Excess Retained (M)	36.58	42.74	46.85
(/) Shares Outstanding (M)	400.51	400.51	400.51
(=) Excess Retained per Share	0.09	0.11	0.12
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.09	0.11	0.12
(=) Adjusted Dividend	0.16	0.18	0.19
WACC / Discount Rate	9.42%	9.42%	9.42%
Growth Rate	2.17%	3.17%	4.17%
Fair Value	$2.31	$2.96	$3.76
Upside / Downside	-79.73%	-74.03%	-67.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	82.17	84.77	87.45	90.22	93.08	96.02	98.90
Payout Ratio	35.48%	46.39%	57.29%	68.19%	79.10%	90.00%	92.50%
Projected Dividends (M)	29.16	39.32	50.10	61.53	73.62	86.42	91.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.42%	9.42%	9.42%
Growth Rate	2.17%	3.17%	4.17%
Year 1 PV (M)	35.59	35.94	36.29
Year 2 PV (M)	41.04	41.85	42.67
Year 3 PV (M)	45.62	46.97	48.35
Year 4 PV (M)	49.40	51.37	53.39
Year 5 PV (M)	52.49	55.11	57.83
PV of Terminal Value (M)	865.99	909.21	954.14
Equity Value (M)	1,090.13	1,140.44	1,192.65
Shares Outstanding (M)	400.51	400.51	400.51
Fair Value	$2.72	$2.85	$2.98
Upside / Downside	-76.15%	-75.04%	-73.90%

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Wiscom System Co., Ltd. (002090.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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