DDM Analysis: 603383.SS

Valuation Snapshot

Stable Growth	$41.81 - $189.37	$96.22
Multi-Stage	$22.69 - $24.77	$23.71
Blended Fair Value	$59.97
Current Price	$42.86
Upside	39.91%
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	30.72%	28.16%	1.11	0.67	0.46	0.33	0.29	0.29	0.21	0.00	0.00	0.01
YoY Growth	-	-	67.47%	45.70%	39.68%	11.99%	-0.02%	40.00%	0.00%	0.00%	-100.00%	-84.56%
Dividend Yield	-	-	2.91%	2.06%	1.04%	1.38%	1.39%	0.85%	0.35%	0.00%	0.00%	0.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	196.04
(-) Cash Dividends Paid (M)	164.31
(=) Cash Retained (M)	31.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	39.21	24.50	14.70
Cash Retained (M)	31.73	31.73	31.73
(-) Cash Required (M)	-39.21	-24.50	-14.70
(=) Excess Retained (M)	-7.48	7.22	17.02
(/) Shares Outstanding (M)	205.88	205.88	205.88
(=) Excess Retained per Share	-0.04	0.04	0.08
LTM Dividend per Share	0.80	0.80	0.80
(+) Excess Retained per Share	-0.04	0.04	0.08
(=) Adjusted Dividend	0.76	0.83	0.88
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$41.81	$96.22	$189.37
Upside / Downside	-2.45%	124.50%	341.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	196.04	208.78	222.35	236.80	252.19	268.59	276.64
Payout Ratio	83.82%	85.05%	86.29%	87.53%	88.76%	90.00%	92.50%
Projected Dividends (M)	164.31	177.57	191.86	207.26	223.86	241.73	255.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	163.75	165.30	166.86
Year 2 PV (M)	163.16	166.27	169.40
Year 3 PV (M)	162.54	167.20	171.96
Year 4 PV (M)	161.88	168.11	174.51
Year 5 PV (M)	161.20	168.99	177.07
PV of Terminal Value (M)	3,858.97	4,045.36	4,238.89
Equity Value (M)	4,671.51	4,881.23	5,098.69
Shares Outstanding (M)	205.88	205.88	205.88
Fair Value	$22.69	$23.71	$24.77
Upside / Downside	-47.06%	-44.68%	-42.22%

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Fujian Apex Software Co.,LTD (603383.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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