DDM Analysis: 603920.SS

Valuation Snapshot

Stable Growth	$82.90 - $229.54	$215.11
Multi-Stage	$32.51 - $35.55	$34.00
Blended Fair Value	$124.56
Current Price	$45.59
Upside	173.21%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.98%	24.88%	0.49	0.47	0.47	0.35	0.29	0.26	0.27	0.01	0.19	0.19
YoY Growth	-	-	4.05%	-0.24%	32.33%	20.04%	11.66%	-0.64%	3,444.33%	-96.10%	3.59%	252.73%
Dividend Yield	-	-	1.63%	2.51%	2.55%	2.09%	2.29%	1.88%	2.41%	0.06%	1.15%	1.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	816.99
(-) Cash Dividends Paid (M)	436.24
(=) Cash Retained (M)	380.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	163.40	102.12	61.27
Cash Retained (M)	380.76	380.76	380.76
(-) Cash Required (M)	-163.40	-102.12	-61.27
(=) Excess Retained (M)	217.36	278.63	319.48
(/) Shares Outstanding (M)	707.85	707.85	707.85
(=) Excess Retained per Share	0.31	0.39	0.45
LTM Dividend per Share	0.62	0.62	0.62
(+) Excess Retained per Share	0.31	0.39	0.45
(=) Adjusted Dividend	0.92	1.01	1.07
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$82.90	$215.11	$229.54
Upside / Downside	81.84%	371.84%	403.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	816.99	870.10	926.65	986.89	1,051.04	1,119.35	1,152.93
Payout Ratio	53.40%	60.72%	68.04%	75.36%	82.68%	90.00%	92.50%
Projected Dividends (M)	436.24	528.29	630.47	743.70	868.99	1,007.42	1,066.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	490.58	495.23	499.88
Year 2 PV (M)	543.68	554.04	564.49
Year 3 PV (M)	595.55	612.64	630.06
Year 4 PV (M)	646.21	671.06	696.62
Year 5 PV (M)	695.68	729.28	764.17
PV of Terminal Value (M)	20,039.02	21,006.91	22,011.85
Equity Value (M)	23,010.72	24,069.16	25,167.07
Shares Outstanding (M)	707.85	707.85	707.85
Fair Value	$32.51	$34.00	$35.55
Upside / Downside	-28.70%	-25.42%	-22.01%

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Olympic Circuit Technology Co., Ltd (603920.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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