DDM Analysis: 688519.SS

Valuation Snapshot

Stable Growth	$13.96 - $33.15	$20.60
Multi-Stage	$9.82 - $10.73	$10.27
Blended Fair Value	$15.44
Current Price	$74.50
Upside	-79.28%
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	0.46%	16.88%	0.12	0.31	0.31	0.22	0.05	0.12	0.05	0.16	0.35	0.03
YoY Growth	-	-	-60.44%	0.74%	37.05%	336.43%	-57.08%	159.24%	-71.10%	-54.83%	1,162.61%	8.79%
Dividend Yield	-	-	0.34%	1.43%	1.15%	0.66%	0.18%	0.19%	0.07%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	152.11
(-) Cash Dividends Paid (M)	29.10
(=) Cash Retained (M)	123.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.42	19.01	11.41
Cash Retained (M)	123.01	123.01	123.01
(-) Cash Required (M)	-30.42	-19.01	-11.41
(=) Excess Retained (M)	92.59	104.00	111.60
(/) Shares Outstanding (M)	231.70	231.70	231.70
(=) Excess Retained per Share	0.40	0.45	0.48
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.40	0.45	0.48
(=) Adjusted Dividend	0.53	0.57	0.61
WACC / Discount Rate	9.47%	9.47%	9.47%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13.96	$20.60	$33.15
Upside / Downside	-81.26%	-72.34%	-55.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	152.11	162.00	172.53	183.75	195.69	208.41	214.66
Payout Ratio	19.13%	33.31%	47.48%	61.65%	75.83%	90.00%	92.50%
Projected Dividends (M)	29.10	53.96	81.92	113.28	148.38	187.57	198.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.47%	9.47%	9.47%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	48.83	49.29	49.75
Year 2 PV (M)	67.08	68.36	69.65
Year 3 PV (M)	83.95	86.36	88.81
Year 4 PV (M)	99.50	103.33	107.26
Year 5 PV (M)	113.82	119.32	125.02
PV of Terminal Value (M)	1,862.51	1,952.47	2,045.87
Equity Value (M)	2,275.69	2,379.12	2,486.37
Shares Outstanding (M)	231.70	231.70	231.70
Fair Value	$9.82	$10.27	$10.73
Upside / Downside	-86.82%	-86.22%	-85.60%

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Nanya New Material Technology Co.,Ltd (688519.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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