DDM Analysis: 688625.SS

Valuation Snapshot

Stable Growth	$171.98 - $399.60	$374.49
Multi-Stage	$59.07 - $64.66	$61.81
Blended Fair Value	$218.15
Current Price	$30.58
Upside	613.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	39.20%	69.37%	0.90	0.76	0.53	0.30	0.32	0.17	0.03	0.23	0.02	0.15
YoY Growth	-	-	18.84%	42.42%	77.69%	-5.69%	84.29%	451.66%	-86.44%	1,088.14%	-87.12%	3,145.22%
Dividend Yield	-	-	3.01%	3.13%	1.63%	1.06%	1.10%	0.59%	0.00%	0.00%	0.07%	0.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	269.74
(-) Cash Dividends Paid (M)	96.21
(=) Cash Retained (M)	173.53

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	53.95	33.72	20.23
Cash Retained (M)	173.53	173.53	173.53
(-) Cash Required (M)	-53.95	-33.72	-20.23
(=) Excess Retained (M)	119.58	139.81	153.30
(/) Shares Outstanding (M)	134.25	134.25	134.25
(=) Excess Retained per Share	0.89	1.04	1.14
LTM Dividend per Share	0.72	0.72	0.72
(+) Excess Retained per Share	0.89	1.04	1.14
(=) Adjusted Dividend	1.61	1.76	1.86
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$171.98	$374.49	$399.60
Upside / Downside	462.39%	1,124.62%	1,206.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	269.74	287.28	305.95	325.84	347.02	369.57	380.66
Payout Ratio	35.67%	46.53%	57.40%	68.27%	79.13%	90.00%	92.50%
Projected Dividends (M)	96.21	133.68	175.62	222.44	274.61	332.62	352.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	124.36	125.54	126.72
Year 2 PV (M)	151.98	154.88	157.80
Year 3 PV (M)	179.08	184.22	189.46
Year 4 PV (M)	205.66	213.57	221.70
Year 5 PV (M)	231.73	242.93	254.55
PV of Terminal Value (M)	7,037.01	7,376.90	7,729.80
Equity Value (M)	7,929.83	8,298.03	8,680.03
Shares Outstanding (M)	134.25	134.25	134.25
Fair Value	$59.07	$61.81	$64.66
Upside / Downside	93.16%	102.13%	111.44%

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GCH Technology Co., Ltd. (688625.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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