DDM Analysis: 603160.SS

Valuation Snapshot

Stable Growth	$6.75 - $8.91	$7.88
Multi-Stage	$12.74 - $14.08	$13.40
Blended Fair Value	$10.64
Current Price	$82.61
Upside	-87.12%
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	-15.84%	1.57%	0.21	0.04	0.22	0.44	0.79	0.49	0.59	0.38	0.22	0.21
YoY Growth	-	-	418.77%	-81.42%	-51.08%	-43.94%	59.75%	-16.69%	53.99%	78.03%	1.01%	20.00%
Dividend Yield	-	-	0.28%	0.07%	0.38%	0.62%	0.70%	0.19%	0.54%	0.42%	0.23%	0.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	832.20
(-) Cash Dividends Paid (M)	186.90
(=) Cash Retained (M)	645.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	166.44	104.02	62.41
Cash Retained (M)	645.29	645.29	645.29
(-) Cash Required (M)	-166.44	-104.02	-62.41
(=) Excess Retained (M)	478.85	541.27	582.88
(/) Shares Outstanding (M)	463.43	463.43	463.43
(=) Excess Retained per Share	1.03	1.17	1.26
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	1.03	1.17	1.26
(=) Adjusted Dividend	1.44	1.57	1.66
WACC / Discount Rate	9.71%	9.71%	9.71%
Growth Rate	-9.54%	-8.54%	-7.54%
Fair Value	$6.75	$7.88	$8.91
Upside / Downside	-91.83%	-90.47%	-89.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	832.20	761.16	696.18	636.75	582.39	532.68	548.66
Payout Ratio	22.46%	35.97%	49.48%	62.98%	76.49%	90.00%	92.50%
Projected Dividends (M)	186.90	273.77	344.44	401.05	445.48	479.41	507.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.71%	9.71%	9.71%
Growth Rate	-9.54%	-8.54%	-7.54%
Year 1 PV (M)	246.81	249.54	252.27
Year 2 PV (M)	279.95	286.17	292.46
Year 3 PV (M)	293.86	303.72	313.79
Year 4 PV (M)	294.28	307.51	321.18
Year 5 PV (M)	285.51	301.64	318.50
PV of Terminal Value (M)	4,504.88	4,759.43	5,025.36
Equity Value (M)	5,905.28	6,208.01	6,523.56
Shares Outstanding (M)	463.43	463.43	463.43
Fair Value	$12.74	$13.40	$14.08
Upside / Downside	-84.58%	-83.78%	-82.96%

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Shenzhen Goodix Technology Co., Ltd. (603160.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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