DDM Analysis: 603529.SS

Valuation Snapshot

Stable Growth	$22.19 - $33.41	$27.49
Multi-Stage	$43.99 - $48.40	$46.16
Blended Fair Value	$36.83
Current Price	$34.72
Upside	6.06%
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	0.00%	0.00%	0.84	1.17	0.23	0.00	0.00	0.00	0.09	0.79	0.27	0.45
YoY Growth	-	-	-28.36%	411.26%	0.00%	0.00%	0.00%	-100.00%	-88.69%	194.75%	-40.53%	0.00%
Dividend Yield	-	-	1.89%	3.60%	0.48%	0.00%	0.00%	0.00%	0.47%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,341.78
(-) Cash Dividends Paid (M)	795.29
(=) Cash Retained (M)	1,546.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	468.36	292.72	175.63
Cash Retained (M)	1,546.49	1,546.49	1,546.49
(-) Cash Required (M)	-468.36	-292.72	-175.63
(=) Excess Retained (M)	1,078.13	1,253.76	1,370.85
(/) Shares Outstanding (M)	894.24	894.24	894.24
(=) Excess Retained per Share	1.21	1.40	1.53
LTM Dividend per Share	0.89	0.89	0.89
(+) Excess Retained per Share	1.21	1.40	1.53
(=) Adjusted Dividend	2.10	2.29	2.42
WACC / Discount Rate	7.25%	7.25%	7.25%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$22.19	$27.49	$33.41
Upside / Downside	-36.08%	-20.81%	-3.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,341.78	2,318.36	2,295.18	2,272.23	2,249.51	2,227.01	2,293.82
Payout Ratio	33.96%	45.17%	56.38%	67.58%	78.79%	90.00%	92.50%
Projected Dividends (M)	795.29	1,047.18	1,293.95	1,535.67	1,772.44	2,004.31	2,121.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.25%	7.25%	7.25%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	966.52	976.38	986.25
Year 2 PV (M)	1,102.30	1,124.91	1,147.75
Year 3 PV (M)	1,207.46	1,244.80	1,282.90
Year 4 PV (M)	1,286.28	1,339.59	1,394.54
Year 5 PV (M)	1,342.52	1,412.42	1,485.21
PV of Terminal Value (M)	33,434.89	35,175.92	36,988.74
Equity Value (M)	39,339.95	41,274.02	43,285.38
Shares Outstanding (M)	894.24	894.24	894.24
Fair Value	$43.99	$46.16	$48.40
Upside / Downside	26.71%	32.94%	39.42%

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AIMA Technology Group Co. Ltd. (603529.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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