DDM Analysis: 605118.SS

Valuation Snapshot

Stable Growth	$4.44 - $6.30	$5.36
Multi-Stage	$6.95 - $7.61	$7.28
Blended Fair Value	$6.32
Current Price	$29.05
Upside	-78.25%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	157.92%	0.00%	0.34	0.12	0.12	0.15	0.00	0.00	0.00	0.11	0.07	0.00
YoY Growth	-	-	183.21%	0.48%	-19.57%	6,644.10%	-26.06%	17.08%	-97.59%	52.04%	0.00%	0.00%
Dividend Yield	-	-	1.64%	0.61%	0.81%	1.13%	0.01%	0.02%	0.02%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	275.57
(-) Cash Dividends Paid (M)	127.57
(=) Cash Retained (M)	147.99

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	55.11	34.45	20.67
Cash Retained (M)	147.99	147.99	147.99
(-) Cash Required (M)	-55.11	-34.45	-20.67
(=) Excess Retained (M)	92.88	113.55	127.33
(/) Shares Outstanding (M)	407.77	407.77	407.77
(=) Excess Retained per Share	0.23	0.28	0.31
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	0.23	0.28	0.31
(=) Adjusted Dividend	0.54	0.59	0.63
WACC / Discount Rate	9.92%	9.92%	9.92%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.44	$5.36	$6.30
Upside / Downside	-84.70%	-81.55%	-78.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	275.57	272.81	270.08	267.38	264.71	262.06	269.92
Payout Ratio	46.29%	55.04%	63.78%	72.52%	81.26%	90.00%	92.50%
Projected Dividends (M)	127.57	150.14	172.25	193.90	215.10	235.85	249.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.92%	9.92%	9.92%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	135.21	136.59	137.97
Year 2 PV (M)	139.69	142.56	145.45
Year 3 PV (M)	141.61	145.99	150.46
Year 4 PV (M)	141.47	147.33	153.37
Year 5 PV (M)	139.69	146.96	154.54
PV of Terminal Value (M)	2,136.06	2,247.29	2,363.11
Equity Value (M)	2,833.72	2,966.71	3,104.89
Shares Outstanding (M)	407.77	407.77	407.77
Fair Value	$6.95	$7.28	$7.61
Upside / Downside	-76.08%	-74.96%	-73.79%

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Xiamen Leading Optics Co., Ltd. (605118.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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