DDM Analysis: 300456.SZ

Valuation Snapshot

Stable Growth	$39.96 - $86.45	$57.13
Multi-Stage	$28.34 - $30.99	$29.64
Blended Fair Value	$43.39
Current Price	$25.15
Upside	72.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.02%	34.03%	0.08	0.03	0.05	0.06	0.05	0.11	0.10	0.03	0.02	0.02
YoY Growth	-	-	191.41%	-51.35%	-18.25%	19.89%	-52.61%	19.03%	183.71%	109.35%	-27.23%	452.17%
Dividend Yield	-	-	0.44%	0.12%	0.30%	0.37%	0.24%	0.52%	0.60%	0.26%	0.10%	0.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,523.60
(-) Cash Dividends Paid (M)	20.90
(=) Cash Retained (M)	1,502.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	304.72	190.45	114.27
Cash Retained (M)	1,502.70	1,502.70	1,502.70
(-) Cash Required (M)	-304.72	-190.45	-114.27
(=) Excess Retained (M)	1,197.98	1,312.25	1,388.43
(/) Shares Outstanding (M)	732.61	732.61	732.61
(=) Excess Retained per Share	1.64	1.79	1.90
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	1.64	1.79	1.90
(=) Adjusted Dividend	1.66	1.82	1.92
WACC / Discount Rate	9.89%	9.89%	9.89%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$39.96	$57.13	$86.45
Upside / Downside	58.91%	127.18%	243.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,523.60	1,622.63	1,728.10	1,840.43	1,960.05	2,087.46	2,150.08
Payout Ratio	1.37%	19.10%	36.82%	54.55%	72.27%	90.00%	92.50%
Projected Dividends (M)	20.90	309.88	636.34	1,003.93	1,416.62	1,878.71	1,988.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.89%	9.89%	9.89%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	279.34	281.98	284.63
Year 2 PV (M)	517.08	526.93	536.87
Year 3 PV (M)	735.38	756.49	778.00
Year 4 PV (M)	935.40	971.38	1,008.38
Year 5 PV (M)	1,118.26	1,172.28	1,228.36
PV of Terminal Value (M)	17,176.62	18,006.26	18,867.65
Equity Value (M)	20,762.09	21,715.32	22,703.89
Shares Outstanding (M)	732.61	732.61	732.61
Fair Value	$28.34	$29.64	$30.99
Upside / Downside	12.68%	17.86%	23.22%

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Sai MicroElectronics Inc. (300456.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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