DDM Analysis: 603236.SS

Valuation Snapshot

Stable Growth	$157.62 - $732.05	$353.24
Multi-Stage	$81.83 - $89.56	$85.62
Blended Fair Value	$219.43
Current Price	$105.12
Upside	108.74%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	115.48%	87.04%	0.62	1.07	0.55	0.34	0.20	0.01	0.01	0.00	0.01	0.00
YoY Growth	-	-	-42.22%	94.64%	61.66%	66.97%	1,430.06%	56.02%	0.00%	-100.00%	212.42%	37.10%
Dividend Yield	-	-	0.70%	2.62%	0.64%	0.34%	0.23%	0.02%	0.04%	0.00%	0.02%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	965.04
(-) Cash Dividends Paid (M)	140.52
(=) Cash Retained (M)	824.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	193.01	120.63	72.38
Cash Retained (M)	824.52	824.52	824.52
(-) Cash Required (M)	-193.01	-120.63	-72.38
(=) Excess Retained (M)	631.51	703.89	752.14
(/) Shares Outstanding (M)	262.17	262.17	262.17
(=) Excess Retained per Share	2.41	2.68	2.87
LTM Dividend per Share	0.54	0.54	0.54
(+) Excess Retained per Share	2.41	2.68	2.87
(=) Adjusted Dividend	2.94	3.22	3.40
WACC / Discount Rate	7.47%	7.47%	7.47%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$157.62	$353.24	$732.05
Upside / Downside	49.94%	236.03%	596.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	965.04	1,027.77	1,094.57	1,165.72	1,241.49	1,322.19	1,361.86
Payout Ratio	14.56%	29.65%	44.74%	59.82%	74.91%	90.00%	92.50%
Projected Dividends (M)	140.52	304.72	489.68	697.39	930.03	1,189.97	1,259.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.47%	7.47%	7.47%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	280.88	283.54	286.20
Year 2 PV (M)	416.04	423.96	431.96
Year 3 PV (M)	546.15	561.82	577.80
Year 4 PV (M)	671.34	697.16	723.71
Year 5 PV (M)	791.76	830.00	869.71
PV of Terminal Value (M)	18,746.37	19,651.83	20,591.94
Equity Value (M)	21,452.53	22,448.32	23,481.32
Shares Outstanding (M)	262.17	262.17	262.17
Fair Value	$81.83	$85.62	$89.56
Upside / Downside	-22.16%	-18.55%	-14.80%

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Quectel Wireless Solutions Co., Ltd. (603236.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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