DDM Analysis: 688008.SS

Valuation Snapshot

Stable Growth	$16.19 - $24.52	$20.11
Multi-Stage	$20.33 - $22.27	$21.28
Blended Fair Value	$20.69
Current Price	$154.80
Upside	-86.63%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	2.96%	0.00%	0.30	0.30	0.30	0.30	0.30	0.26	0.21	0.00	0.00	0.00
YoY Growth	-	-	-0.94%	0.73%	-0.11%	0.11%	15.95%	21.88%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.38%	0.65%	0.43%	0.44%	0.49%	0.32%	0.28%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,065.99
(-) Cash Dividends Paid (M)	443.14
(=) Cash Retained (M)	1,622.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	413.20	258.25	154.95
Cash Retained (M)	1,622.85	1,622.85	1,622.85
(-) Cash Required (M)	-413.20	-258.25	-154.95
(=) Excess Retained (M)	1,209.65	1,364.60	1,467.90
(/) Shares Outstanding (M)	1,141.91	1,141.91	1,141.91
(=) Excess Retained per Share	1.06	1.20	1.29
LTM Dividend per Share	0.39	0.39	0.39
(+) Excess Retained per Share	1.06	1.20	1.29
(=) Adjusted Dividend	1.45	1.58	1.67
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	0.96%	1.96%	2.96%
Fair Value	$16.19	$20.11	$24.52
Upside / Downside	-89.54%	-87.01%	-84.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,065.99	2,106.46	2,147.72	2,189.79	2,232.68	2,276.42	2,344.71
Payout Ratio	21.45%	35.16%	48.87%	62.58%	76.29%	90.00%	92.50%
Projected Dividends (M)	443.14	740.62	1,049.58	1,370.36	1,703.31	2,048.78	2,168.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	0.96%	1.96%	2.96%
Year 1 PV (M)	666.78	673.38	679.98
Year 2 PV (M)	850.72	867.66	884.76
Year 3 PV (M)	999.98	1,029.99	1,060.59
Year 4 PV (M)	1,119.01	1,164.01	1,210.35
Year 5 PV (M)	1,211.77	1,272.98	1,336.64
PV of Terminal Value (M)	18,364.25	19,291.94	20,256.75
Equity Value (M)	23,212.50	24,299.96	25,429.08
Shares Outstanding (M)	1,141.91	1,141.91	1,141.91
Fair Value	$20.33	$21.28	$22.27
Upside / Downside	-86.87%	-86.25%	-85.61%

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Montage Technology Co., Ltd. (688008.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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