DDM Analysis: 688029.SS

Valuation Snapshot

Stable Growth	$171.35 - $650.19	$499.14
Multi-Stage	$83.46 - $91.15	$87.24
Blended Fair Value	$293.19
Current Price	$100.35
Upside	192.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	40.00%	0.00%	1.50	0.56	0.54	0.34	0.24	0.28	0.02	0.02	0.11	0.06
YoY Growth	-	-	168.22%	3.43%	59.28%	38.77%	-12.29%	1,134.51%	10.55%	-81.61%	97.09%	0.00%
Dividend Yield	-	-	2.28%	0.80%	0.73%	0.37%	0.19%	0.25%	0.03%	0.03%	0.14%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	611.40
(-) Cash Dividends Paid (M)	467.74
(=) Cash Retained (M)	143.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	122.28	76.42	45.85
Cash Retained (M)	143.66	143.66	143.66
(-) Cash Required (M)	-122.28	-76.42	-45.85
(=) Excess Retained (M)	21.38	67.23	97.80
(/) Shares Outstanding (M)	187.01	187.01	187.01
(=) Excess Retained per Share	0.11	0.36	0.52
LTM Dividend per Share	2.50	2.50	2.50
(+) Excess Retained per Share	0.11	0.36	0.52
(=) Adjusted Dividend	2.62	2.86	3.02
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$171.35	$499.14	$650.19
Upside / Downside	70.75%	397.40%	547.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	611.40	651.14	693.46	738.54	786.54	837.67	862.80
Payout Ratio	76.50%	79.20%	81.90%	84.60%	87.30%	90.00%	92.50%
Projected Dividends (M)	467.74	515.72	567.96	624.81	686.66	753.90	798.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	476.96	481.48	486.00
Year 2 PV (M)	485.80	495.06	504.40
Year 3 PV (M)	494.27	508.46	522.92
Year 4 PV (M)	502.37	521.69	541.56
Year 5 PV (M)	510.12	534.76	560.34
PV of Terminal Value (M)	13,137.88	13,772.45	14,431.30
Equity Value (M)	15,607.40	16,313.89	17,046.51
Shares Outstanding (M)	187.01	187.01	187.01
Fair Value	$83.46	$87.24	$91.15
Upside / Downside	-16.83%	-13.07%	-9.16%

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Micro-Tech (Nanjing) Co., Ltd. (688029.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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