DDM Analysis: 688308.SS

Valuation Snapshot

Stable Growth	$1.29 - $2.06	$1.64
Multi-Stage	$1.72 - $1.88	$1.80
Blended Fair Value	$1.72
Current Price	$22.78
Upside	-92.45%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	33.22%	0.00%	0.48	0.55	0.47	0.22	0.12	0.11	0.04	0.04	0.00	0.00
YoY Growth	-	-	-13.21%	19.11%	116.09%	85.35%	1.34%	164.56%	17.02%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.56%	2.68%	0.94%	0.54%	0.38%	0.38%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	18.60
(-) Cash Dividends Paid (M)	11.15
(=) Cash Retained (M)	7.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.72	2.32	1.39
Cash Retained (M)	7.44	7.44	7.44
(-) Cash Required (M)	-3.72	-2.32	-1.39
(=) Excess Retained (M)	3.72	5.12	6.05
(/) Shares Outstanding (M)	155.20	155.20	155.20
(=) Excess Retained per Share	0.02	0.03	0.04
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.02	0.03	0.04
(=) Adjusted Dividend	0.10	0.10	0.11
WACC / Discount Rate	8.91%	8.91%	8.91%
Growth Rate	1.36%	2.36%	3.36%
Fair Value	$1.29	$1.64	$2.06
Upside / Downside	-94.35%	-92.81%	-90.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18.60	19.03	19.48	19.94	20.41	20.90	21.52
Payout Ratio	59.97%	65.97%	71.98%	77.99%	83.99%	90.00%	92.50%
Projected Dividends (M)	11.15	12.56	14.02	15.55	17.15	18.81	19.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.91%	8.91%	8.91%
Growth Rate	1.36%	2.36%	3.36%
Year 1 PV (M)	11.42	11.53	11.64
Year 2 PV (M)	11.59	11.82	12.06
Year 3 PV (M)	11.69	12.04	12.40
Year 4 PV (M)	11.72	12.19	12.67
Year 5 PV (M)	11.69	12.27	12.89
PV of Terminal Value (M)	209.32	219.85	230.80
Equity Value (M)	267.43	279.71	292.45
Shares Outstanding (M)	155.20	155.20	155.20
Fair Value	$1.72	$1.80	$1.88
Upside / Downside	-92.44%	-92.09%	-91.73%

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OKE Precision Cutting Tools Co., Ltd. (688308.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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