DDM Analysis: 603986.SS

Valuation Snapshot

Stable Growth	$41.10 - $93.01	$59.68
Multi-Stage	$29.28 - $31.99	$30.61
Blended Fair Value	$45.15
Current Price	$213.30
Upside	-78.83%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-30.02%	4.31%	0.02	0.63	1.07	0.40	0.19	0.14	0.14	0.08	0.00	0.02
YoY Growth	-	-	-96.39%	-41.07%	166.27%	111.48%	39.95%	-0.62%	72.17%	0.00%	-100.00%	45.32%
Dividend Yield	-	-	0.02%	0.87%	0.88%	0.29%	0.16%	0.11%	0.26%	0.11%	0.00%	0.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,353.66
(-) Cash Dividends Paid (M)	223.96
(=) Cash Retained (M)	1,129.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	270.73	169.21	101.52
Cash Retained (M)	1,129.70	1,129.70	1,129.70
(-) Cash Required (M)	-270.73	-169.21	-101.52
(=) Excess Retained (M)	858.96	960.49	1,028.17
(/) Shares Outstanding (M)	666.35	666.35	666.35
(=) Excess Retained per Share	1.29	1.44	1.54
LTM Dividend per Share	0.34	0.34	0.34
(+) Excess Retained per Share	1.29	1.44	1.54
(=) Adjusted Dividend	1.63	1.78	1.88
WACC / Discount Rate	9.67%	9.67%	9.67%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$41.10	$59.68	$93.01
Upside / Downside	-80.73%	-72.02%	-56.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,353.66	1,441.65	1,535.35	1,635.15	1,741.44	1,854.63	1,910.27
Payout Ratio	16.54%	31.24%	45.93%	60.62%	75.31%	90.00%	92.50%
Projected Dividends (M)	223.96	450.31	705.14	991.20	1,311.46	1,669.17	1,767.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.67%	9.67%	9.67%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	406.74	410.60	414.46
Year 2 PV (M)	575.30	586.25	597.32
Year 3 PV (M)	730.44	751.40	772.77
Year 4 PV (M)	872.94	906.51	941.04
Year 5 PV (M)	1,003.55	1,052.02	1,102.35
PV of Terminal Value (M)	15,923.17	16,692.26	17,490.79
Equity Value (M)	19,512.14	20,399.06	21,318.72
Shares Outstanding (M)	666.35	666.35	666.35
Fair Value	$29.28	$30.61	$31.99
Upside / Downside	-86.27%	-85.65%	-85.00%

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GigaDevice Semiconductor (Beijing) Inc. (603986.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener