DDM Analysis: 300046.SZ

Valuation Snapshot

Stable Growth	$2.11 - $3.10	$2.58
Multi-Stage	$3.00 - $3.28	$3.14
Blended Fair Value	$2.86
Current Price	$43.05
Upside	-93.35%
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	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.27	0.12	0.03	0.15	0.24
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-100.00%	125.00%	300.00%	-80.00%	-37.50%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	1.27%	0.71%	0.24%	1.02%	2.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	63.43
(-) Cash Dividends Paid (M)	34.30
(=) Cash Retained (M)	29.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.69	7.93	4.76
Cash Retained (M)	29.13	29.13	29.13
(-) Cash Required (M)	-12.69	-7.93	-4.76
(=) Excess Retained (M)	16.45	21.20	24.37
(/) Shares Outstanding (M)	236.59	236.59	236.59
(=) Excess Retained per Share	0.07	0.09	0.10
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.07	0.09	0.10
(=) Adjusted Dividend	0.21	0.23	0.25
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	-0.17%	0.83%	1.83%
Fair Value	$2.11	$2.58	$3.10
Upside / Downside	-95.10%	-94.00%	-92.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	63.43	63.96	64.49	65.03	65.57	66.11	68.10
Payout Ratio	54.07%	61.26%	68.44%	75.63%	82.81%	90.00%	92.50%
Projected Dividends (M)	34.30	39.18	44.14	49.18	54.30	59.50	62.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	-0.17%	0.83%	1.83%
Year 1 PV (M)	35.27	35.62	35.97
Year 2 PV (M)	35.76	36.48	37.21
Year 3 PV (M)	35.87	36.96	38.07
Year 4 PV (M)	35.65	37.10	38.59
Year 5 PV (M)	35.16	36.96	38.83
PV of Terminal Value (M)	532.50	559.71	588.02
Equity Value (M)	710.22	742.84	776.70
Shares Outstanding (M)	236.59	236.59	236.59
Fair Value	$3.00	$3.14	$3.28
Upside / Downside	-93.03%	-92.71%	-92.37%

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Tech Semiconductors Co., Ltd. (300046.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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