DDM Analysis: 688112.SS

Valuation Snapshot

Stable Growth	$66.27 - $153.94	$144.16
Multi-Stage	$78.58 - $86.81	$82.61
Blended Fair Value	$113.39
Current Price	$37.69
Upside	200.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	0.88	0.57	0.32	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	54.52%	81.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.08%	1.55%	0.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	131.81
(-) Cash Dividends Paid (M)	81.19
(=) Cash Retained (M)	50.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.36	16.48	9.89
Cash Retained (M)	50.62	50.62	50.62
(-) Cash Required (M)	-26.36	-16.48	-9.89
(=) Excess Retained (M)	24.25	34.14	40.73
(/) Shares Outstanding (M)	158.41	158.41	158.41
(=) Excess Retained per Share	0.15	0.22	0.26
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	0.15	0.22	0.26
(=) Adjusted Dividend	0.67	0.73	0.77
WACC / Discount Rate	-1.02%	-1.02%	-1.02%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$66.27	$144.16	$153.94
Upside / Downside	75.83%	282.49%	308.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	131.81	130.49	129.18	127.89	126.61	125.35	129.11
Payout Ratio	61.60%	67.28%	72.96%	78.64%	84.32%	90.00%	92.50%
Projected Dividends (M)	81.19	87.79	94.25	100.57	106.76	112.81	119.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.02%	-1.02%	-1.02%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	87.80	88.69	89.59
Year 2 PV (M)	94.26	96.20	98.15
Year 3 PV (M)	100.59	103.70	106.88
Year 4 PV (M)	106.78	111.21	115.77
Year 5 PV (M)	112.84	118.72	124.84
PV of Terminal Value (M)	11,945.84	12,567.88	13,215.58
Equity Value (M)	12,448.11	13,086.40	13,750.80
Shares Outstanding (M)	158.41	158.41	158.41
Fair Value	$78.58	$82.61	$86.81
Upside / Downside	108.50%	119.19%	130.32%

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Siglent Technologies Co. Ltd. (688112.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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