DDM Analysis: 002339.SZ

Valuation Snapshot

Stable Growth	$8.62 - $17.56	$16.45
Multi-Stage	$8.69 - $9.57	$9.12
Blended Fair Value	$12.79
Current Price	$7.79
Upside	64.13%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.73%	3.83%	0.07	0.05	0.06	0.08	0.09	0.11	0.10	0.10	0.09	0.07
YoY Growth	-	-	49.43%	-16.43%	-30.46%	-13.77%	-15.40%	11.93%	2.72%	6.28%	37.67%	36.70%
Dividend Yield	-	-	1.00%	0.71%	0.69%	1.38%	1.52%	1.75%	1.38%	1.38%	0.63%	0.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	46.40
(-) Cash Dividends Paid (M)	27.77
(=) Cash Retained (M)	18.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.28	5.80	3.48
Cash Retained (M)	18.64	18.64	18.64
(-) Cash Required (M)	-9.28	-5.80	-3.48
(=) Excess Retained (M)	9.36	12.84	15.16
(/) Shares Outstanding (M)	507.72	507.72	507.72
(=) Excess Retained per Share	0.02	0.03	0.03
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.02	0.03	0.03
(=) Adjusted Dividend	0.07	0.08	0.08
WACC / Discount Rate	2.70%	2.70%	2.70%
Growth Rate	1.83%	2.83%	3.83%
Fair Value	$8.62	$16.45	$17.56
Upside / Downside	10.61%	111.14%	125.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	46.40	47.72	49.07	50.46	51.89	53.36	54.96
Payout Ratio	59.84%	65.87%	71.90%	77.93%	83.97%	90.00%	92.50%
Projected Dividends (M)	27.77	31.43	35.28	39.33	43.57	48.03	50.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.70%	2.70%	2.70%
Growth Rate	1.83%	2.83%	3.83%
Year 1 PV (M)	30.31	30.61	30.90
Year 2 PV (M)	32.81	33.45	34.11
Year 3 PV (M)	35.26	36.31	37.38
Year 4 PV (M)	37.67	39.17	40.72
Year 5 PV (M)	40.04	42.04	44.12
PV of Terminal Value (M)	4,238.20	4,450.42	4,671.06
Equity Value (M)	4,414.28	4,632.00	4,858.29
Shares Outstanding (M)	507.72	507.72	507.72
Fair Value	$8.69	$9.12	$9.57
Upside / Downside	11.61%	17.11%	22.83%

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Integrated Electronic Systems Lab Co., Ltd. (002339.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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