DDM Analysis: 688233.SS

Valuation Snapshot

Stable Growth	$3.31 - $4.70	$4.00
Multi-Stage	$4.94 - $5.43	$5.18
Blended Fair Value	$4.59
Current Price	$50.77
Upside	-90.97%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.00	0.09	0.39	0.09	0.14	0.30	0.00	0.00	0.01	0.00
YoY Growth	-	-	-100.00%	-75.61%	310.00%	-33.33%	-52.46%	0.00%	0.00%	-100.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.46%	0.74%	0.12%	0.41%	0.61%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	84.83
(-) Cash Dividends Paid (M)	12.69
(=) Cash Retained (M)	72.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.97	10.60	6.36
Cash Retained (M)	72.15	72.15	72.15
(-) Cash Required (M)	-16.97	-10.60	-6.36
(=) Excess Retained (M)	55.18	61.54	65.78
(/) Shares Outstanding (M)	168.94	168.94	168.94
(=) Excess Retained per Share	0.33	0.36	0.39
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.33	0.36	0.39
(=) Adjusted Dividend	0.40	0.44	0.46
WACC / Discount Rate	9.89%	9.89%	9.89%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.31	$4.00	$4.70
Upside / Downside	-93.48%	-92.13%	-90.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	84.83	83.99	83.15	82.31	81.49	80.68	83.10
Payout Ratio	14.96%	29.96%	44.97%	59.98%	74.99%	90.00%	92.50%
Projected Dividends (M)	12.69	25.17	37.39	49.37	61.11	72.61	76.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.89%	9.89%	9.89%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	22.67	22.90	23.13
Year 2 PV (M)	30.34	30.97	31.60
Year 3 PV (M)	36.09	37.21	38.35
Year 4 PV (M)	40.24	41.91	43.63
Year 5 PV (M)	43.07	45.32	47.65
PV of Terminal Value (M)	662.05	696.52	732.42
Equity Value (M)	834.47	874.83	916.78
Shares Outstanding (M)	168.94	168.94	168.94
Fair Value	$4.94	$5.18	$5.43
Upside / Downside	-90.27%	-89.80%	-89.31%

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Thinkon Semiconductor Jinzhou Corp. (688233.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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