DDM Analysis: 688002.SS

Valuation Snapshot

Stable Growth	$45.83 - $144.27	$73.65
Multi-Stage	$29.36 - $32.13	$30.72
Blended Fair Value	$52.18
Current Price	$88.44
Upside	-41.00%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	358.86%	0.00%	0.20	0.15	0.15	0.14	0.05	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	37.15%	1.37%	7.57%	193.61%	46,224.65%	-96.36%	29.81%	-50.53%	0.00%	0.00%
Dividend Yield	-	-	0.33%	0.37%	0.30%	0.30%	0.05%	0.00%	0.01%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	792.35
(-) Cash Dividends Paid (M)	36.73
(=) Cash Retained (M)	755.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	158.47	99.04	59.43
Cash Retained (M)	755.62	755.62	755.62
(-) Cash Required (M)	-158.47	-99.04	-59.43
(=) Excess Retained (M)	597.15	656.58	696.20
(/) Shares Outstanding (M)	456.45	456.45	456.45
(=) Excess Retained per Share	1.31	1.44	1.53
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	1.31	1.44	1.53
(=) Adjusted Dividend	1.39	1.52	1.61
WACC / Discount Rate	8.70%	8.70%	8.70%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$45.83	$73.65	$144.27
Upside / Downside	-48.17%	-16.73%	63.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	792.35	843.85	898.70	957.12	1,019.33	1,085.59	1,118.15
Payout Ratio	4.64%	21.71%	38.78%	55.85%	72.93%	90.00%	92.50%
Projected Dividends (M)	36.73	183.18	348.53	534.59	743.37	977.03	1,034.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.70%	8.70%	8.70%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	166.95	168.53	170.11
Year 2 PV (M)	289.47	294.99	300.55
Year 3 PV (M)	404.65	416.27	428.10
Year 4 PV (M)	512.81	532.53	552.81
Year 5 PV (M)	614.25	643.92	674.72
PV of Terminal Value (M)	11,414.94	11,966.28	12,538.73
Equity Value (M)	13,403.06	14,022.51	14,665.03
Shares Outstanding (M)	456.45	456.45	456.45
Fair Value	$29.36	$30.72	$32.13
Upside / Downside	-66.80%	-65.26%	-63.67%

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Raytron Technology Co.,Ltd. (688002.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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