DDM Analysis: 600728.SS

Valuation Snapshot

Stable Growth	$2.34 - $4.96	$3.32
Multi-Stage	$1.67 - $1.83	$1.75
Blended Fair Value	$2.54
Current Price	$7.36
Upside	-65.53%
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	-14.74%	32.80%	0.02	0.00	0.03	0.02	0.03	0.04	0.03	0.00	0.00	0.00
YoY Growth	-	-	396.06%	-85.54%	49.30%	-45.28%	-23.14%	75.08%	14,306.82%	-79.05%	-48.40%	38.86%
Dividend Yield	-	-	0.39%	0.08%	0.38%	0.25%	0.54%	0.50%	0.20%	0.00%	0.01%	0.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	267.08
(-) Cash Dividends Paid (M)	3.21
(=) Cash Retained (M)	263.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	53.42	33.38	20.03
Cash Retained (M)	263.86	263.86	263.86
(-) Cash Required (M)	-53.42	-33.38	-20.03
(=) Excess Retained (M)	210.45	230.48	243.83
(/) Shares Outstanding (M)	2,134.78	2,134.78	2,134.78
(=) Excess Retained per Share	0.10	0.11	0.11
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.10	0.11	0.11
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	10.01%	10.01%	10.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2.34	$3.32	$4.96
Upside / Downside	-68.17%	-54.83%	-32.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	267.08	284.44	302.92	322.61	343.58	365.92	376.89
Payout Ratio	1.20%	18.96%	36.72%	54.48%	72.24%	90.00%	92.50%
Projected Dividends (M)	3.21	53.94	111.24	175.76	248.21	329.33	348.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.01%	10.01%	10.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	48.57	49.03	49.49
Year 2 PV (M)	90.20	91.92	93.66
Year 3 PV (M)	128.34	132.03	135.78
Year 4 PV (M)	163.21	169.48	175.94
Year 5 PV (M)	195.00	204.42	214.20
PV of Terminal Value (M)	2,946.00	3,088.29	3,236.03
Equity Value (M)	3,571.32	3,735.17	3,905.10
Shares Outstanding (M)	2,134.78	2,134.78	2,134.78
Fair Value	$1.67	$1.75	$1.83
Upside / Downside	-77.27%	-76.23%	-75.15%

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Pci Technology Group Co.,Ltd. (600728.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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