DDM Analysis: 603339.SS

Valuation Snapshot

Stable Growth	$41.50 - $101.60	$95.22
Multi-Stage	$14.89 - $16.29	$15.57
Blended Fair Value	$55.40
Current Price	$14.00
Upside	295.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.49%	23.92%	0.26	0.23	0.16	0.13	0.14	0.16	0.12	0.12	0.00	0.11
YoY Growth	-	-	14.84%	41.53%	27.29%	-11.06%	-10.53%	27.14%	0.27%	0.00%	-100.00%	251.94%
Dividend Yield	-	-	2.13%	1.98%	1.07%	1.15%	1.47%	1.99%	1.00%	0.85%	0.00%	1.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	156.09
(-) Cash Dividends Paid (M)	71.57
(=) Cash Retained (M)	84.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.22	19.51	11.71
Cash Retained (M)	84.52	84.52	84.52
(-) Cash Required (M)	-31.22	-19.51	-11.71
(=) Excess Retained (M)	53.30	65.01	72.81
(/) Shares Outstanding (M)	305.52	305.52	305.52
(=) Excess Retained per Share	0.17	0.21	0.24
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.17	0.21	0.24
(=) Adjusted Dividend	0.41	0.45	0.47
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$41.50	$95.22	$101.60
Upside / Downside	196.41%	580.12%	625.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	156.09	166.23	177.04	188.55	200.80	213.85	220.27
Payout Ratio	45.85%	54.68%	63.51%	72.34%	81.17%	90.00%	92.50%
Projected Dividends (M)	71.57	90.90	112.44	136.39	162.99	192.47	203.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	84.52	85.32	86.12
Year 2 PV (M)	97.21	99.06	100.93
Year 3 PV (M)	109.64	112.79	116.00
Year 4 PV (M)	121.83	126.51	131.33
Year 5 PV (M)	133.76	140.22	146.93
PV of Terminal Value (M)	4,001.06	4,194.31	4,394.96
Equity Value (M)	4,548.01	4,758.21	4,976.27
Shares Outstanding (M)	305.52	305.52	305.52
Fair Value	$14.89	$15.57	$16.29
Upside / Downside	6.33%	11.24%	16.34%

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Square Technology Group Co.,Ltd (603339.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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