DDM Analysis: 688075.SS

Valuation Snapshot

Stable Growth	$22.33 - $59.09	$34.12
Multi-Stage	$15.64 - $17.07	$16.34
Blended Fair Value	$25.23
Current Price	$38.91
Upside	-35.15%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	279.29%	0.00%	0.80	3.59	1.88	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-77.65%	91.22%	0.00%	0.00%	-100.00%	-59.26%	-17.64%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.02%	10.35%	3.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	120.87
(-) Cash Dividends Paid (M)	52.81
(=) Cash Retained (M)	68.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.17	15.11	9.07
Cash Retained (M)	68.06	68.06	68.06
(-) Cash Required (M)	-24.17	-15.11	-9.07
(=) Excess Retained (M)	43.89	52.95	58.99
(/) Shares Outstanding (M)	126.72	126.72	126.72
(=) Excess Retained per Share	0.35	0.42	0.47
LTM Dividend per Share	0.42	0.42	0.42
(+) Excess Retained per Share	0.35	0.42	0.47
(=) Adjusted Dividend	0.76	0.83	0.88
WACC / Discount Rate	9.10%	9.10%	9.10%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$22.33	$34.12	$59.09
Upside / Downside	-42.61%	-12.31%	51.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	120.87	128.73	137.09	146.01	155.50	165.60	170.57
Payout Ratio	43.69%	52.95%	62.21%	71.48%	80.74%	90.00%	92.50%
Projected Dividends (M)	52.81	68.17	85.29	104.36	125.54	149.04	157.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.10%	9.10%	9.10%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	61.89	62.48	63.06
Year 2 PV (M)	70.31	71.65	73.00
Year 3 PV (M)	78.11	80.35	82.64
Year 4 PV (M)	85.32	88.60	91.97
Year 5 PV (M)	91.96	96.40	101.01
PV of Terminal Value (M)	1,594.60	1,671.62	1,751.59
Equity Value (M)	1,982.19	2,071.10	2,163.28
Shares Outstanding (M)	126.72	126.72	126.72
Fair Value	$15.64	$16.34	$17.07
Upside / Downside	-59.80%	-58.00%	-56.13%

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Assure Tech (Hangzhou) Co., Ltd. (688075.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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