DDM Analysis: 688596.SS

Valuation Snapshot

Stable Growth	$164.78 - $194.14	$181.94
Multi-Stage	$114.71 - $125.87	$120.18
Blended Fair Value	$151.06
Current Price	$43.37
Upside	248.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	56.35%	54.23%	0.38	0.09	0.17	0.10	0.02	0.04	0.09	0.02	0.00	0.01
YoY Growth	-	-	321.96%	-47.29%	79.93%	292.30%	-40.49%	-51.72%	415.95%	323.59%	-63.14%	109.53%
Dividend Yield	-	-	0.98%	0.24%	0.49%	0.49%	0.16%	0.12%	0.26%	0.00%	0.01%	0.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	267.40
(-) Cash Dividends Paid (M)	105.24
(=) Cash Retained (M)	162.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	53.48	33.42	20.05
Cash Retained (M)	162.16	162.16	162.16
(-) Cash Required (M)	-53.48	-33.42	-20.05
(=) Excess Retained (M)	108.68	128.73	142.10
(/) Shares Outstanding (M)	273.92	273.92	273.92
(=) Excess Retained per Share	0.40	0.47	0.52
LTM Dividend per Share	0.38	0.38	0.38
(+) Excess Retained per Share	0.40	0.47	0.52
(=) Adjusted Dividend	0.78	0.85	0.90
WACC / Discount Rate	1.86%	1.86%	1.86%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$164.78	$181.94	$194.14
Upside / Downside	279.94%	319.50%	347.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	267.40	284.78	303.29	323.00	344.00	366.36	377.35
Payout Ratio	39.36%	49.49%	59.61%	69.74%	79.87%	90.00%	92.50%
Projected Dividends (M)	105.24	140.93	180.80	225.27	274.76	329.72	349.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.86%	1.86%	1.86%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	137.06	138.36	139.66
Year 2 PV (M)	171.02	174.28	177.57
Year 3 PV (M)	207.24	213.18	219.25
Year 4 PV (M)	245.82	255.28	265.00
Year 5 PV (M)	286.91	300.77	315.15
PV of Terminal Value (M)	30,372.39	31,839.39	33,362.53
Equity Value (M)	31,420.43	32,921.25	34,479.15
Shares Outstanding (M)	273.92	273.92	273.92
Fair Value	$114.71	$120.18	$125.87
Upside / Downside	164.48%	177.11%	190.23%

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Shanghai GenTech Co., Ltd. (688596.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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