DDM Analysis: 688757.SS

Valuation Snapshot

Stable Growth	$2.28 - $3.64	$2.90
Multi-Stage	$6.24 - $6.87	$6.55
Blended Fair Value	$4.72
Current Price	$32.19
Upside	-85.33%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	0.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.26%	0.00%	0.00%	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)	83.14
(-) Cash Dividends Paid (M)	66.78
(=) Cash Retained (M)	16.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.63	10.39	6.24
Cash Retained (M)	16.36	16.36	16.36
(-) Cash Required (M)	-16.63	-10.39	-6.24
(=) Excess Retained (M)	-0.27	5.97	10.12
(/) Shares Outstanding (M)	373.10	373.10	373.10
(=) Excess Retained per Share	0.00	0.02	0.03
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.00	0.02	0.03
(=) Adjusted Dividend	0.18	0.19	0.21
WACC / Discount Rate	5.66%	5.66%	5.66%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.28	$2.90	$3.64
Upside / Downside	-92.92%	-91.00%	-88.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	83.14	82.31	81.49	80.67	79.86	79.07	81.44
Payout Ratio	80.32%	82.26%	84.19%	86.13%	88.06%	90.00%	92.50%
Projected Dividends (M)	66.78	67.71	68.61	69.48	70.33	71.16	75.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.66%	5.66%	5.66%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	63.43	64.08	64.72
Year 2 PV (M)	60.21	61.45	62.70
Year 3 PV (M)	57.13	58.90	60.70
Year 4 PV (M)	54.18	56.42	58.74
Year 5 PV (M)	51.35	54.03	56.81
PV of Terminal Value (M)	2,040.82	2,147.09	2,257.74
Equity Value (M)	2,327.12	2,441.96	2,561.40
Shares Outstanding (M)	373.10	373.10	373.10
Fair Value	$6.24	$6.55	$6.87
Upside / Downside	-80.62%	-79.67%	-78.67%

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WinTech Nano (Suzhou) Co Ltd. (688757.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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