DDM Analysis: 688396.SS

Valuation Snapshot

Stable Growth	$6.36 - $10.15	$8.08
Multi-Stage	$7.03 - $7.70	$7.36
Blended Fair Value	$7.72
Current Price	$55.55
Upside	-86.10%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2010
DPS	4.30%	0.00%	0.14	0.25	0.19	0.09	0.06	0.12	0.10	0.00	0.01	0.00
YoY Growth	-	-	-41.47%	28.99%	107.22%	55.09%	-49.14%	21.15%	2,389.24%	-68.47%	0.00%	0.00%
Dividend Yield	-	-	0.32%	0.62%	0.32%	0.17%	0.11%	0.36%	0.23%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	788.66
(-) Cash Dividends Paid (M)	85.02
(=) Cash Retained (M)	703.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	157.73	98.58	59.15
Cash Retained (M)	703.64	703.64	703.64
(-) Cash Required (M)	-157.73	-98.58	-59.15
(=) Excess Retained (M)	545.91	605.06	644.49
(/) Shares Outstanding (M)	1,326.04	1,326.04	1,326.04
(=) Excess Retained per Share	0.41	0.46	0.49
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.41	0.46	0.49
(=) Adjusted Dividend	0.48	0.52	0.55
WACC / Discount Rate	9.95%	9.95%	9.95%
Growth Rate	2.30%	3.30%	4.30%
Fair Value	$6.36	$8.08	$10.15
Upside / Downside	-88.55%	-85.46%	-81.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	788.66	814.65	841.50	869.24	897.89	927.48	955.30
Payout Ratio	10.78%	26.62%	42.47%	58.31%	74.16%	90.00%	92.50%
Projected Dividends (M)	85.02	216.89	357.37	506.87	665.84	834.73	883.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.95%	9.95%	9.95%
Growth Rate	2.30%	3.30%	4.30%
Year 1 PV (M)	195.35	197.26	199.17
Year 2 PV (M)	289.92	295.61	301.36
Year 3 PV (M)	370.37	381.33	392.52
Year 4 PV (M)	438.21	455.60	473.50
Year 5 PV (M)	494.81	519.47	545.11
PV of Terminal Value (M)	7,536.50	7,912.14	8,302.61
Equity Value (M)	9,325.16	9,761.42	10,214.27
Shares Outstanding (M)	1,326.04	1,326.04	1,326.04
Fair Value	$7.03	$7.36	$7.70
Upside / Downside	-87.34%	-86.75%	-86.13%

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China Resources Microelectronics Limited (688396.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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