DDM Analysis: 688456.SS

Valuation Snapshot

Stable Growth	$8.34 - $13.89	$10.79
Multi-Stage	$9.86 - $10.78	$10.31
Blended Fair Value	$10.55
Current Price	$50.51
Upside	-79.11%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	50.58%	0.00%	0.28	0.21	0.25	0.15	0.22	0.04	0.20	0.21	0.00	0.00
YoY Growth	-	-	36.69%	-16.67%	60.00%	-29.64%	503.66%	-82.08%	-1.92%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.78%	0.77%	0.79%	0.61%	0.74%	0.09%	0.49%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	70.68
(-) Cash Dividends Paid (M)	27.56
(=) Cash Retained (M)	43.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.14	8.84	5.30
Cash Retained (M)	43.13	43.13	43.13
(-) Cash Required (M)	-14.14	-8.84	-5.30
(=) Excess Retained (M)	28.99	34.29	37.82
(/) Shares Outstanding (M)	101.04	101.04	101.04
(=) Excess Retained per Share	0.29	0.34	0.37
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	0.29	0.34	0.37
(=) Adjusted Dividend	0.56	0.61	0.65
WACC / Discount Rate	9.11%	9.11%	9.11%
Growth Rate	2.25%	3.25%	4.25%
Fair Value	$8.34	$10.79	$13.89
Upside / Downside	-83.48%	-78.64%	-72.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	70.68	72.98	75.36	77.81	80.34	82.95	85.44
Payout Ratio	38.99%	49.19%	59.39%	69.59%	79.80%	90.00%	92.50%
Projected Dividends (M)	27.56	35.90	44.76	54.15	64.11	74.66	79.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.11%	9.11%	9.11%
Growth Rate	2.25%	3.25%	4.25%
Year 1 PV (M)	32.58	32.90	33.22
Year 2 PV (M)	36.87	37.59	38.33
Year 3 PV (M)	40.49	41.69	42.91
Year 4 PV (M)	43.50	45.23	47.01
Year 5 PV (M)	45.98	48.28	50.66
PV of Terminal Value (M)	796.53	836.25	877.54
Equity Value (M)	995.96	1,041.94	1,089.66
Shares Outstanding (M)	101.04	101.04	101.04
Fair Value	$9.86	$10.31	$10.78
Upside / Downside	-80.49%	-79.58%	-78.65%

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GRIPM Advanced Materials Co., Ltd. (688456.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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