DDM Analysis: 002339.SZ

Valuation Snapshot

Stable Growth	$1.46 - $2.83	$2.01
Multi-Stage	$2.04 - $2.23	$2.13
Blended Fair Value	$2.07
Current Price	$7.79
Upside	-73.43%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.73%	3.83%	0.07	0.05	0.06	0.08	0.09	0.11	0.10	0.10	0.09	0.07
YoY Growth	-	-	49.43%	-16.43%	-30.46%	-13.77%	-15.40%	11.93%	2.72%	6.28%	37.67%	36.70%
Dividend Yield	-	-	1.00%	0.71%	0.69%	1.38%	1.52%	1.75%	1.38%	1.38%	0.63%	0.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	46.40
(-) Cash Dividends Paid (M)	27.77
(=) Cash Retained (M)	18.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.28	5.80	3.48
Cash Retained (M)	18.64	18.64	18.64
(-) Cash Required (M)	-9.28	-5.80	-3.48
(=) Excess Retained (M)	9.36	12.84	15.16
(/) Shares Outstanding (M)	507.72	507.72	507.72
(=) Excess Retained per Share	0.02	0.03	0.03
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.02	0.03	0.03
(=) Adjusted Dividend	0.07	0.08	0.08
WACC / Discount Rate	6.94%	6.94%	6.94%
Growth Rate	1.83%	2.83%	3.83%
Fair Value	$1.46	$2.01	$2.83
Upside / Downside	-81.26%	-74.26%	-63.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	46.40	47.72	49.07	50.46	51.89	53.36	54.96
Payout Ratio	59.84%	65.87%	71.90%	77.93%	83.97%	90.00%	92.50%
Projected Dividends (M)	27.77	31.43	35.28	39.33	43.57	48.03	50.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.94%	6.94%	6.94%
Growth Rate	1.83%	2.83%	3.83%
Year 1 PV (M)	29.11	29.39	29.68
Year 2 PV (M)	30.26	30.85	31.46
Year 3 PV (M)	31.23	32.16	33.11
Year 4 PV (M)	32.04	33.32	34.64
Year 5 PV (M)	32.71	34.35	36.05
PV of Terminal Value (M)	879.78	923.84	969.64
Equity Value (M)	1,035.13	1,083.91	1,134.57
Shares Outstanding (M)	507.72	507.72	507.72
Fair Value	$2.04	$2.13	$2.23
Upside / Downside	-73.83%	-72.59%	-71.31%

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Integrated Electronic Systems Lab Co., Ltd. (002339.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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