DDM Analysis: 688029.SS

Valuation Snapshot

Stable Growth	$79.96 - $224.05	$124.30
Multi-Stage	$57.11 - $62.22	$59.62
Blended Fair Value	$91.96
Current Price	$100.35
Upside	-8.36%
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	40.00%	0.00%	1.50	0.56	0.54	0.34	0.24	0.28	0.02	0.02	0.11	0.06
YoY Growth	-	-	168.22%	3.43%	59.28%	38.77%	-12.29%	1,134.51%	10.55%	-81.61%	97.09%	0.00%
Dividend Yield	-	-	2.28%	0.80%	0.73%	0.37%	0.19%	0.25%	0.03%	0.03%	0.14%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	611.40
(-) Cash Dividends Paid (M)	467.74
(=) Cash Retained (M)	143.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	122.28	76.42	45.85
Cash Retained (M)	143.66	143.66	143.66
(-) Cash Required (M)	-122.28	-76.42	-45.85
(=) Excess Retained (M)	21.38	67.23	97.80
(/) Shares Outstanding (M)	187.01	187.01	187.01
(=) Excess Retained per Share	0.11	0.36	0.52
LTM Dividend per Share	2.50	2.50	2.50
(+) Excess Retained per Share	0.11	0.36	0.52
(=) Adjusted Dividend	2.62	2.86	3.02
WACC / Discount Rate	8.95%	8.95%	8.95%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$79.96	$124.30	$224.05
Upside / Downside	-20.32%	23.87%	123.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	611.40	651.14	693.46	738.54	786.54	837.67	862.80
Payout Ratio	76.50%	79.20%	81.90%	84.60%	87.30%	90.00%	92.50%
Projected Dividends (M)	467.74	515.72	567.96	624.81	686.66	753.90	798.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.95%	8.95%	8.95%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	468.90	473.35	477.79
Year 2 PV (M)	469.53	478.47	487.50
Year 3 PV (M)	469.64	483.12	496.86
Year 4 PV (M)	469.27	487.32	505.88
Year 5 PV (M)	468.46	491.09	514.58
PV of Terminal Value (M)	8,333.37	8,735.88	9,153.79
Equity Value (M)	10,679.18	11,149.23	11,636.40
Shares Outstanding (M)	187.01	187.01	187.01
Fair Value	$57.11	$59.62	$62.22
Upside / Downside	-43.09%	-40.59%	-37.99%

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Financial Statements

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Sector

Micro-Tech (Nanjing) Co., Ltd. (688029.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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