DDM Analysis: 600360.SS

Valuation Snapshot

Stable Growth	$4.04 - $10.06	$6.06
Multi-Stage	$5.17 - $5.67	$5.42
Blended Fair Value	$5.74
Current Price	$8.31
Upside	-30.94%
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	-5.13%	3.57%	0.11	0.13	0.15	0.12	0.15	0.14	0.09	0.08	0.08	0.07
YoY Growth	-	-	-15.78%	-15.54%	26.69%	-16.99%	2.71%	65.20%	4.49%	9.21%	4.27%	-5.97%
Dividend Yield	-	-	1.62%	2.01%	2.03%	1.68%	2.28%	1.91%	1.30%	1.06%	0.96%	0.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	175.41
(-) Cash Dividends Paid (M)	59.87
(=) Cash Retained (M)	115.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.08	21.93	13.16
Cash Retained (M)	115.54	115.54	115.54
(-) Cash Required (M)	-35.08	-21.93	-13.16
(=) Excess Retained (M)	80.46	93.62	102.39
(/) Shares Outstanding (M)	934.93	934.93	934.93
(=) Excess Retained per Share	0.09	0.10	0.11
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.09	0.10	0.11
(=) Adjusted Dividend	0.15	0.16	0.17
WACC / Discount Rate	6.23%	6.23%	6.23%
Growth Rate	2.43%	3.43%	4.43%
Fair Value	$4.04	$6.06	$10.06
Upside / Downside	-51.33%	-27.07%	21.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	175.41	181.43	187.66	194.10	200.77	207.66	213.89
Payout Ratio	34.13%	45.30%	56.48%	67.65%	78.83%	90.00%	92.50%
Projected Dividends (M)	59.87	82.20	105.99	131.32	158.26	186.89	197.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.23%	6.23%	6.23%
Growth Rate	2.43%	3.43%	4.43%
Year 1 PV (M)	76.63	77.37	78.12
Year 2 PV (M)	92.11	93.91	95.74
Year 3 PV (M)	106.38	109.53	112.74
Year 4 PV (M)	119.52	124.25	129.13
Year 5 PV (M)	131.57	138.12	144.93
PV of Terminal Value (M)	4,306.81	4,521.18	4,744.00
Equity Value (M)	4,833.01	5,064.37	5,304.66
Shares Outstanding (M)	934.93	934.93	934.93
Fair Value	$5.17	$5.42	$5.67
Upside / Downside	-37.79%	-34.82%	-31.72%

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Jilin Sino-Microelectronics Co., Ltd. (600360.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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