DDM Analysis: 603656.SS

Valuation Snapshot

Stable Growth	$3.15 - $6.65	$4.47
Multi-Stage	$3.28 - $3.59	$3.43
Blended Fair Value	$3.95
Current Price	$22.88
Upside	-82.75%
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	-11.46%	-2.43%	0.05	0.10	0.09	0.09	0.08	0.09	0.15	0.09	0.06	0.06
YoY Growth	-	-	-50.99%	20.53%	-1.33%	2.69%	-9.09%	-38.40%	75.00%	33.33%	0.00%	0.00%
Dividend Yield	-	-	0.27%	0.74%	0.66%	0.73%	0.66%	0.68%	0.83%	0.41%	0.19%	0.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	30.58
(-) Cash Dividends Paid (M)	9.30
(=) Cash Retained (M)	21.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.12	3.82	2.29
Cash Retained (M)	21.27	21.27	21.27
(-) Cash Required (M)	-6.12	-3.82	-2.29
(=) Excess Retained (M)	15.16	17.45	18.98
(/) Shares Outstanding (M)	177.12	177.12	177.12
(=) Excess Retained per Share	0.09	0.10	0.11
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.09	0.10	0.11
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	7.77%	7.77%	7.77%
Growth Rate	3.25%	4.25%	5.25%
Fair Value	$3.15	$4.47	$6.65
Upside / Downside	-86.23%	-80.48%	-70.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	30.58	31.87	33.23	34.64	36.11	37.64	38.77
Payout Ratio	30.43%	42.35%	54.26%	66.17%	78.09%	90.00%	92.50%
Projected Dividends (M)	9.30	13.50	18.03	22.92	28.20	33.88	35.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.77%	7.77%	7.77%
Growth Rate	3.25%	4.25%	5.25%
Year 1 PV (M)	12.40	12.52	12.64
Year 2 PV (M)	15.23	15.52	15.82
Year 3 PV (M)	17.79	18.31	18.84
Year 4 PV (M)	20.11	20.90	21.71
Year 5 PV (M)	22.21	23.30	24.44
PV of Terminal Value (M)	492.50	516.81	542.08
Equity Value (M)	580.23	607.38	635.55
Shares Outstanding (M)	177.12	177.12	177.12
Fair Value	$3.28	$3.43	$3.59
Upside / Downside	-85.68%	-85.01%	-84.32%

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Hefei Taihe Optoelectronic Technology Co., Ltd. (603656.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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