DDM Analysis: 688029.SS

Valuation Snapshot

Stable Growth	$170.99 - $650.19	$496.38
Multi-Stage	$83.39 - $91.08	$87.16
Blended Fair Value	$291.77
Current Price	$100.35
Upside	190.75%
Decision	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	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$170.99	$496.38	$650.19
Upside / Downside	70.39%	394.65%	547.93%

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	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	476.95	481.47	485.99
Year 2 PV (M)	485.77	495.02	504.36
Year 3 PV (M)	494.22	508.41	522.87
Year 4 PV (M)	502.31	521.62	541.49
Year 5 PV (M)	510.04	534.67	560.25
PV of Terminal Value (M)	13,124.95	13,758.89	14,417.10
Equity Value (M)	15,594.24	16,300.09	17,032.06
Shares Outstanding (M)	187.01	187.01	187.01
Fair Value	$83.39	$87.16	$91.08
Upside / Downside	-16.90%	-13.14%	-9.24%

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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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