DDM Analysis: 688037.SS

Valuation Snapshot

Stable Growth	$3.15 - $4.64	$3.87
Multi-Stage	$5.59 - $6.15	$5.87
Blended Fair Value	$4.87
Current Price	$149.00
Upside	-96.73%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.26	0.24	0.14	0.10	0.05	0.00	0.02	0.02	0.01	0.00
YoY Growth	-	-	11.28%	66.09%	48.99%	91.50%	0.00%	-100.00%	19.00%	61.82%	0.00%	0.00%
Dividend Yield	-	-	0.27%	0.32%	0.14%	0.14%	0.14%	0.00%	0.06%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	85.12
(-) Cash Dividends Paid (M)	23.24
(=) Cash Retained (M)	61.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.02	10.64	6.38
Cash Retained (M)	61.88	61.88	61.88
(-) Cash Required (M)	-17.02	-10.64	-6.38
(=) Excess Retained (M)	44.86	51.24	55.50
(/) Shares Outstanding (M)	209.14	209.14	209.14
(=) Excess Retained per Share	0.21	0.25	0.27
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.21	0.25	0.27
(=) Adjusted Dividend	0.33	0.36	0.38
WACC / Discount Rate	8.12%	8.12%	8.12%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.15	$3.87	$4.64
Upside / Downside	-97.88%	-97.40%	-96.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	85.12	84.27	83.43	82.60	81.77	80.95	83.38
Payout Ratio	27.30%	39.84%	52.38%	64.92%	77.46%	90.00%	92.50%
Projected Dividends (M)	23.24	33.58	43.70	53.62	63.34	72.86	77.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.12%	8.12%	8.12%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	30.74	31.06	31.37
Year 2 PV (M)	36.64	37.39	38.15
Year 3 PV (M)	41.16	42.43	43.73
Year 4 PV (M)	44.51	46.36	48.26
Year 5 PV (M)	46.88	49.32	51.86
PV of Terminal Value (M)	969.80	1,020.30	1,072.89
Equity Value (M)	1,169.73	1,226.85	1,286.25
Shares Outstanding (M)	209.14	209.14	209.14
Fair Value	$5.59	$5.87	$6.15
Upside / Downside	-96.25%	-96.06%	-95.87%

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KINGSEMI Co., Ltd. (688037.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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