DDM Analysis: 688100.SS

Valuation Snapshot

Stable Growth	$12.42 - $18.95	$15.48
Multi-Stage	$26.28 - $28.92	$27.57
Blended Fair Value	$21.52
Current Price	$37.60
Upside	-42.75%
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%	0.43	0.33	0.27	0.23	0.18	0.00	0.00	0.40	0.32	0.00
YoY Growth	-	-	30.17%	24.94%	15.56%	28.57%	0.00%	0.00%	-100.00%	25.13%	0.00%	0.00%
Dividend Yield	-	-	1.15%	0.96%	0.88%	1.10%	0.85%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	682.38
(-) Cash Dividends Paid (M)	254.78
(=) Cash Retained (M)	427.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	136.48	85.30	51.18
Cash Retained (M)	427.60	427.60	427.60
(-) Cash Required (M)	-136.48	-85.30	-51.18
(=) Excess Retained (M)	291.12	342.30	376.42
(/) Shares Outstanding (M)	488.13	488.13	488.13
(=) Excess Retained per Share	0.60	0.70	0.77
LTM Dividend per Share	0.52	0.52	0.52
(+) Excess Retained per Share	0.60	0.70	0.77
(=) Adjusted Dividend	1.12	1.22	1.29
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$12.42	$15.48	$18.95
Upside / Downside	-66.97%	-58.84%	-49.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	682.38	675.56	668.80	662.12	655.49	648.94	668.41
Payout Ratio	37.34%	47.87%	58.40%	68.93%	79.47%	90.00%	92.50%
Projected Dividends (M)	254.78	323.39	390.60	456.43	520.91	584.05	618.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	299.67	302.73	305.79
Year 2 PV (M)	335.40	342.28	349.23
Year 3 PV (M)	363.19	374.42	385.88
Year 4 PV (M)	384.09	400.01	416.42
Year 5 PV (M)	399.06	419.84	441.48
PV of Terminal Value (M)	11,044.73	11,619.85	12,218.69
Equity Value (M)	12,826.13	13,459.13	14,117.48
Shares Outstanding (M)	488.13	488.13	488.13
Fair Value	$26.28	$27.57	$28.92
Upside / Downside	-30.12%	-26.67%	-23.08%

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Willfar Information Technology Co., Ltd. (688100.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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