DDM Analysis: 688230.SS

Valuation Snapshot

Stable Growth	$14.86 - $30.16	$20.77
Multi-Stage	$17.85 - $19.51	$18.67
Blended Fair Value	$19.72
Current Price	$85.32
Upside	-76.89%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	8.34%	0.00%	0.59	0.42	0.30	0.00	0.16	0.40	0.67	0.00	0.00	0.00
YoY Growth	-	-	40.00%	40.00%	0.00%	-100.00%	-59.90%	-40.54%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.31%	1.26%	0.60%	0.00%	0.17%	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)	102.64
(-) Cash Dividends Paid (M)	94.08
(=) Cash Retained (M)	8.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.53	12.83	7.70
Cash Retained (M)	8.56	8.56	8.56
(-) Cash Required (M)	-20.53	-12.83	-7.70
(=) Excess Retained (M)	-11.97	-4.27	0.87
(/) Shares Outstanding (M)	118.98	118.98	118.98
(=) Excess Retained per Share	-0.10	-0.04	0.01
LTM Dividend per Share	0.79	0.79	0.79
(+) Excess Retained per Share	-0.10	-0.04	0.01
(=) Adjusted Dividend	0.69	0.75	0.80
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	2.77%	3.77%	4.77%
Fair Value	$14.86	$20.77	$30.16
Upside / Downside	-82.58%	-75.66%	-64.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	102.64	106.51	110.52	114.68	119.00	123.49	127.19
Payout Ratio	91.66%	91.33%	90.99%	90.66%	90.33%	90.00%	92.50%
Projected Dividends (M)	94.08	97.27	100.57	103.98	107.50	111.14	117.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	2.77%	3.77%	4.77%
Year 1 PV (M)	89.58	90.45	91.32
Year 2 PV (M)	85.29	86.96	88.65
Year 3 PV (M)	81.21	83.61	86.05
Year 4 PV (M)	77.33	80.38	83.52
Year 5 PV (M)	73.62	77.28	81.07
PV of Terminal Value (M)	1,717.27	1,802.46	1,891.00
Equity Value (M)	2,124.31	2,221.14	2,321.62
Shares Outstanding (M)	118.98	118.98	118.98
Fair Value	$17.85	$18.67	$19.51
Upside / Downside	-79.07%	-78.12%	-77.13%

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Shanghai Prisemi Electronics Co.,Ltd. (688230.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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