DDM Analysis: 688360.SS

Valuation Snapshot

Stable Growth	$98.54 - $116.09	$108.80
Multi-Stage	$69.02 - $75.75	$72.32
Blended Fair Value	$90.56
Current Price	$23.43
Upside	286.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	71.64%	17.18%	0.20	0.15	0.14	0.16	0.01	0.01	0.07	0.02	0.10	0.06
YoY Growth	-	-	36.70%	6.82%	-14.54%	2,098.56%	-45.70%	-80.82%	231.03%	-78.15%	71.52%	37.72%
Dividend Yield	-	-	1.30%	1.69%	1.31%	1.65%	0.07%	0.05%	0.26%	0.00%	0.36%	0.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	120.29
(-) Cash Dividends Paid (M)	41.13
(=) Cash Retained (M)	79.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.06	15.04	9.02
Cash Retained (M)	79.15	79.15	79.15
(-) Cash Required (M)	-24.06	-15.04	-9.02
(=) Excess Retained (M)	55.10	64.12	70.13
(/) Shares Outstanding (M)	206.06	206.06	206.06
(=) Excess Retained per Share	0.27	0.31	0.34
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.27	0.31	0.34
(=) Adjusted Dividend	0.47	0.51	0.54
WACC / Discount Rate	1.71%	1.71%	1.71%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$98.54	$108.80	$116.09
Upside / Downside	320.56%	364.35%	395.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	120.29	128.11	136.43	145.30	154.75	164.80	169.75
Payout Ratio	34.20%	45.36%	56.52%	67.68%	78.84%	90.00%	92.50%
Projected Dividends (M)	41.13	58.10	77.11	98.34	122.00	148.32	157.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.71%	1.71%	1.71%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	56.59	57.13	57.66
Year 2 PV (M)	73.15	74.54	75.95
Year 3 PV (M)	90.86	93.47	96.12
Year 4 PV (M)	109.79	114.01	118.35
Year 5 PV (M)	130.00	136.28	142.80
PV of Terminal Value (M)	13,762.11	14,426.83	15,116.98
Equity Value (M)	14,222.49	14,902.25	15,607.87
Shares Outstanding (M)	206.06	206.06	206.06
Fair Value	$69.02	$72.32	$75.75
Upside / Downside	194.59%	208.67%	223.28%

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Damon Technology Group Co.,Ltd. (688360.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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