DDM Analysis: 688408.SS

Valuation Snapshot

Stable Growth	$75.55 - $302.14	$203.06
Multi-Stage	$37.98 - $41.48	$39.70
Blended Fair Value	$121.38
Current Price	$47.43
Upside	155.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	35.92%	0.00%	0.77	0.22	0.06	0.28	0.03	0.17	0.00	0.04	0.04	0.00
YoY Growth	-	-	253.65%	243.81%	-77.52%	963.75%	-84.04%	0.00%	-100.00%	4.72%	0.00%	0.00%
Dividend Yield	-	-	1.41%	0.34%	0.12%	0.51%	0.03%	0.32%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	325.63
(-) Cash Dividends Paid (M)	251.10
(=) Cash Retained (M)	74.53

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	65.13	40.70	24.42
Cash Retained (M)	74.53	74.53	74.53
(-) Cash Required (M)	-65.13	-40.70	-24.42
(=) Excess Retained (M)	9.41	33.83	50.11
(/) Shares Outstanding (M)	214.33	214.33	214.33
(=) Excess Retained per Share	0.04	0.16	0.23
LTM Dividend per Share	1.17	1.17	1.17
(+) Excess Retained per Share	0.04	0.16	0.23
(=) Adjusted Dividend	1.22	1.33	1.41
WACC / Discount Rate	7.20%	7.20%	7.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$75.55	$203.06	$302.14
Upside / Downside	59.29%	328.13%	537.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	325.63	346.80	369.34	393.35	418.91	446.14	459.53
Payout Ratio	77.11%	79.69%	82.27%	84.84%	87.42%	90.00%	92.50%
Projected Dividends (M)	251.10	276.36	303.84	333.73	366.22	401.53	425.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.20%	7.20%	7.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	255.38	257.80	260.22
Year 2 PV (M)	259.47	264.41	269.40
Year 3 PV (M)	263.36	270.92	278.63
Year 4 PV (M)	267.07	277.34	287.90
Year 5 PV (M)	270.59	283.66	297.23
PV of Terminal Value (M)	6,824.78	7,154.42	7,496.67
Equity Value (M)	8,140.65	8,508.55	8,890.06
Shares Outstanding (M)	214.33	214.33	214.33
Fair Value	$37.98	$39.70	$41.48
Upside / Downside	-19.92%	-16.30%	-12.55%

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Arctech Solar Holding Co., Ltd. (688408.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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