DDM Analysis: 688484.SS

Valuation Snapshot

Stable Growth	$3.49 - $4.94	$4.21
Multi-Stage	$5.04 - $5.54	$5.28
Blended Fair Value	$4.75
Current Price	$51.59
Upside	-90.80%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.38	0.20	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	85.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.10%	0.66%	0.00%	0.00%	0.00%	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)	226.29
(-) Cash Dividends Paid (M)	0.13
(=) Cash Retained (M)	226.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	45.26	28.29	16.97
Cash Retained (M)	226.16	226.16	226.16
(-) Cash Required (M)	-45.26	-28.29	-16.97
(=) Excess Retained (M)	180.90	197.87	209.19
(/) Shares Outstanding (M)	423.58	423.58	423.58
(=) Excess Retained per Share	0.43	0.47	0.49
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.43	0.47	0.49
(=) Adjusted Dividend	0.43	0.47	0.49
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.49	$4.21	$4.94
Upside / Downside	-93.23%	-91.84%	-90.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	226.29	224.02	221.78	219.56	217.37	215.19	221.65
Payout Ratio	0.06%	18.05%	36.03%	54.02%	72.01%	90.00%	92.50%
Projected Dividends (M)	0.13	40.43	79.92	118.61	156.53	193.68	205.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	36.38	36.75	37.12
Year 2 PV (M)	64.72	66.05	67.39
Year 3 PV (M)	86.45	89.12	91.85
Year 4 PV (M)	102.66	106.92	111.30
Year 5 PV (M)	114.31	120.26	126.46
PV of Terminal Value (M)	1,729.05	1,819.08	1,912.83
Equity Value (M)	2,133.57	2,238.18	2,346.95
Shares Outstanding (M)	423.58	423.58	423.58
Fair Value	$5.04	$5.28	$5.54
Upside / Downside	-90.24%	-89.76%	-89.26%

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Southchip Semiconductor Technology (688484.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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