DDM Analysis: 688636.SS

Valuation Snapshot

Stable Growth	$4.93 - $6.92	$5.92
Multi-Stage	$7.04 - $7.73	$7.37
Blended Fair Value	$6.65
Current Price	$34.38
Upside	-80.66%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	7.44%	0.00%	0.13	0.02	0.09	0.07	0.04	0.09	0.02	0.09	0.00	0.00
YoY Growth	-	-	597.69%	-78.86%	28.15%	96.74%	-61.51%	418.19%	-79.36%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.54%	0.10%	0.31%	0.25%	0.07%	0.19%	0.04%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	110.60
(-) Cash Dividends Paid (M)	17.32
(=) Cash Retained (M)	93.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.12	13.82	8.29
Cash Retained (M)	93.28	93.28	93.28
(-) Cash Required (M)	-22.12	-13.82	-8.29
(=) Excess Retained (M)	71.16	79.46	84.99
(/) Shares Outstanding (M)	140.05	140.05	140.05
(=) Excess Retained per Share	0.51	0.57	0.61
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.51	0.57	0.61
(=) Adjusted Dividend	0.63	0.69	0.73
WACC / Discount Rate	10.55%	10.55%	10.55%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.93	$5.92	$6.92
Upside / Downside	-85.65%	-82.77%	-79.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	110.60	109.49	108.40	107.31	106.24	105.18	108.33
Payout Ratio	15.66%	30.52%	45.39%	60.26%	75.13%	90.00%	92.50%
Projected Dividends (M)	17.32	33.42	49.21	64.67	79.82	94.66	100.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.55%	10.55%	10.55%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	29.93	30.23	30.54
Year 2 PV (M)	39.45	40.26	41.08
Year 3 PV (M)	46.43	47.86	49.33
Year 4 PV (M)	51.31	53.44	55.63
Year 5 PV (M)	54.49	57.33	60.28
PV of Terminal Value (M)	763.89	803.67	845.08
Equity Value (M)	985.50	1,032.79	1,081.94
Shares Outstanding (M)	140.05	140.05	140.05
Fair Value	$7.04	$7.37	$7.73
Upside / Downside	-79.53%	-78.55%	-77.53%

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Chengdu Zhimingda Electronics Co., Ltd. (688636.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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