DDM Analysis: 688690.SS

Valuation Snapshot

Stable Growth	$6.95 - $14.75	$9.87
Multi-Stage	$5.09 - $5.55	$5.32
Blended Fair Value	$7.59
Current Price	$28.88
Upside	-73.71%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	139.37%	0.00%	0.06	0.12	0.08	0.00	0.00	0.00	0.00	0.01	0.00	0.00
YoY Growth	-	-	-48.54%	49.82%	7,215.16%	93.96%	-28.16%	-64.75%	-81.44%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.28%	0.57%	0.16%	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)	148.61
(-) Cash Dividends Paid (M)	28.38
(=) Cash Retained (M)	120.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.72	18.58	11.15
Cash Retained (M)	120.23	120.23	120.23
(-) Cash Required (M)	-29.72	-18.58	-11.15
(=) Excess Retained (M)	90.50	101.65	109.08
(/) Shares Outstanding (M)	400.85	400.85	400.85
(=) Excess Retained per Share	0.23	0.25	0.27
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.23	0.25	0.27
(=) Adjusted Dividend	0.30	0.32	0.34
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.95	$9.87	$14.75
Upside / Downside	-75.92%	-65.82%	-48.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	148.61	158.27	168.55	179.51	191.18	203.60	209.71
Payout Ratio	19.10%	33.28%	47.46%	61.64%	75.82%	90.00%	92.50%
Projected Dividends (M)	28.38	52.67	79.99	110.65	144.95	183.24	193.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	47.43	47.88	48.33
Year 2 PV (M)	64.88	66.11	67.36
Year 3 PV (M)	80.81	83.13	85.50
Year 4 PV (M)	95.34	99.00	102.78
Year 5 PV (M)	108.54	113.78	119.23
PV of Terminal Value (M)	1,641.58	1,720.87	1,803.19
Equity Value (M)	2,038.58	2,130.78	2,226.38
Shares Outstanding (M)	400.85	400.85	400.85
Fair Value	$5.09	$5.32	$5.55
Upside / Downside	-82.39%	-81.59%	-80.77%

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Suzhou Nanomicro Technology Co., Ltd. (688690.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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