DDM Analysis: 688757.SS

Valuation Snapshot

Stable Growth	$2.33 - $3.75	$2.97
Multi-Stage	$6.65 - $7.32	$6.98
Blended Fair Value	$4.98
Current Price	$32.19
Upside	-84.54%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	0.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.26%	0.00%	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)	83.14
(-) Cash Dividends Paid (M)	66.78
(=) Cash Retained (M)	16.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.63	10.39	6.24
Cash Retained (M)	16.36	16.36	16.36
(-) Cash Required (M)	-16.63	-10.39	-6.24
(=) Excess Retained (M)	-0.27	5.97	10.12
(/) Shares Outstanding (M)	373.10	373.10	373.10
(=) Excess Retained per Share	0.00	0.02	0.03
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.00	0.02	0.03
(=) Adjusted Dividend	0.18	0.19	0.21
WACC / Discount Rate	5.50%	5.50%	5.50%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.33	$2.97	$3.75
Upside / Downside	-92.76%	-90.77%	-88.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	83.14	82.31	81.49	80.67	79.86	79.07	81.44
Payout Ratio	80.32%	82.26%	84.19%	86.13%	88.06%	90.00%	92.50%
Projected Dividends (M)	66.78	67.71	68.61	69.48	70.33	71.16	75.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.50%	5.50%	5.50%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	63.53	64.18	64.83
Year 2 PV (M)	60.40	61.64	62.89
Year 3 PV (M)	57.40	59.18	60.99
Year 4 PV (M)	54.52	56.78	59.11
Year 5 PV (M)	51.76	54.45	57.26
PV of Terminal Value (M)	2,194.28	2,308.54	2,427.51
Equity Value (M)	2,481.89	2,604.77	2,732.59
Shares Outstanding (M)	373.10	373.10	373.10
Fair Value	$6.65	$6.98	$7.32
Upside / Downside	-79.33%	-78.31%	-77.25%

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WinTech Nano (Suzhou) Co Ltd. (688757.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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