DDM Analysis: 688766.SS

Valuation Snapshot

Stable Growth	$7.97 - $11.76	$9.79
Multi-Stage	$10.90 - $11.94	$11.41
Blended Fair Value	$10.60
Current Price	$112.28
Upside	-90.56%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	2.03%	0.00%	0.16	0.00	0.31	0.00	0.00	0.15	0.01	0.00	0.00	0.00
YoY Growth	-	-	5,403.28%	-99.04%	0.00%	-100.00%	-99.18%	1,550.41%	350.46%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.21%	0.01%	0.51%	0.00%	0.00%	0.12%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	126.72
(-) Cash Dividends Paid (M)	45.29
(=) Cash Retained (M)	81.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.34	15.84	9.50
Cash Retained (M)	81.42	81.42	81.42
(-) Cash Required (M)	-25.34	-15.84	-9.50
(=) Excess Retained (M)	56.08	65.58	71.92
(/) Shares Outstanding (M)	127.61	127.61	127.61
(=) Excess Retained per Share	0.44	0.51	0.56
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.44	0.51	0.56
(=) Adjusted Dividend	0.79	0.87	0.92
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	0.03%	1.03%	2.03%
Fair Value	$7.97	$9.79	$11.76
Upside / Downside	-92.90%	-91.28%	-89.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	126.72	128.02	129.34	130.68	132.03	133.39	137.39
Payout Ratio	35.74%	46.60%	57.45%	68.30%	79.15%	90.00%	92.50%
Projected Dividends (M)	45.29	59.65	74.30	89.25	104.50	120.05	127.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	0.03%	1.03%	2.03%
Year 1 PV (M)	53.69	54.23	54.77
Year 2 PV (M)	60.20	61.41	62.63
Year 3 PV (M)	65.09	67.06	69.07
Year 4 PV (M)	68.59	71.38	74.24
Year 5 PV (M)	70.93	74.54	78.31
PV of Terminal Value (M)	1,072.74	1,127.44	1,184.35
Equity Value (M)	1,391.23	1,456.06	1,523.37
Shares Outstanding (M)	127.61	127.61	127.61
Fair Value	$10.90	$11.41	$11.94
Upside / Downside	-90.29%	-89.84%	-89.37%

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Puya Semiconductor (Shanghai) Co., Ltd. (688766.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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