DDM Analysis: 688777.SS

Valuation Snapshot

Stable Growth	$76.46 - $208.44	$195.34
Multi-Stage	$29.98 - $32.77	$31.35
Blended Fair Value	$113.35
Current Price	$55.08
Upside	105.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	23.84%	0.00%	0.72	0.54	0.24	0.16	0.00	0.25	0.09	0.15	0.01	0.00
YoY Growth	-	-	32.97%	120.51%	54.76%	3,497.92%	-98.22%	176.16%	-40.55%	2,043.52%	0.00%	0.00%
Dividend Yield	-	-	1.35%	1.15%	0.34%	0.34%	0.01%	0.33%	0.12%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	831.88
(-) Cash Dividends Paid (M)	568.08
(=) Cash Retained (M)	263.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	166.38	103.99	62.39
Cash Retained (M)	263.81	263.81	263.81
(-) Cash Required (M)	-166.38	-103.99	-62.39
(=) Excess Retained (M)	97.43	159.82	201.42
(/) Shares Outstanding (M)	793.69	793.69	793.69
(=) Excess Retained per Share	0.12	0.20	0.25
LTM Dividend per Share	0.72	0.72	0.72
(+) Excess Retained per Share	0.12	0.20	0.25
(=) Adjusted Dividend	0.84	0.92	0.97
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$76.46	$195.34	$208.44
Upside / Downside	38.82%	254.65%	278.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	831.88	885.96	943.54	1,004.87	1,070.19	1,139.75	1,173.94
Payout Ratio	68.29%	72.63%	76.97%	81.32%	85.66%	90.00%	92.50%
Projected Dividends (M)	568.08	643.47	726.27	817.11	916.70	1,025.78	1,085.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	597.65	603.31	608.98
Year 2 PV (M)	626.51	638.44	650.49
Year 3 PV (M)	654.67	673.47	692.62
Year 4 PV (M)	682.15	708.39	735.37
Year 5 PV (M)	708.96	743.20	778.76
PV of Terminal Value (M)	20,522.94	21,514.21	22,543.41
Equity Value (M)	23,792.88	24,881.01	26,009.61
Shares Outstanding (M)	793.69	793.69	793.69
Fair Value	$29.98	$31.35	$32.77
Upside / Downside	-45.57%	-43.09%	-40.50%

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Zhejiang Supcon Technology Co., Ltd. (688777.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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