DDM Analysis: 300223.SZ

Valuation Snapshot

Stable Growth	$12.35 - $26.22	$17.54
Multi-Stage	$8.98 - $9.81	$9.39
Blended Fair Value	$13.46
Current Price	$89.01
Upside	-84.88%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	74.03%	24.90%	0.20	0.08	0.19	0.13	0.00	0.01	0.01	0.00	0.01	0.00
YoY Growth	-	-	150.00%	-57.89%	50.08%	0.00%	-100.00%	78.71%	0.00%	-100.00%	0.00%	-100.00%
Dividend Yield	-	-	0.28%	0.13%	0.21%	0.14%	0.00%	0.01%	0.02%	0.00%	0.03%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	317.53
(-) Cash Dividends Paid (M)	48.07
(=) Cash Retained (M)	269.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	63.51	39.69	23.81
Cash Retained (M)	269.46	269.46	269.46
(-) Cash Required (M)	-63.51	-39.69	-23.81
(=) Excess Retained (M)	205.95	229.77	245.64
(/) Shares Outstanding (M)	482.83	482.83	482.83
(=) Excess Retained per Share	0.43	0.48	0.51
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.43	0.48	0.51
(=) Adjusted Dividend	0.53	0.58	0.61
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$12.35	$17.54	$26.22
Upside / Downside	-86.13%	-80.30%	-70.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	317.53	338.16	360.15	383.55	408.49	435.04	448.09
Payout Ratio	15.14%	30.11%	45.08%	60.06%	75.03%	90.00%	92.50%
Projected Dividends (M)	48.07	101.82	162.36	230.35	306.48	391.53	414.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	91.70	92.57	93.44
Year 2 PV (M)	131.69	134.20	136.73
Year 3 PV (M)	168.26	173.09	178.01
Year 4 PV (M)	201.62	209.37	217.35
Year 5 PV (M)	231.97	243.17	254.81
PV of Terminal Value (M)	3,510.81	3,680.38	3,856.45
Equity Value (M)	4,336.05	4,532.78	4,736.78
Shares Outstanding (M)	482.83	482.83	482.83
Fair Value	$8.98	$9.39	$9.81
Upside / Downside	-89.91%	-89.45%	-88.98%

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Ingenic Semiconductor Co.,Ltd. (300223.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener