DDM Analysis: 300248.SZ

Valuation Snapshot

Stable Growth	$33.91 - $39.95	$37.44
Multi-Stage	$27.61 - $30.30	$28.93
Blended Fair Value	$33.18
Current Price	$13.15
Upside	152.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.01%	16.58%	0.09	0.07	0.07	0.07	0.07	0.06	0.07	0.05	0.05	0.03
YoY Growth	-	-	21.32%	-0.98%	10.27%	-5.39%	22.81%	-20.53%	30.59%	15.58%	57.02%	60.00%
Dividend Yield	-	-	0.54%	0.85%	0.59%	0.44%	0.77%	0.57%	0.70%	0.61%	0.34%	0.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	95.65
(-) Cash Dividends Paid (M)	40.49
(=) Cash Retained (M)	55.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.13	11.96	7.17
Cash Retained (M)	55.16	55.16	55.16
(-) Cash Required (M)	-19.13	-11.96	-7.17
(=) Excess Retained (M)	36.03	43.20	47.98
(/) Shares Outstanding (M)	476.17	476.17	476.17
(=) Excess Retained per Share	0.08	0.09	0.10
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.08	0.09	0.10
(=) Adjusted Dividend	0.16	0.18	0.19
WACC / Discount Rate	-1.31%	-1.31%	-1.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$33.91	$37.44	$39.95
Upside / Downside	157.85%	184.70%	203.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	95.65	101.87	108.49	115.54	123.05	131.05	134.98
Payout Ratio	42.34%	51.87%	61.40%	70.93%	80.47%	90.00%	92.50%
Projected Dividends (M)	40.49	52.84	66.61	81.96	99.01	117.94	124.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.31%	-1.31%	-1.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	53.04	53.54	54.04
Year 2 PV (M)	67.12	68.40	69.69
Year 3 PV (M)	82.89	85.27	87.69
Year 4 PV (M)	100.52	104.39	108.36
Year 5 PV (M)	120.19	125.99	132.02
PV of Terminal Value (M)	12,723.33	13,337.87	13,975.93
Equity Value (M)	13,147.08	13,775.45	14,427.74
Shares Outstanding (M)	476.17	476.17	476.17
Fair Value	$27.61	$28.93	$30.30
Upside / Downside	109.96%	120.00%	130.42%

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Newcapec Electronics Co., Ltd. (300248.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener