DDM Analysis: 300661.SZ

Valuation Snapshot

Stable Growth	$51.96 - $216.44	$132.07
Multi-Stage	$25.47 - $27.88	$26.65
Blended Fair Value	$79.36
Current Price	$83.29
Upside	-4.72%
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	11.08%	2.72%	0.09	0.21	0.23	0.15	0.10	0.05	0.06	0.00	0.09	0.08
YoY Growth	-	-	-56.35%	-9.17%	51.74%	51.03%	86.15%	-8.55%	146,670.75%	-99.95%	12.37%	11.24%
Dividend Yield	-	-	0.14%	0.32%	0.19%	0.09%	0.13%	0.09%	0.36%	0.00%	1.51%	1.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	558.58
(-) Cash Dividends Paid (M)	91.58
(=) Cash Retained (M)	467.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	111.72	69.82	41.89
Cash Retained (M)	467.01	467.01	467.01
(-) Cash Required (M)	-111.72	-69.82	-41.89
(=) Excess Retained (M)	355.29	397.18	425.11
(/) Shares Outstanding (M)	513.25	513.25	513.25
(=) Excess Retained per Share	0.69	0.77	0.83
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.69	0.77	0.83
(=) Adjusted Dividend	0.87	0.95	1.01
WACC / Discount Rate	7.27%	7.27%	7.27%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$51.96	$132.07	$216.44
Upside / Downside	-37.62%	58.56%	159.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	558.58	594.89	633.56	674.74	718.60	765.30	788.26
Payout Ratio	16.39%	31.12%	45.84%	60.56%	75.28%	90.00%	92.50%
Projected Dividends (M)	91.58	185.10	290.40	408.61	540.95	688.77	729.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.27%	7.27%	7.27%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	170.94	172.56	174.18
Year 2 PV (M)	247.66	252.38	257.14
Year 3 PV (M)	321.81	331.05	340.46
Year 4 PV (M)	393.45	408.58	424.14
Year 5 PV (M)	462.64	484.98	508.18
PV of Terminal Value (M)	11,475.17	12,029.43	12,604.90
Equity Value (M)	13,071.68	13,678.99	14,309.01
Shares Outstanding (M)	513.25	513.25	513.25
Fair Value	$25.47	$26.65	$27.88
Upside / Downside	-69.42%	-68.00%	-66.53%

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SG Micro Corp (300661.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener