DDM Analysis: 301021.SZ

Valuation Snapshot

Stable Growth	$26.54 - $52.78	$49.43
Multi-Stage	$26.99 - $29.83	$28.38
Blended Fair Value	$38.91
Current Price	$39.48
Upside	-1.45%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-43.00%	0.00%	0.00	0.10	0.12	0.01	0.04	0.03	0.05	0.04	0.01	0.00
YoY Growth	-	-	-97.98%	-16.74%	1,082.40%	-72.65%	10.44%	-25.12%	2.92%	242.40%	0.00%	0.00%
Dividend Yield	-	-	0.01%	0.52%	0.45%	0.03%	0.08%	0.07%	0.10%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	43.06
(-) Cash Dividends Paid (M)	15.58
(=) Cash Retained (M)	27.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.61	5.38	3.23
Cash Retained (M)	27.48	27.48	27.48
(-) Cash Required (M)	-8.61	-5.38	-3.23
(=) Excess Retained (M)	18.87	22.09	24.25
(/) Shares Outstanding (M)	150.92	150.92	150.92
(=) Excess Retained per Share	0.13	0.15	0.16
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.13	0.15	0.16
(=) Adjusted Dividend	0.23	0.25	0.26
WACC / Discount Rate	-1.16%	-1.16%	-1.16%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$26.54	$49.43	$52.78
Upside / Downside	-32.79%	25.21%	33.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43.06	42.63	42.20	41.78	41.36	40.95	42.18
Payout Ratio	36.19%	46.95%	57.71%	68.48%	79.24%	90.00%	92.50%
Projected Dividends (M)	15.58	20.02	24.36	28.61	32.78	36.86	39.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.16%	-1.16%	-1.16%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	20.05	20.25	20.45
Year 2 PV (M)	24.43	24.93	25.44
Year 3 PV (M)	28.74	29.63	30.53
Year 4 PV (M)	32.97	34.34	35.75
Year 5 PV (M)	37.13	39.06	41.08
PV of Terminal Value (M)	3,930.63	4,135.31	4,348.42
Equity Value (M)	4,073.94	4,283.52	4,501.67
Shares Outstanding (M)	150.92	150.92	150.92
Fair Value	$26.99	$28.38	$29.83
Upside / Downside	-31.63%	-28.11%	-24.45%

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Inno Laser Technology Co., Ltd. (301021.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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