DDM Analysis: 600980.SS

Valuation Snapshot

Stable Growth	$12.06 - $27.71	$17.60
Multi-Stage	$8.56 - $9.35	$8.95
Blended Fair Value	$13.28
Current Price	$23.51
Upside	-43.53%
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	28.03%	0.00%	0.08	0.05	0.04	0.04	0.02	0.02	0.08	0.01	0.00	0.00
YoY Growth	-	-	68.73%	14.45%	11.25%	60.15%	0.00%	-69.41%	977.69%	180.70%	118.05%	0.00%
Dividend Yield	-	-	0.50%	0.34%	0.29%	0.25%	0.15%	0.21%	0.62%	0.05%	0.01%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	110.99
(-) Cash Dividends Paid (M)	19.43
(=) Cash Retained (M)	91.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.20	13.87	8.32
Cash Retained (M)	91.56	91.56	91.56
(-) Cash Required (M)	-22.20	-13.87	-8.32
(=) Excess Retained (M)	69.36	77.69	83.23
(/) Shares Outstanding (M)	189.24	189.24	189.24
(=) Excess Retained per Share	0.37	0.41	0.44
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.37	0.41	0.44
(=) Adjusted Dividend	0.47	0.51	0.54
WACC / Discount Rate	9.60%	9.60%	9.60%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$12.06	$17.60	$27.71
Upside / Downside	-48.70%	-25.12%	17.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	110.99	118.20	125.88	134.06	142.78	152.06	156.62
Payout Ratio	17.50%	32.00%	46.50%	61.00%	75.50%	90.00%	92.50%
Projected Dividends (M)	19.43	37.83	58.54	81.78	107.80	136.85	144.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.60%	9.60%	9.60%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	34.19	34.51	34.84
Year 2 PV (M)	47.82	48.73	49.65
Year 3 PV (M)	60.38	62.11	63.88
Year 4 PV (M)	71.93	74.70	77.54
Year 5 PV (M)	82.53	86.52	90.66
PV of Terminal Value (M)	1,322.91	1,386.81	1,453.15
Equity Value (M)	1,619.76	1,693.38	1,769.72
Shares Outstanding (M)	189.24	189.24	189.24
Fair Value	$8.56	$8.95	$9.35
Upside / Downside	-63.59%	-61.94%	-60.22%

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BGRIMM Technology Co., Ltd. (600980.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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