DDM Analysis: 603656.SS

Valuation Snapshot

Stable Growth	$28.52 - $33.61	$31.49
Multi-Stage	$18.41 - $20.24	$19.31
Blended Fair Value	$25.40
Current Price	$22.88
Upside	11.01%
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	-11.46%	-2.43%	0.05	0.10	0.09	0.09	0.08	0.09	0.15	0.09	0.06	0.06
YoY Growth	-	-	-50.99%	20.53%	-1.33%	2.69%	-9.09%	-38.40%	75.00%	33.33%	0.00%	0.00%
Dividend Yield	-	-	0.27%	0.74%	0.66%	0.73%	0.66%	0.68%	0.83%	0.41%	0.19%	0.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	30.58
(-) Cash Dividends Paid (M)	9.30
(=) Cash Retained (M)	21.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.12	3.82	2.29
Cash Retained (M)	21.27	21.27	21.27
(-) Cash Required (M)	-6.12	-3.82	-2.29
(=) Excess Retained (M)	15.16	17.45	18.98
(/) Shares Outstanding (M)	177.12	177.12	177.12
(=) Excess Retained per Share	0.09	0.10	0.11
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.09	0.10	0.11
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	1.62%	1.62%	1.62%
Growth Rate	3.25%	4.25%	5.25%
Fair Value	$28.52	$31.49	$33.61
Upside / Downside	24.63%	37.64%	46.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	30.58	31.87	33.23	34.64	36.11	37.64	38.77
Payout Ratio	30.43%	42.35%	54.26%	66.17%	78.09%	90.00%	92.50%
Projected Dividends (M)	9.30	13.50	18.03	22.92	28.20	33.88	35.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.62%	1.62%	1.62%
Growth Rate	3.25%	4.25%	5.25%
Year 1 PV (M)	13.15	13.28	13.41
Year 2 PV (M)	17.13	17.46	17.80
Year 3 PV (M)	21.22	21.84	22.48
Year 4 PV (M)	25.44	26.44	27.47
Year 5 PV (M)	29.79	31.26	32.79
PV of Terminal Value (M)	3,153.88	3,309.60	3,471.41
Equity Value (M)	3,260.61	3,419.89	3,585.36
Shares Outstanding (M)	177.12	177.12	177.12
Fair Value	$18.41	$19.31	$20.24
Upside / Downside	-19.54%	-15.61%	-11.53%

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Hefei Taihe Optoelectronic Technology Co., Ltd. (603656.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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