DDM Analysis: 688112.SS

Valuation Snapshot

Stable Growth	$7.52 - $11.53	$9.39
Multi-Stage	$16.64 - $18.30	$17.45
Blended Fair Value	$13.42
Current Price	$37.69
Upside	-64.39%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	0.88	0.57	0.32	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	54.52%	81.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.08%	1.55%	0.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	131.81
(-) Cash Dividends Paid (M)	81.19
(=) Cash Retained (M)	50.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.36	16.48	9.89
Cash Retained (M)	50.62	50.62	50.62
(-) Cash Required (M)	-26.36	-16.48	-9.89
(=) Excess Retained (M)	24.25	34.14	40.73
(/) Shares Outstanding (M)	158.41	158.41	158.41
(=) Excess Retained per Share	0.15	0.22	0.26
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	0.15	0.22	0.26
(=) Adjusted Dividend	0.67	0.73	0.77
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$7.52	$9.39	$11.53
Upside / Downside	-80.05%	-75.08%	-69.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	131.81	130.49	129.18	127.89	126.61	125.35	129.11
Payout Ratio	61.60%	67.28%	72.96%	78.64%	84.32%	90.00%	92.50%
Projected Dividends (M)	81.19	87.79	94.25	100.57	106.76	112.81	119.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	81.47	82.30	83.13
Year 2 PV (M)	81.16	82.83	84.51
Year 3 PV (M)	80.36	82.85	85.39
Year 4 PV (M)	79.16	82.44	85.82
Year 5 PV (M)	77.62	81.67	85.87
PV of Terminal Value (M)	2,235.70	2,352.12	2,473.34
Equity Value (M)	2,635.48	2,764.20	2,898.06
Shares Outstanding (M)	158.41	158.41	158.41
Fair Value	$16.64	$17.45	$18.30
Upside / Downside	-55.86%	-53.70%	-51.46%

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Siglent Technologies Co. Ltd. (688112.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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