DDM Analysis: 688123.SS

Valuation Snapshot

Stable Growth	$82.54 - $453.67	$150.09
Multi-Stage	$55.62 - $60.92	$58.22
Blended Fair Value	$104.16
Current Price	$162.47
Upside	-35.89%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	6.79%	0.00%	0.20	0.67	0.21	0.31	0.20	0.14	0.19	0.18	0.24	0.00
YoY Growth	-	-	-70.52%	227.19%	-34.01%	57.66%	38.41%	-25.62%	8.27%	-25.95%	0.00%	0.00%
Dividend Yield	-	-	0.24%	1.27%	0.27%	0.49%	0.62%	0.33%	0.31%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	398.76
(-) Cash Dividends Paid (M)	47.43
(=) Cash Retained (M)	351.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	79.75	49.84	29.91
Cash Retained (M)	351.32	351.32	351.32
(-) Cash Required (M)	-79.75	-49.84	-29.91
(=) Excess Retained (M)	271.57	301.48	321.42
(/) Shares Outstanding (M)	159.10	159.10	159.10
(=) Excess Retained per Share	1.71	1.89	2.02
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	1.71	1.89	2.02
(=) Adjusted Dividend	2.01	2.19	2.32
WACC / Discount Rate	7.34%	7.34%	7.34%
Growth Rate	4.79%	5.79%	6.79%
Fair Value	$82.54	$150.09	$453.67
Upside / Downside	-49.20%	-7.62%	179.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	398.76	421.85	446.27	472.11	499.44	528.36	544.21
Payout Ratio	11.90%	27.52%	43.14%	58.76%	74.38%	90.00%	92.50%
Projected Dividends (M)	47.43	116.08	192.51	277.40	371.48	475.53	503.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.34%	7.34%	7.34%
Growth Rate	4.79%	5.79%	6.79%
Year 1 PV (M)	107.12	108.14	109.17
Year 2 PV (M)	163.95	167.10	170.27
Year 3 PV (M)	218.02	224.33	230.75
Year 4 PV (M)	269.44	279.87	290.61
Year 5 PV (M)	318.29	333.77	349.85
PV of Terminal Value (M)	7,771.58	8,149.54	8,542.07
Equity Value (M)	8,848.41	9,262.75	9,692.71
Shares Outstanding (M)	159.10	159.10	159.10
Fair Value	$55.62	$58.22	$60.92
Upside / Downside	-65.77%	-64.17%	-62.50%

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Giantec Semiconductor Corporation (688123.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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