DDM Analysis: 688385.SS

Valuation Snapshot

Stable Growth	$15.78 - $51.63	$25.62
Multi-Stage	$10.21 - $11.16	$10.67
Blended Fair Value	$18.15
Current Price	$66.65
Upside	-72.78%
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	0.00%	9.55%	0.15	0.17	0.07	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-10.21%	148.36%	2,416.35%	2,878.64%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	0.33%	0.53%	0.10%	0.01%	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)	475.65
(-) Cash Dividends Paid (M)	101.41
(=) Cash Retained (M)	374.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	95.13	59.46	35.67
Cash Retained (M)	374.24	374.24	374.24
(-) Cash Required (M)	-95.13	-59.46	-35.67
(=) Excess Retained (M)	279.11	314.78	338.56
(/) Shares Outstanding (M)	814.08	814.08	814.08
(=) Excess Retained per Share	0.34	0.39	0.42
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.34	0.39	0.42
(=) Adjusted Dividend	0.47	0.51	0.54
WACC / Discount Rate	8.63%	8.63%	8.63%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$15.78	$25.62	$51.63
Upside / Downside	-76.33%	-61.56%	-22.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	475.65	506.56	539.49	574.56	611.90	651.68	671.23
Payout Ratio	21.32%	35.06%	48.79%	62.53%	76.26%	90.00%	92.50%
Projected Dividends (M)	101.41	177.58	263.23	359.26	466.66	586.51	620.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.63%	8.63%	8.63%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	161.95	163.48	165.02
Year 2 PV (M)	218.92	223.09	227.29
Year 3 PV (M)	272.47	280.29	288.26
Year 4 PV (M)	322.77	335.18	347.95
Year 5 PV (M)	369.94	387.81	406.36
PV of Terminal Value (M)	6,961.81	7,298.07	7,647.20
Equity Value (M)	8,307.86	8,687.92	9,082.08
Shares Outstanding (M)	814.08	814.08	814.08
Fair Value	$10.21	$10.67	$11.16
Upside / Downside	-84.69%	-83.99%	-83.26%

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Shanghai Fudan Microelectronics Group Company Limited (688385.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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