DDM Analysis: 688508.SS

Valuation Snapshot

Stable Growth	$111.28 - $327.67	$307.08
Multi-Stage	$44.58 - $48.81	$46.66
Blended Fair Value	$176.87
Current Price	$71.43
Upside	147.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	27.00%	20.04%	0.20	0.24	0.53	0.26	0.00	0.06	0.15	0.06	0.12	0.07
YoY Growth	-	-	-18.83%	-53.75%	100.53%	0.00%	-100.00%	-60.00%	150.00%	-50.00%	75.23%	114.63%
Dividend Yield	-	-	0.40%	0.72%	0.66%	0.30%	0.00%	0.05%	0.11%	0.05%	0.09%	0.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	211.93
(-) Cash Dividends Paid (M)	56.07
(=) Cash Retained (M)	155.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	42.39	26.49	15.89
Cash Retained (M)	155.86	155.86	155.86
(-) Cash Required (M)	-42.39	-26.49	-15.89
(=) Excess Retained (M)	113.47	129.37	139.96
(/) Shares Outstanding (M)	128.63	128.63	128.63
(=) Excess Retained per Share	0.88	1.01	1.09
LTM Dividend per Share	0.44	0.44	0.44
(+) Excess Retained per Share	0.88	1.01	1.09
(=) Adjusted Dividend	1.32	1.44	1.52
WACC / Discount Rate	6.75%	6.75%	6.75%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$111.28	$307.08	$327.67
Upside / Downside	55.79%	329.90%	358.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	211.93	225.71	240.38	256.00	272.64	290.36	299.07
Payout Ratio	26.46%	39.17%	51.87%	64.58%	77.29%	90.00%	92.50%
Projected Dividends (M)	56.07	88.40	124.69	165.33	210.73	261.33	276.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.75%	6.75%	6.75%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	82.03	82.81	83.59
Year 2 PV (M)	107.38	109.42	111.49
Year 3 PV (M)	132.12	135.91	139.78
Year 4 PV (M)	156.27	162.28	168.46
Year 5 PV (M)	179.83	188.52	197.54
PV of Terminal Value (M)	5,077.12	5,322.35	5,576.96
Equity Value (M)	5,734.76	6,001.29	6,277.81
Shares Outstanding (M)	128.63	128.63	128.63
Fair Value	$44.58	$46.66	$48.81
Upside / Downside	-37.58%	-34.68%	-31.67%

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Wuxi Chipown Micro-electronics limited (688508.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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