DDM Analysis: 688630.SS

Valuation Snapshot

Stable Growth	$260.90 - $307.38	$288.06
Multi-Stage	$210.88 - $231.46	$220.98
Blended Fair Value	$254.52
Current Price	$141.34
Upside	80.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	594.14%	0.00%	0.79	0.00	0.18	0.02	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	16,247.87%	-97.37%	1,105.12%	1,724.59%	1,603.54%	-67.86%	-81.03%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.07%	0.01%	0.24%	0.03%	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)	204.43
(-) Cash Dividends Paid (M)	48.82
(=) Cash Retained (M)	155.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	40.89	25.55	15.33
Cash Retained (M)	155.62	155.62	155.62
(-) Cash Required (M)	-40.89	-25.55	-15.33
(=) Excess Retained (M)	114.73	130.06	140.28
(/) Shares Outstanding (M)	132.27	132.27	132.27
(=) Excess Retained per Share	0.87	0.98	1.06
LTM Dividend per Share	0.37	0.37	0.37
(+) Excess Retained per Share	0.87	0.98	1.06
(=) Adjusted Dividend	1.24	1.35	1.43
WACC / Discount Rate	-1.23%	-1.23%	-1.23%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$260.90	$288.06	$307.38
Upside / Downside	84.59%	103.81%	117.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	204.43	217.72	231.87	246.94	262.99	280.09	288.49
Payout Ratio	23.88%	37.10%	50.33%	63.55%	76.78%	90.00%	92.50%
Projected Dividends (M)	48.82	80.78	116.69	156.94	201.92	252.08	266.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.23%	-1.23%	-1.23%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	81.02	81.78	82.55
Year 2 PV (M)	117.37	119.61	121.87
Year 3 PV (M)	158.31	162.85	167.48
Year 4 PV (M)	204.28	212.13	220.21
Year 5 PV (M)	255.77	268.12	280.95
PV of Terminal Value (M)	27,076.02	28,383.80	29,741.63
Equity Value (M)	27,892.76	29,228.30	30,614.70
Shares Outstanding (M)	132.27	132.27	132.27
Fair Value	$210.88	$220.98	$231.46
Upside / Downside	49.20%	56.35%	63.76%

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Circuit Fabology Microelectronics Equipment Co.,Ltd. (688630.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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