DDM Analysis: 688686.SS

Valuation Snapshot

Stable Growth	$156.71 - $283.45	$265.44
Multi-Stage	$145.17 - $160.44	$152.65
Blended Fair Value	$209.05
Current Price	$146.53
Upside	42.67%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-7.67%	0.00%	0.66	0.85	0.78	0.68	0.41	0.99	0.00	0.02	0.00	0.00
YoY Growth	-	-	-22.24%	9.39%	14.83%	64.91%	-58.34%	22,921.65%	-82.62%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.79%	0.93%	0.56%	0.54%	0.26%	0.67%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	186.97
(-) Cash Dividends Paid (M)	46.77
(=) Cash Retained (M)	140.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.39	23.37	14.02
Cash Retained (M)	140.20	140.20	140.20
(-) Cash Required (M)	-37.39	-23.37	-14.02
(=) Excess Retained (M)	102.81	116.83	126.18
(/) Shares Outstanding (M)	122.03	122.03	122.03
(=) Excess Retained per Share	0.84	0.96	1.03
LTM Dividend per Share	0.38	0.38	0.38
(+) Excess Retained per Share	0.84	0.96	1.03
(=) Adjusted Dividend	1.23	1.34	1.42
WACC / Discount Rate	-1.23%	-1.23%	-1.23%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$156.71	$265.44	$283.45
Upside / Downside	6.95%	81.15%	93.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	186.97	185.10	183.25	181.41	179.60	177.80	183.14
Payout Ratio	25.01%	38.01%	51.01%	64.01%	77.00%	90.00%	92.50%
Projected Dividends (M)	46.77	70.36	93.47	116.12	138.30	160.02	169.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.23%	-1.23%	-1.23%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	70.52	71.24	71.96
Year 2 PV (M)	93.89	95.82	97.77
Year 3 PV (M)	116.90	120.52	124.21
Year 4 PV (M)	139.55	145.34	151.30
Year 5 PV (M)	161.84	170.27	179.04
PV of Terminal Value (M)	17,132.79	18,024.94	18,953.86
Equity Value (M)	17,715.50	18,628.12	19,578.14
Shares Outstanding (M)	122.03	122.03	122.03
Fair Value	$145.17	$152.65	$160.44
Upside / Downside	-0.93%	4.18%	9.49%

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OPT Machine Vision Tech Co., Ltd. (688686.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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