DDM Analysis: 688690.SS

Valuation Snapshot

Stable Growth	$62.58 - $73.73	$69.09
Multi-Stage	$151.40 - $166.23	$158.67
Blended Fair Value	$113.88
Current Price	$28.88
Upside	294.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	139.37%	0.00%	0.06	0.12	0.08	0.00	0.00	0.00	0.00	0.01	0.00	0.00
YoY Growth	-	-	-48.54%	49.82%	7,215.16%	93.96%	-28.16%	-64.75%	-81.44%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.28%	0.57%	0.16%	0.00%	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)	148.61
(-) Cash Dividends Paid (M)	28.38
(=) Cash Retained (M)	120.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.72	18.58	11.15
Cash Retained (M)	120.23	120.23	120.23
(-) Cash Required (M)	-29.72	-18.58	-11.15
(=) Excess Retained (M)	90.50	101.65	109.08
(/) Shares Outstanding (M)	400.85	400.85	400.85
(=) Excess Retained per Share	0.23	0.25	0.27
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.23	0.25	0.27
(=) Adjusted Dividend	0.30	0.32	0.34
WACC / Discount Rate	-20.80%	-20.80%	-20.80%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$62.58	$69.09	$73.73
Upside / Downside	116.68%	139.24%	155.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	148.61	158.27	168.55	179.51	191.18	203.60	209.71
Payout Ratio	19.10%	33.28%	47.46%	61.64%	75.82%	90.00%	92.50%
Projected Dividends (M)	28.38	52.67	79.99	110.65	144.95	183.24	193.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-20.80%	-20.80%	-20.80%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	65.87	66.50	67.12
Year 2 PV (M)	125.13	127.51	129.92
Year 3 PV (M)	216.47	222.69	229.02
Year 4 PV (M)	354.68	368.32	382.35
Year 5 PV (M)	560.78	587.87	615.99
PV of Terminal Value (M)	59,365.25	62,232.62	65,209.72
Equity Value (M)	60,688.19	63,605.50	66,634.12
Shares Outstanding (M)	400.85	400.85	400.85
Fair Value	$151.40	$158.67	$166.23
Upside / Downside	424.23%	449.43%	475.59%

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Suzhou Nanomicro Technology Co., Ltd. (688690.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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