DDM Analysis: 688766.SS

Valuation Snapshot

Stable Growth	$10.87 - $17.66	$13.92
Multi-Stage	$18.02 - $19.79	$18.89
Blended Fair Value	$16.40
Current Price	$112.28
Upside	-85.39%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	2.03%	0.00%	0.16	0.00	0.31	0.00	0.00	0.15	0.01	0.00	0.00	0.00
YoY Growth	-	-	5,403.28%	-99.04%	0.00%	-100.00%	-99.18%	1,550.41%	350.46%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.21%	0.01%	0.51%	0.00%	0.00%	0.12%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	126.72
(-) Cash Dividends Paid (M)	45.29
(=) Cash Retained (M)	81.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.34	15.84	9.50
Cash Retained (M)	81.42	81.42	81.42
(-) Cash Required (M)	-25.34	-15.84	-9.50
(=) Excess Retained (M)	56.08	65.58	71.92
(/) Shares Outstanding (M)	127.61	127.61	127.61
(=) Excess Retained per Share	0.44	0.51	0.56
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.44	0.51	0.56
(=) Adjusted Dividend	0.79	0.87	0.92
WACC / Discount Rate	7.34%	7.34%	7.34%
Growth Rate	0.03%	1.03%	2.03%
Fair Value	$10.87	$13.92	$17.66
Upside / Downside	-90.32%	-87.61%	-84.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	126.72	128.02	129.34	130.68	132.03	133.39	137.39
Payout Ratio	35.74%	46.60%	57.45%	68.30%	79.15%	90.00%	92.50%
Projected Dividends (M)	45.29	59.65	74.30	89.25	104.50	120.05	127.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.34%	7.34%	7.34%
Growth Rate	0.03%	1.03%	2.03%
Year 1 PV (M)	55.02	55.57	56.12
Year 2 PV (M)	63.22	64.49	65.77
Year 3 PV (M)	70.04	72.17	74.33
Year 4 PV (M)	75.65	78.72	81.88
Year 5 PV (M)	80.16	84.25	88.50
PV of Terminal Value (M)	1,955.64	2,055.36	2,159.11
Equity Value (M)	2,299.74	2,410.56	2,525.73
Shares Outstanding (M)	127.61	127.61	127.61
Fair Value	$18.02	$18.89	$19.79
Upside / Downside	-83.95%	-83.18%	-82.37%

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Puya Semiconductor (Shanghai) Co., Ltd. (688766.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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