DDM Analysis: 000931.SZ

Valuation Snapshot

Stable Growth	$0.53 - $0.78	$0.65
Multi-Stage	$1.43 - $1.58	$1.51
Blended Fair Value	$1.08
Current Price	$5.27
Upside	-79.55%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-11.80%	-8.21%	0.04	0.04	0.05	0.05	0.08	0.07	0.08	0.15	0.09	0.11
YoY Growth	-	-	-12.11%	-19.15%	12.78%	-36.90%	5.53%	-12.38%	-45.55%	71.60%	-22.16%	24.82%
Dividend Yield	-	-	0.80%	0.93%	0.86%	0.62%	1.13%	0.84%	0.81%	2.33%	0.98%	1.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	51.45
(-) Cash Dividends Paid (M)	17.58
(=) Cash Retained (M)	33.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.29	6.43	3.86
Cash Retained (M)	33.88	33.88	33.88
(-) Cash Required (M)	-10.29	-6.43	-3.86
(=) Excess Retained (M)	23.59	27.45	30.02
(/) Shares Outstanding (M)	753.51	753.51	753.51
(=) Excess Retained per Share	0.03	0.04	0.04
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.03	0.04	0.04
(=) Adjusted Dividend	0.05	0.06	0.06
WACC / Discount Rate	6.15%	6.15%	6.15%
Growth Rate	-3.79%	-2.79%	-1.79%
Fair Value	$0.53	$0.65	$0.78
Upside / Downside	-89.97%	-87.67%	-85.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	51.45	50.02	48.62	47.26	45.94	44.66	46.00
Payout Ratio	34.16%	45.33%	56.50%	67.66%	78.83%	90.00%	92.50%
Projected Dividends (M)	17.58	22.67	27.47	31.98	36.22	40.19	42.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.15%	6.15%	6.15%
Growth Rate	-3.79%	-2.79%	-1.79%
Year 1 PV (M)	21.14	21.36	21.58
Year 2 PV (M)	23.88	24.38	24.88
Year 3 PV (M)	25.92	26.74	27.57
Year 4 PV (M)	27.37	28.53	29.72
Year 5 PV (M)	28.33	29.83	31.39
PV of Terminal Value (M)	952.95	1,003.51	1,056.20
Equity Value (M)	1,079.59	1,134.35	1,191.35
Shares Outstanding (M)	753.51	753.51	753.51
Fair Value	$1.43	$1.51	$1.58
Upside / Downside	-72.81%	-71.43%	-70.00%

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Beijing Centergate Technologies (holding) Co., Ltd. (000931.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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