DDM Analysis: 000969.SZ

Valuation Snapshot

Stable Growth	$5.19 - $10.41	$7.22
Multi-Stage	$4.89 - $5.33	$5.10
Blended Fair Value	$6.16
Current Price	$13.56
Upside	-54.55%
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	0.14%	19.64%	0.10	0.12	0.00	0.02	0.02	0.10	0.03	0.10	0.10	0.10
YoY Growth	-	-	-17.60%	12,397.80%	-95.10%	0.00%	-80.06%	234.38%	-71.31%	2.87%	-1.85%	515.85%
Dividend Yield	-	-	0.78%	1.36%	0.01%	0.25%	0.29%	1.63%	0.42%	1.28%	1.01%	0.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	313.95
(-) Cash Dividends Paid (M)	223.72
(=) Cash Retained (M)	90.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	62.79	39.24	23.55
Cash Retained (M)	90.23	90.23	90.23
(-) Cash Required (M)	-62.79	-39.24	-23.55
(=) Excess Retained (M)	27.44	50.99	66.68
(/) Shares Outstanding (M)	1,038.64	1,038.64	1,038.64
(=) Excess Retained per Share	0.03	0.05	0.06
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	0.03	0.05	0.06
(=) Adjusted Dividend	0.24	0.26	0.28
WACC / Discount Rate	9.04%	9.04%	9.04%
Growth Rate	4.19%	5.19%	6.19%
Fair Value	$5.19	$7.22	$10.41
Upside / Downside	-61.70%	-46.73%	-23.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	313.95	330.23	347.36	365.37	384.31	404.24	416.37
Payout Ratio	71.26%	75.01%	78.76%	82.50%	86.25%	90.00%	92.50%
Projected Dividends (M)	223.72	247.70	273.56	301.44	331.48	363.82	385.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.04%	9.04%	9.04%
Growth Rate	4.19%	5.19%	6.19%
Year 1 PV (M)	225.01	227.17	229.33
Year 2 PV (M)	225.74	230.10	234.49
Year 3 PV (M)	225.96	232.53	239.23
Year 4 PV (M)	225.72	234.51	243.55
Year 5 PV (M)	225.05	236.05	247.49
PV of Terminal Value (M)	3,946.29	4,139.35	4,339.90
Equity Value (M)	5,073.78	5,299.72	5,534.00
Shares Outstanding (M)	1,038.64	1,038.64	1,038.64
Fair Value	$4.89	$5.10	$5.33
Upside / Downside	-63.97%	-62.37%	-60.71%

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Advanced Technology & Materials Co., Ltd. (000969.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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